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India can achive 10-11 p.c. GDP growth: ADB chief
With improved infrastruture facilities, India can increse the rate of its GDP (gross domeatic product) growth to about 10-11 per cent, Asia Development Bank (ADB) President Haruhiko Kuroda said here on Thursday.
Addressing a delegation of the Confederation on Indian Industry (CII) on the issue of infrastructure finance, Mr. Kuroda pointed out that with the development of infrastructure, India could hope to achive a higher economic growth of about 10-11 per cent, as comared to the current level of 8-9 per cent.
Dwelling on the problems in financing infrastructure projects, Mr. Kuroda noted that the public-private partnership (PPP) model could help in mobilising long-term resources that are required for upgrading the country’s infrastructure facilities. India’s lead in designing and executing infrastructure projects through the PPP mode could then become a lesson for emerging economies, he said.
Speaking at the meeting , Finance Ministry Joint Secretary Arvind Mayaram said that ADB’s involvement in infrastructure projects would deepen the appraisal capacity of domestic financial institutions.
Feedback Ventures Chairman Vinayak Chetterjee suggested that the ADB should increse its presence in the development of infrastructure projects at the State level and also get involved with such projects that were undertaken by the private sector.
Other members of the CII delegation, including Punjab National Bank Chairman K.C. Chakrabarty and National Housing Bank (NHB) Chairman S.Sridhar noted that the Manila-based bank could play a major role in India’s infrastructure development by providing guarantes to projects in this sector.