Steps on to spur investment: PM

Measures to achieve over 8 % economic growth in 12th Five-Year Plan The Prime Minister said 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. Greater Noida (PTI): Prime Minister Manmohan Singh has said the government is taking steps to make India a more attractive investment destination with a view to achieve over 8 per cent economic growth in the 12th Five Year Plan. "We are initiating measures to spur investment and to make India more attractive to investors both at home and abroad. We have taken steps to fast track major infrastructure projects," he said while inaugurating the 46 Annual General Meeting of the Asian Development Bank here on Saturday. Singh also 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. "India has set itself a target of over 8 per cent annual growth for the 12th Five-Year Plan, which runs from 2012 to 2017. This is the rate of growth that the country achieved over the past decade," he said. In order to spur investment in mega projects, the government recently 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. Last year, the government unveiled a fiscal consolidation roadmap with an aim to bring fiscal deficit to the level of 3 per cent of GDP by 2016-17. Referring to steps to promote inclusive growth, Singh said the government has introduced legal entitlements to work, education and information from public authorities. The Prime Minister said 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. Pointing out that the level of lending the ADB can sustain is projected to come down, Singh suggested the Manila headquartered multilateral agency find innovative ways to channelise global savings for development of infrastructure projects in developing nations.

India story on investment is just starting out: FM Greater Noida (PTI): With government liberalising FDI norms and setting up a system to speed up mega projects, Union Finance Minister P Chidambaram has said India story of investment is "just starting out". Addressing the First Business Session of ADB Annual Meeting here on Saturday, he said many projects are plagued by "last mile" bottlenecks in fuel supply, environment clearance, forest clearance, and land acquisition and a Cabinet Committee on Investment (CCI) has been set up to fast track the projects. "We have permitted FDI in areas such as multi-brand retail, power exchanges, aviation and broadcasting," he said, adding "As I am fond of saying, India's story on investment is just starting out". The CCI has cleared several mega major projects, including those in the oil and natural gas sectors, which were stuck due to various regulatory clearances.