Dr. Ashwani Kumar, Minister of State for Industry, has stressed the need for enhanced FDI from the UK as a component of the private sector funding in infrastructure in India.
With an estimated investment of approximately US D 500 billion in infrastructure during the 11th Five Year Plan, the Minister called for greater bilateral cooperation in project management skills from UK to sustain 8.5 to 9% annual GDP growth in India.
He observed that the investment from Britain in India was far below its potential. Lord Digby Jones, Britain's Minister of Trade and Investment, called on Dr. Ashwani Kumar here this evening and held extensive discussions on ways and means to expand the Indo-UK economic engagement in furtherance of the strategic partnership between the two countries.
Earlier, both Lord Digby Jones and Dr. Kumar co-chaired a CII-Department of Trade (UK) sponsored meet on economic cooperation in the infrastructure sector and released a KPMG Report on the Transport sector in India. The UK Minister also supported seat for India in UNSC and a greater role in G-8.
Lord Jones informed Dr. Kumar that for various reasons including a shared history, cultural and personal bonds, similar legal systems and UK's known expertise in the conceptualization, executing and managements of infrastructure projects, UK and India could have a mutually reinforcing relationship which could enhance the level of economic engagement between the two countries.
He further informed that Prime Minister Gordon Brown's visit to India later this month would give a further boost to ties between the two countries.
He also suggested the opening of India's professional services including legal, banking, insurance and shipping to foreign investments in response to the challenges of globalisation.
Press Information Bureau Government of India
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