India needs $1 trillion for infra spending: PM

Posted By: Staff
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New Delhi, Mar 23: Prime Minister Manmohan Singh on Tuesday, Mar 23, said that India will need to spend over USD 1 trillion in infrastructure development during the 12th Five-Year Plan.

Speaking at a conference, Singh asserted that high investments in the infrastructure will fuel India's economic growth.

Singh said, "We expect a growth of 8.5 per cent in 2010-11 and I do hope we can achieve 9 percent in 2011-12."

"But we need to do even better. A 10 per cent per annum target is what we should work towards," Singh said.

The Prime Minister also said, "While a double-digit growth looked ambitious, it was not impossible and was something that had indeed been achieved by some emerging economies."

"For this we will make continued improvements in our policy regime and procedures," Singh added.

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