Archive for ‘inward investment’

05/11/2014

India to foreign CEOs: ‘We’re waiting for you’ – Businessweek

India’s finance minister is urging foreign investors to help plug enormous gaps in the country’s infrastructure blamed for holding back growth.

“We are waiting for you,” Arun Jaitley told a roomful of international and Indian CEOs attending the India Economic Summit, one of the World Economic Forum’s satellite summits held around the globe.

Prime Minister Narendra Modi has enchanted Indians with his vision of a country crisscrossed by modern roads, high-speed trains, dozens of high-tech smart cities and universal Internet cables.

To get there, India has a long way to go.

The country is beleaguered by a patchy network of pot-holed roads, lumbering railway service and a lack of warehouses that leads to some 40 percent of the country’s produce and grains going to rot.

The country loses about a quarter of the electricity it generates through a leaky, inefficient grid. And hundreds of millions still have no proper home or access to sanitation facilities.

Economists estimate India needs a staggering $1 trillion in infrastructure investment alone. That’s more than half India’s entire gross domestic product for 2013 of $1.87 trillion.

“Infrastructure, let me tell you, we welcome large investment participation, even international participation,” Jaitley said. He said legislative reforms to open industries such as real estate, railways services and even defense would be easy to sell in a country sometimes wary of big change.

Modi, under pressure since taking office in May to boost the economy, has visited countries including Japan, the United States and Australia with the goal of building business ties. He also hosted Chinese President Xi Jinping in September and plans to host Russia’s President Vladimir Putin in December.

via India to foreign CEOs: ‘We’re waiting for you’ – Businessweek.

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11/01/2014

Posco plant in India gets environment clearance – Businessweek

India\’s environment ministry has cleared South Korean steel giant Posco\’s planned $13 billion steel plant in eastern India but has asked the company to spend more on social welfare, an official said Friday.

The clearance was given a few days ago and will allow Posco to go ahead with the massive plant in Odisha state, the official said on condition of anonymity because he was not authorized to speak to the media. He did not give further details.

The clearance comes days before South Korean President Park Geun-hye is to begin a four-day visit to India on Jan. 15.

The Odisha steel plant would be the largest-ever foreign investment in India. The country has been embroiled in fierce debates over how to protect its environment while lifting hundreds of millions of people out of poverty through investment and infrastructure development.

via Posco plant in India gets environment clearance – Businessweek.

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