Mechanisation Imperative to Speed up Infrastructure Projects: Dr C P Joshi [24 November 2011]
November 24, 2011 6:31 am
“Mechanisation is imperative to speed up the implementation of India’s infrastructure projects,” Dr C P Joshi, Minister of Road Transport and Highways, Government of India, said and added that the growth of infrastructure sector is critical for the country to achieve a sustained economic growth in the next ten years.
Delivering the chief guest address at Excon 2011, the sixth international construction equipment and construction technology trade fair, being organised by the Confederation of Indian Industry (CII) from 23-27 November in Bangalore, the minister said that India has emerged as the second largest country in the world in attracting private investment in infrastructure development. India would continue to attract foreign participation as the country has an open and transparent bidding process, standards for various documents & agreements, and a well defined dispute resolution mechanism in highways.
The investment made in infrastructure sector in 2011 accounted for 7.9% of the GDP. The figure is likely to increase to 10.7% by 2017. During the 12th Five Year Plan the infrastructure investment would be in the tune of US$ 1 trillion. The Minister said that to fund the infrastructure projects, India should find alternative sources of finance. The government’s Infrastructure Investment Fund would soon be coming out with a public issue to raise about Rs 10,000 crore.
He said that the ambitious National Highways Building Programme envisages investment of about US Dollars 70 Billion in next 5 years with a major share by way of Public Private Partnership (PPP).
Delivering his Special Address, B Muthuraman, President, CII, said that India should have a solid manufacturing base, and quality infrastructure to achieve double digit growth. And to achieve both, the country needs quality construction equipment. He urged the industry to go for high technology absorption, and enhanced design & engineering capability. The industry should try to market itself in a better way so as to attract the best talent.
He said that it is important to increase the growth of manufacturing sector. Currently the manufacturing sector contributes about 16% to GDP, and 12% to employment. However, it has the potential to increase its contribution to about 25-30% in these two areas.
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