With an economy that grew at least 9 percent annually in the last three years there is much to be said about the infrastructure development. Foreign investors complain about the slow progress in infrastructure development. Recently, Chairman of top global steelmaker ArcelorMittal criticized Central and State Government for slow progress in steel projects and infrastructure development. He further said that “The states were not prepared. Neither the central government nor the states were prepared for this kind of interest in the steel industry”. With the forecast of 7.75 percent economic growth this fiscal, foreign investors are concerned about the infrastructure development as they are forced to self-generate power to ensure supply.
Addressing the press Prime Minister Manmohan Singh promised that his Government would improve infrastructure to keep up with the economic growth. He also said that “It is probably true that we are a slow-moving elephant but it is equally true that with each step forward we leave behind a deep imprint”. He urged Indians living abroad to look at long-term investments in India. Recently, speaking at the valedictory function of the 8th Pravasi Bharatiya Divas convention and conferment of the Pravasi Bharatiya Samman Awards, President Pratibha Patil urged NRI’s spread across the world to come forward and play a greater participatory role for India’s development. She said India’s infrastructure financing needs are estimated to be over 500 billion US dollars in the next five years. She further said “that in the social infrastructure sector as also physical infrastructure development, India is looking at investment increasingly in the public-private partnership model”.
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