WASHINGTON: Vowing to press ahead with key economic reforms in several areas, Prime Minister Manmohan Singh on Monday invited American business to invest in India, particularly in the infrastructure sector.
“I invite American business to look at the large number of Public-Private Partnership projects in infrastructure being promoted by the Central Government and individual State Governments in India. We would welcome innovative ideas to finance such public-private partnerships,” he told the captains of American industry.
In his first public engagement in Washington, Manmohan assured an overflowing hall at the US Chamber of Commerce that there should be no doubts about India’s commitment to further reforms, saying, “The economic reforms of the past have brought us advantages and I can assure you that we will continue down the road”.
Outlining some of the proposed initiatives, he spoke of reforms aimed at bringing the deficit under control while ensuring a strong expansion in investment in infrastructure.
“So are financial sector reforms. We are also committed to major reforms in education and skill development. We have started a programme to raise resources by sale of equity in public sector enterprises, he said.
With India’s infrastructure sector plagued by weaknesses, the Prime Minister spoke of the need for massive investment in energy, transport and urban infrastructure to be able to support a high rate of growth.
“Apart from infrastructure, American business is also welcome to invest in other areas such as agriculture-based businesses, manufacturing and mining, and services such as financial services, retailing and tourism,” he said.
