India to achieve over 8% economic growth in 12th Five Year Plan

Prime Minister Manmohan Singh has said that the government is taking steps to make India a more attractive investment destination to achieve over 8 per cent economic growth in the 12th Five Year Plan. He was inaugurating the 46 Annual General Meeting of the Asian Development Bank in Greater Noida today. He said measures are being initiated to spur investment and to make India more attractive to investors both at home and abroad. Steps have been taken to fast track major infrastructure projects.

Singh also assured the international audience, comprising Finance Ministers and central bank governors of several countries, that India is taking strong measures to achieve fiscal consolidation and high economic growth. To promote investment in mega projects, the government recently set up a Cabinet Committee on Investment to grant approvals to projects of over 1,000 crore rupees, which were held up due to various regulatory nods.

The Prime Minister suggested to the Asian Development Bank find innovative ways to channelise global savings for development of infrastructure projects in developing nations. He called upon Asian economies to step up efforts to address common challenges by investing resources in areas that help to empower all sections of the society. Dr Singh said the benefits of rapid growth in the region must lead to betterment in the lives of the common people. He said equitable distribution of the fruits of the development should be achieved through empowerment of people.

Finance Minister P Chidambaram stressed the need to encourage investments to accelerate growth rate in the Asian region. He said investment can help the region to recover from the adverse impact of global economic slowdown. He urged for more economic reforms for the removal of poverty which is affecting the growth in the region.