Assuring international investors that India is committed to its economic growth agenda, Prime Minister Manmohan Singh said, the government is taking steps to make India a more attractive investment destination with a view to achieve over 8% economic growth in the 12th Five Year Plan. While inaugurating the 46th annual general meeting of the Asian Development Bank (ADB), Singh assured the international audience, comprising Finance Ministers and central bank governors of several countries, that India is taking strong measures to achieve fiscal consolidation and high economic growth.
Recently, the government set up a Cabinet Committee on Investment (CCI) to accord approvals to projects of over Rs 1,000 crore, which were held up due to various regulatory nods. It also unveiled a fiscal consolidation roadmap with an aim to bring fiscal deficit to the level of 3% of GDP by 2016-17. Regarding the steps to promote inclusive growth, Singh said that government has introduced legal entitlements to work, education and information from public authorities.
Moreover, the government also plans to provide people a legal entitlement to food at affordable cost. The Direct Benefits Transfer (DBT) programme will make it simpler for the beneficiaries to have access to benefits besides eliminating corruption and wastage in the public distribution system, he added.
Referring to India-Asian Development Bank (ADB) ties, the Prime Minister said that expanding infrastructure financing and investment through the intermediation of the ADB could help to lower the cost of financing for long-term infrastructure projects and hope that ADB will continue moving in this direction and propel growth in the region.
