Team In Us To Tap Funds For Infrastructure

A high-level delegation led by cabinet secretary T S R Subramanian yesterday left for New York to tap foreign investments of $ 15 billion for infrastructural development in the country.

The team consisting of six secretaries of all infrastructure ministries, finance minister's chief economic advisor Shankar Acharya and 15 top industrialists, is carrying over 100 project proposals.

Subramanian told reporters that the government would like to clear all procedural hurdles in the way of attracting foreign investment but it would be on our terms and conditions.

Realising that inadequate infrastructure was going to be a key bottleneck threatening future economic growth, the United Front government plans to act swiftly by adopting a fast-track approach to attract foreign investment in power, ports, roads, telecommunications and transport, mining and petroleum sectors.

 

The delegation would visit other US cities like Washington, San Francisco and Los Angeles also, where key infrastructure industries are located.

During the 10-day visit, the cabinet secretary would meet World Bank and International Monetary Fund (IMF) officials and US government officials.

Apart from infrastructure, the captains of Indian industry would negotiate foreign investment in other areas.

The cabinet secretary made it clear that the government would not adopt a targeted approach while scouting around for foreign investment in the infrastructure sector, and indicated that similar high-powered delegation would visit London, Frankfurt and Hongkong as well.