Investment revival necessary for new govt to boost economy’s growth Expressing need to revive investments in the country, Planning Commission Deputy Chairman Montek Singh Ahluwalia has stated that the new government formed after the general elections will have to push infrastructure projects and revive investments within the three months of being elected to bring economic growth back on track. Ahluwalia added that if these problems are not solved within the first three months, India cannot get back to its potential annual average growth rate at around 8 percent. During the 12th Five Year Plan (2012-17), Planning Commission targeted an annual average economic growth of 8 per cent. However, it seems difficult to achieve the set growth target as Indian economy’s growth slowed down to a decade low at 4.5 percent in FY13 and 4.6 percent during the first half of FY14. Ahluwalia further asserted that new government must consider the fact that large infrastructure projects in critical areas have got stuck and retain the system of speedy clearance of big infrastructure projects by the Cabinet Committee on Investment (CCI). Infrastructure development is a most critical prerequisite for revival of economy’s growth of the country. Planning Commission has set the $1-trillion investment target for the infrastructure sector for the 12th Five Year Plan. Source:livemint
Posted on: Thu, 06 Mar 2014 10:02:57 +0000
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