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New Delhi, April 9, 2010: The Indian Government, on Tuesday, invited US investors to participate in its USD 600 Bn. Infrastructure programme to be implemented over the next five years.
Outlining the opportunity, Finance Minister Pranab Mukherjee said, "Immense opportunities are there for investment in the infrastructure sector. As much as USD 600 billion can be invested in ports, communications, road infrastructure development in the next five years."
The statement came during US Treasury Secretary Timothy Geithner’s two day visit to India, where he met both PM Manmohan Singh and FM Mukherjee. They later addressed a joint press conference to announce the launch of the India-US Financial and Economic Partnership, which would help strengthen bilateral engagement and understanding on macro-economic financial sector and infrastructure related issues.
In his statement, Mr. Geithner emphasized India’s importance to US policy. He said, “Deepening our ties with India is critical to the broader global effort to develop a framework for strong and balanced growth and will facilitate more trade, investment and job creation in our two countries.”
Geithner's first visit to India as Treasury Secretary, comes ahead of Manmohan Singh's visit to the US on Sunday for a nuclear security summit. US President Barack Obama had earlier described India as an "indispensable partner in securing the future prosperity and security of the world."
The US Treasury Secretary, spent part of his childhood in Delhi's posh New Friend's Colony, appreciated the robustness of the Indian economy. He said, "India has navigated the financial crisis with a steady hand and has emerged from the global recession stronger and faster than most other large economies."
He appreciated India's commitment on policy reforms and said: "During our discussions the Minister (Mukherjee) and his colleagues outlined the opportunity and challenges ahead for the Indian economy and the policy reforms they are undertaking to raise the rate of overall economic growth." He also held discussions with Planning Commission Deputy Chairman Montek Singh Ahluwalia.
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