Govt has been trying to attract foreign capital to manufacturing and scale up infrastructure required for achieving a higher economic growth
With an aim to prop up private investment, the finance ministry will organise a two-day investment summit in the national capital from February 4 to woo long-term global investors for various infrastructure projects.
“India Investment Summit organised by Finmin will be held in New Delhi on Feb 4-5. Several pension funds, sovereign wealth funds, etc, from other countries will participate,” economic affairs secretary Shaktikanta Das said in a tweet.
Special focus would be on investment opportunities in the sectors of road transport, highways, ports, urban infrastructure, railways, power and renewable energy, the finance ministry said in a statement.
India has been trying to attract foreign capital to manufacturing and scale up infrastructure required for achieving a higher economic growth as well as cater jobs to millions of workers joining the workforce every year.
A booklet containing the list of possible infrastructure projects for funding will also be released during the summit, it said. The Centre has already established National Investment and Infrastructure Fund (NIIF), to be financed with the government’s own contribution of 49% along with equity participation from both foreign and domestic strategic anchor partners, to fund infrastructure development in commercially viable projects. It would start with an initial corpus of Rs 40,000 crore.
The conference assumes importance as India’s GDP grew by 7.2% in the first half of the current fiscal year, driven by only private consumption and public investment. With the persistent weakness in private investments and exports, the finance ministry has revised the FY16 growth forecast to 7-7.5% in Dec from 8-8.5% projected earlier.