India offers unlimited investment opportunities in infra, says Chidambaram

London: Finance Minister P Chidambaram has said that India offers “unlimited” opportunities for investment in infrastructure sector as the country needs more roads, airports and seaports.

“What I am telling the investors here and the government here is that there is a huge opportunity in India, especially in infrastructure,” Chidambaram told NDTV.“There is no other country in the world which requires so many thousand kilometres of road, so many airports, so many seaports, so much more capacity of steel, mining, power. So I think the opportunities are unlimited,” he said.

Referring to rate of price rise, he said, “inflation has come down sharply in the last two months and I think numbers for April is doing better. In fact, we are talking about core inflation having reached a zero level.”

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[caption id=“attachment_792565” align=“alignright” width=“380”]  Reuters[/caption]

Inflation, based on the Wholesale Price Index, fell to 41-month low of 4.89 % in April on account of decline in prices of food items, including fruits and vegetables. It stood at 5.96 % in March. In April, 2012, it was 7.50%.

Manufacturing inflation or core inflation stood at 3.41% in April.

India requires investment to the tune of $ 1 trillion in the 12th Five Year Plan ending March 2017 for development of various infrastructure projects.

The share of infrastructure investment in GDP is planned to be increased to more than 10% by the end of the 12th Plan.

Indian government has recently set up a Cabinet Committee on Investment (CCI) for speedy clearance of large infrastructure projects.

CCI has already cleared investments to the tune of $ 27 billion during this year.

PTI