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India plans $1tr investment on infrastructure projects

DUBAI - India intends to spend $1 trillion on infrastructure projects in its ten-year plan, a government official said in Dubai on Monday.

“Out of $1 trillion, it is expected that $700 billion will come in by way of public finance that is bank and government and about $300 billion… from private sector,” Common Service Centres & Digital Inclusion Initiatives Chief Executive Officer Aruna Sundararajan told Khaleej Times on the sidelines of an economic forum in Dubai on Monday.

The target is half-a-trillion dollars in the current five-year plan and another $500 billion in the next five years, she explained.

About 30 per cent investment is supposed to come in power sector in next five years, she said, adding: “India’s installed capacity is 160 gigawatts and we are planning to double it in the current five year plan.”

The government is planning 35,000 kilometres roads in the country, she said. The government allows 100 per cent foreign direct investment in the road sector.

India, which attracted $40 billion worth of foreign investment last year, wants UAE investors to explore opportunities in the country’s infrastructure projects, Indian Ambassador to the UAE MKLokesh told Khaleej Times last month.

Lokesh said the country has an ambitious programme for building roads and is looking for investments on a public private partnership basis. “It’s a big field and offers a lot of rewards for investors,” he added.

abdulbasit@khaleejtimes.com