While India’s 6.5 percent economic growth last year far outshines its Western counterparts, the numbers are still the slowest in over a decade and have many worried about an economic slowdown. In response, Prime Minister Manmohan Singh has announced major investments in several key infrastructure projects across the country in an effort to climb back up to nine percent growth.
The government plans to build nearly 6,000 miles of new roadways, along with three new airports, major renovations to four existing airports, and two seaports in Andhra Pradesh and West Bengal.
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"In these difficult times, we must do everything possible to revive investment and business sentiment, both public and private," said Singh during a meeting with cabinet ministers."Therefore, importance is being given to public-private partnership. Achieving targets in key infrastructure sectors is key to success and will inspire confidence about the overall economic growth rate," he said.
To acquire the massive funds needed to complete these ambitious rounds of projects, the government will be turning to the private sector and foreign banks, such as the China Development Bank. The government hopes that ultimately these investments will restore investor confidence in the region.
