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Submitted to Mrs. Vani mittal
submitted by Manjit Paul Reg.no:10902965
Through my gratitude towards my supporters yet we like to add a few hearts full for the people who were part of this term paper in numerous ways. People who gave understanding support right project ideas were conceived. First of all I want to thank MRS.VANI MITTAL, Lecturer MANAGERIAL ECONOMICS, lovely professional university, phagwara for assigning this term paper & I also want to give hands full gratitude to her for her help & guidance. I would like to thank all the faculty of lovely school of business for having faith in me, & for their kind inspiration and helping me whenever asked. Last but not least, I expand my heartiest gratefulness all people who have given me best wishes & all help that I needed for the completion of the term paper. MANJEET PAUL
Objective of term paper methodology Introduction liberalization is like a boon for infrastructure sector Major participation of FDIs In Infrastructure sector Finance for Infrastructure in India Foreign Collaboration Approvals Sectors which are going to call FDIs and thinking about privatization o Railways infrastructure sector o highways and roads: o airport o power o renewable energy o India real estate investments Result Conclusion references
objective of term paper
This term paper is all about to analyze the investment in infrastructure after liberalization, we will thoroughly study that what changes mainly occur in Indian infrastructure and through which stages it goes through until now. we will analyze that from where govt. arrange money for infrastructural development and we will study the sectors which are taking the liberalization benefits and the sectors which are going to raise invention of private sector and FDIs. then we will discuss the result of our analysis and then we will try to conclude our research.
Methodology is defined as a particular procedure or set of procedures used in finding the answers of problem or problems. For this there are to types of data we use primary data and secondary data and we here use primary as well as secondary data for the analysis of our term paper, we have taken the help of internet literature for finding the analysis and also taken the help of book business environment: saleem sheikh.
Infrastructure in India goes through different stages .it is a very wide term.it include mainly transportation, housing, water management, industrial and commercial development telecommunications, , agriculture, power, petroleum and natural gas, , real estate and other segments such as mining, disaster management services, technology-related infrastructure. Here we are discussing investments in infrastructure sector after liberalization or in post liberalization period. In pre liberalization period, the bulk of infrastructure was in the public sector. Public sector in India operating in a protected set up which has been largely subsidized by the Government. Since the launching of reform, Government was trying to reduce its borrowing which means that further subsidization will not be possible. There is one area where there is a need for private sector and foreign investment to come in. Because of the long gestation period, and many other social problems, the infrastructure sector compares unfavorably with manufacturing and many other sectors. For this, specific policies in this area were need to make infrastructure attractive. Apparently, there was a broad gap between the potential demand for infrastructure for high growth and the available supply. This was the
challenge placed before the economy, i.e. before the public and private sector and foreign investors. So liberalization occurs which came with lot of changes in government policies like: 1. dismantling of industrial licensing system built over the previous four decades; 2. reduction in physical restrictions on import; reduction also in the rate of import duties; 3. reduction in controls on foreign exchange, both current and capital account; 4. reform of the financial system; 5. reduction in the levels of personal and corporate taxation; 6. reduction in restrictions on foreign investments (direst and portfolios); 7. opening up of areas hitherto reserved for public sector units(with or without passing on majority control to private shareholders); 8. partial privatization of PSUs 9. softening of MRTP regulations; and 10.Making various sectors of the Indian economy competitive on global economic platform by making them produce quality goods in a cost effective manner. In post liberalization period, infrastructure has been gone through many stages, government is trying to make its infrastructure superior so it has done lot of amendments in its policies while liberalization as: Liberalization is like a boon for infrastructure sector as before investment by government were more and there were many restrictions if any private company invests, so public investment in the nation’s infrastructure has been insufficient to develop the foundation for longterm growth. So liberalization gave relief to foreign investors by allowing 51% stake in high priority industries as well as by doing banking and financial reforms and more than it offered many improvements to the NRIs to improve their foreign exchange remittances. now the infrastructure sectors in India are expected to draw funds of about US$ 345 billion during the 11th Five Year Plan which may offer investment opportunities. Visible failures are evident in the lack of power and potable water in large parts of India, poor road conditions and cargo handling delays at ports and airports that are managed by government entities. By way of contrast, the telecommunication sector has developed in leaps and bounds and one of the prime reasons for this difference is private participation in this sector as opposed to primarily public sector participation in most other sectors.
Before liberalization There was subsequent policy changes of 1973, 1980, and 1985 emphasized the need for promoting competition in the domestic market and technological up gradation. The public sector was given a leading role in the first and second 5-yr plans for setting up basic industries and infrastructure facilities, because of scarcity of capital, the private sector was not assigned a substantive role in the development of infrastructure facilities such as power, railway, steel, and other core sectors. For the first time in 1973, an attempt was made in industrial policy statement to allow investment from large industrial houses and foreign companies in high-priority industries. Small scale, tiny, and cottage industries were also encouraged and given a bigger role in the development of industry. It was in 1980 that the need was felt for promoting competition in Indian industry by permitting import of technology and facilitating modernization. Again it was during this period that emphasis promotion got a big boost. By the end of the 6th plan, Indian industry had gained considerable competence and it was able to meet the emerging challenges in the world economy. Major participation of FDIs In Infrastructure sector The importance of infrastructure sector also follows from the fact that foreign investors are now seeking at infrastructural development as a yardstick for directing their investments. Mainly infrastructural development had taken priority over wage levels in assessing the investment potential in developing countries. In India infrastructure sector it has becoming an attractive investment area for FDIs. Already there is a huge demand for funds from the manufacturing sector. On top of that is the demand from the infrastructure sector. Both draw heavily from the savings of the household sector. The growth of financial savings of household sector however is not rising fastly . In this regard, the importance of rising obligation of domestic saving needs underscoring.
Finance for Infrastructure in India Finance for infrastructure in India is mainly comes from government’s state funds, private organization and from foreign investments. before 1991, there is only government who is investing more in infrastructure sectors, there are very restrictions on private organizations. so Beginning with July 1991, the
government introduced a number of changes in the country's regulatory policies. Among these, and particularly important from the point of attracting foreign direct investments as we discussed above. The rules for government-owned infrastructure companies for raising funds through initial share offerings are made flexible by the Securities and Exchange Board of India(SEBI), which naturally will increase the flow of investment in the Infrastructure of India. so from 1991 till now government show a great interest in applying FDI more for the infrastructural development. So the efforts of govt. give positive results and FDI inflows are increased during the 9th Plan it was $ 3.2 billion ,during the 10th Plan it rose manifold to stand at $ 16.33 billion the annual average being $ 6.16 billion. The top five sectors which are attracting FDI in fiscal 2007-08 included : Services sector, Housing and Real Estate, Construction activities, Computer Software & hardware, and Telecommunications. The infrastructure sector that offers great potential to lure FDI witnessed marked rise in FDI inflows during this five-year period. The extant policy for most of the infrastructure sectors allows FDI up to 100 percent on the automatic channel. foreign investment in India's infrastructure sector increased from $1902 million in fiscal 2001-02 to $ 2179 million in 2006-07. But fiscal 2007-08 showed significant rise in the FDI inflows in the infrastructure. In first nine months till December 2007 of fiscal 2007-08 stood at $4095 million. Total foreign direct investments in India's infrastructure sector stood at $ 10575 million in 2000-01 to December 2007.
Sectors attracting highest FDI Equity Inflows (In Rs crore)
SECTOR Services (Financial & nonfinancial) Computer Hardware Software 2005-06 2399 (543) 2006-07 21047 (4664) 11786 (2614) 2155 (478) 4424 (985) 1254 (276) 2121 (467) 713 (157) 7866 (173) 930 (205) 401 (89) bracket In 2007-08 26589 (6615) 5623 (1410) 5103 (1261) 6989 (1743) 2697 (675) 8749 (2179) 3875 (967) 4686 (1177) 920 (229) 5729 (1427) are terms 2008-09 (April-Jan '09) 23045 (5061) 6944 (1599) 10797 (2374) 6224 (1483) 1792 (441) 10632 (2408) 4079 (924) 3608 (850) 2561 (579) 1196 (263) in of Cumulative % of total (Apr.2000- Jan inflows* 2009) 78742 (181189) 39111 (8876) 27544 (6216) 19606 (4646) 11648 (2678) 21794 (5119) 13709 (3130) 10956 (2613) 9442 (2244) 8509 (2043) US$ 22% 11% 8% 6% 4% 6% 4% 3% 2% 3% million Rs.
& 6172 (1375) 2776 Telecommunications (624) 667 Construction (151) 630 Automobile (143) 171 Housing and Real estate (38) 386 Power (87) 6540 Metallurgical (147) Chemicals (Other than 1731 fertilizers) (390) 64 Petroleum & Natural Gas (14) Figures * in
FDI Inflows (as per international best practices)
EQUITY FISCAL YEAR (APRIL-MARCH) FIPB Route/ RBI's Automatic Route/ Acquisition Route 15483 2339 3904 2574 2197 3250 5540 15585 24575 23885 August 99332 Equity capital of unincorporated bodies# 61 191 190 32 528 435 896 2292 334 4959 1350 1645 1833 1460 1904 2760 5828 7168 3004 26952 279 390 438 633 369 226 517 327 203 3382 15483 4029 6130 5035 4322 6051 8961 22826 34362 27426 134625 (+) 52 (-) 18 (-) 14 (+) 40 (+) 48 (+) 146 (+) 51 Reinvested earnings+ Other capital+ Total inflows FDI YOY (%) growth
1991(August)-2000 (March) 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 (P)* 2007-08 (P)* 2008-09 (April-Dec) Cumulative Total (From 1991-January 2009)
SOURCE: DIPP, Federal Ministry of Commerce and Industry, Government of India
Foreign Collaboration Approvals in India
Foreign collaboration approvals are essentially of two types. One involves only payments for technology and the other is involving investment in the equity capital of an enterprise existing or to be promoted. With these foreign collaboration approvals, probability of contract of foreign companies with Indian companies are very high so that the paucity of capital is reduced and quality goods are also provided to people which is a good sign. If we talk about foreign collaboration approvals, then in these , Approvals are accorded automatically in selected industries which are subject to foreign equity levels and payments for technology by the RBI. The upper limit for automatic approval was raised from 51% to 74 percent(100% in case of NRIs) in the notified industries in January 1997. The list of industries which are opened for automatic approval was expanded simultaneously. In all other cases the government gives necessary permissions after a case by case analysis. The Industry Minister accords approval to projects involving a total investment of up to Rs. 600 crores on the advice given by Foreign Investment Promotion Board (FIPB) and for big projects the decisions are taken by the Cabinet Committee on Foreign Investment (CCFI). As a result
of the basic amendments and active promotion in home countries, the number of approved foreign collaborations increased sharply since 1991. The financial collaborations rose significantly from 289 in 1991 to 1559 in 1997. Table - 1 Financial and Technical Collaborations: 1981 to 1996 Year No of approved collaboration % share of Investment financial approves(rs. Cr.) Financial technical total collaboration in total 1991 289 661 950 30.42 534.1 1992 692 828 1520 45.53 3879.1 1993 785 691 53.18 8861.8 1476 1994 1062 792 57.28 14190 1854 1995 1355 982 57.98 32070 2337 1996 1559 744 67.69 36.150 2303 1997 1559 371 71.22 32740 1289 1991- 6660 5069 56.78 128430 july 11729 ‘97 In terms of the amounts approved, the FIPB occupies a far more significant position as compared to the RBI. While the RBI gave automatic approval in nearly one-fourth of the financial collaboration cases, the foreign investment associated with these proposals was six per cent of the total investments approved. But for the amendments in policy in January 1997, RBI approvals would have accounted for far less. (RBI has since dispensed with the automatic approval procedure and companies need only to report after issue of shares to foreign financial collaborators subject to the condition that investments are made in the specified industries and are within the foreign shares allowed). In the context of the liberalization of industrial policy, it is thus important that much of the investment approved went through a formal procedure of approval not like the automatic approval case where the
investors may not be so conscious and serious. Also in the starting period, equity hikes by existing companies were approved automatically. It is only after a lot of public criticism of the manner in which the hikes were affected at prices considerably lower than the prevailing market prices, the terms were strictly tightened. The automatic procedure is, however, more effective in technical collaboration agreements. Out of the 5,069 technical collaborations approved during till July 1997, the RBI granted 2,798 i.e., nearly 55 per cent. At times one finds that while the investment approval is accorded by the Government, approval for technical collaboration for the same case is granted by the RBI. The relative significance of financial collaborations in the total approvals has increased rapidly during the 'nineties. From about 10 to 15 per cent during the latter half of the `seventies, the financial collaborations (FCs) accounted for a little less than one-third of the total FC approvals towards the end of the `eighties. The share of the FCs increased further since liberalization of industrial policy and exceeded half of the total since 1993. During 1996 they accounted for two-thirds of the total i.e., double of their share in the late 'eighties.
Sectors which are going to call FDIs and thinking about privatization
Railways infrastructure sector The Indian Railway is known for one of the largest railway systems in the world under a single management and manages more than 63,000 km of railway tracks. The financial outlay for the Indian Railway is vast enough to present a budget distinct from the national budget. The railway which is known for relatively efficient and inexpensive, is the most popular form of long distance travel, but now in the past few years it has faced competition from low budget airlines, which has decreased in the recent past due to high aviation fuel costs. Since the Indian Railway has a monopoly in freight and passenger trains there is an enormous strain on the existing networks of rail tracks. In view of this, the Government of India has decided to invest about $5 billion to improve the rail routes in India. Moreover, the Indian Railway has formulated a well-planned strategy to reduce bottlenecks and boost the railways capacity to match to the requirements. The Government of India has also taken certain initiatives which include low-cost and high-return investments with the more stress on, port
connectivity, gauge conversion, signaling and telecom, renewal of asset and modernization of passenger terminals.. Until now container transport was a monopoly of the public sector but this has now been opened to competition and private companies in order to improve infrastructure and subsequently encourage PPPs. According to this , the Rail Land Development Authority has been established recently to encourage and monitor PPP projects. The Indian Railway has offered over 500 acres of land to private developer across the country for the development of railway stations, freight terminals and rail link projects. as it has further has acknowledged about 22 railway stations which are to be modernized under the PPP model of development.
Indian airports has handled approximately 95 million passengers and 1.5 million tones of cargo in the last fiscal year witnessing a rise of more than 30% in 2006-2007 over 2005-2006. Cargo traffic rise by about 11% over the previous year. More clearly, India’s air traffic rise by 21.75% annually between 2003 and 2007 and in the first three quarters of 2007 there has been a record hike of 37.74% in this sector, which is expected to lure US $30 billion by 2020. In past, airports in India have been developed and operated by the Government till they were transferred to the Airports Authority of India in 1994. In 2003,India amended the Airports Authority of India Act, 1994 to facilitate investments from the private sector in almost all areas of airport infrastructure. Airports are normally developed through concession agreements through PPPs or we can say the Build-Own-Operate-Transfer (BOOT) model. The government normally holds a 26% stake in joint ventures with the private sector, but recently developed two projects at Kolkatta and Chennai as wholly owned concerns. The government is supposing investment by private companies at 25 city airports, the Indian government has plans to market India’s rich heritage and natural beauty to international leisure travelers. Consequently a high demand for investments in aviation infrastructure is estimated to about US$ 9 billion for airport development over the next 5 years. Example: A Greenfield airport is one where a private entity or a public-private joint venture builds and operates a new facility, entering into Build-Own-Transfer
(BOT) contracts. although, Greenfield airports either in the public or private sectors can be initiated only with the prior approval of the Government. A Greenfield airport can be permitted both as a replacement for an existing airport or for simultaneous operation. The government permits 100% FDI for Greenfield airports under the automatic route. Investments of more than 74% in other airport development ventures require the approval of the Foreign Investment Promotion Board (FIPB). By the way of incentives, 100% tax exemption for airport projects is granted for a period of 10 years. With a view to taking corrective measures, the government has made it mandatory for all new Greenfield airports to provide separate cargo facilities that include storage, ground handling and loading capabilities. Highways and roads India has an large road network of 3.3 million kms which is the second largest in the world. Though the roads in India carry about 65% of the freight and 80% of passenger traffic, the quality and extent of the roads is not adequate which are making it a priority sector for development. Due to this reason the Government of India spends nearly US $ 4 billion annually on road development, and encourages private and foreign investments in this sector. Private sector participation is rising and is usually through construction contracts/BOT models for about 36% of total investment, based on competitive bidding or the lowest total government investment involved. Developers or owners as the case may be are allowed to collect tolls on roads that are part of the National Highway Development Plan. The National Highways Authority of India (NHAI) is the supreme Government body which overseas road development in the country that are under the purview of the central government. The NHAI awards all contracts, which are either for construction or BOT, through competitive bidding. government with an benefit to increase the investment in highways and roads has granted a 100% income tax exemption for a period of 10 years for all road development projects. addition to this, the NHAI also considers grants or viability gap funding for marginal projects. The government has also formulated model concession agreements.
The Telecom Regulatory Authority of India (TRAI) is defined the authority that regulates telecom and internet services in the country. In addition unlike other sectors the telecom sector sees a balanced participation from both public and private sector companies. The Government of India permits 100% FDI in telecom equipment manufacturing and a 74% -100% FDI for various other telecom services. With a view of creating a more efficient environment, the government has appointed a committee to design a unified and single levy for the telecom sector, as the sector is currently burdened with additional taxes, charges and fees. Since the government predicts a 150% growth in the telecom sector, large amounts of investment opportunities of approximately $ 22 billion are being offered to foreign and/ or private players.
by recognizing the importance of alternate sources of energy, the Government of India has formed a distinct Ministry of Renewable Energy that develops policies and implements them with regard to rural energy, solar energy, wind power generation, the development of energy from waste and rural village electrification among other things. The main aim of the ministry is to develop and deploy new and renewable energy to supplement the energy demand of the country that is not met by the conventional sources of power. The Government of India has also introduced various programs and schemes for the benefit of villages and urban or semi-urban centers making India’s initiatives the world’s largest programme for renewable energy. a number of investment opportunities in this sector has been created by the Ministry of New and Renewable Energy.
if we talk about power sector then India has the 5th largest power generation capacity in the world. Despite this and an exciting growth in investment in the power sector, India still faces power shortages in major rural and urban areas across the country. In India, a majority of electricity distribution and transmission is owned by the PSU or state electricity boards however there is rise in private sector participation in generation distribution. Large generation projects have been planned with the involvement of the private sector.
In power sector, the programmes for rural electrification receive financial support from the Rural Electrification Corporation under the Ministry of Power(MOP) and the Power Finance Corporation(PFC) provides termfinance to projects in the power sector. An independent regulator, the Central Electricity Regulatory Commission, addresses issues between central public sector units and between states. The Indian Government is keen on drawing private investment into this sector and offers 100% FDI in power generation, transmission and distribution along with some benefits that include income tax exemption for a block of 10 years in the first 15 years of operation and a waiver of capital goods import duties on mega power projects. Increased private sector participation is visible in the generation and distribution of power with several distribution licenses being held by the private sector. In addition to above, nearly 150,000 MW hydroelectric power is yet to be tapped in India and opportunities in power distribution through bidding for the privatization of distribution is expected to materialize over the next 2-3 years. With an approximate investment opportunity of about US$ 200 billion in the next seven years, the Government of India aims to complete its ambitious project “Power for All” project by 2012.
India Real Estate Investment
Indian Real Estate Investment has proven to be the highest yielding investment opportunity in the recent few years. The realty industry in India is at its zenith and is thereby luring the maximum investment not just locally but overseas too. NRI Investments have taken a new turn and have entered the Indian real estate market. The various Real Estate Developments in India include construction of residential units, townships, commercial complexes, office buildings and retail stores and shopping malls. The newest entrant is development of IT spaces that includes IT Parks and integrated townships for the employees of the IT industry in that IT Park. Many Banks and Financial Institutions for e.g. Kotak Mahindra Realty Fund, Dewan Housing Finance Limited-DHFL Venture Capital Fund, , Kshitij Venture Capital Fund (A group venture of Pantaloon Retail India Ltd), HDFC Property Fund, and India Advantage Fund (ICICI) which provide the funds for real estate development to the Builders and Developers for construction of these structures. These are the major institutional investors in real estate in India. The various factors responsible for the upswing in the Indian real estate
investments are the increasing demand in residential, commercial and industrial properties, Growth in hospitality or hotel industry, Development of IT and ITES industry, Development of Special Economic Zones (SEZ), Increased living standards of people with higher disposable incomes. These all reasons came out due to started liberalization process after 1991. In the liberalization process NRI remittances also improved, so incentives are offered to NRIs to improve their foreign exchange remittances. NRI foreign exchange bank accounts, convertibility of foreign exchange in market shares, foreign exchange gift schemes, and gold import policy and so on facilitated an inflow of foreign exchange through NRIs. NRI investment schemes announced by the govt. aimed at increasing inflow of foreign capital through them. The second reason for rise in investments in real estate development is permission granted by the reserve bank of India to set up new private banks and foreign exchange institutions were allowed to acquire up to 20% stake in the equity of private sector banks while NRIs were permitted up to 40% stake. The Government of India is also liberalizing by providing more funds for real estate developments all across the country and relaxing the economic policies. The various acts by the GOI in this regard are: Indian Transfer Of Property Act, Stamp Duty, Indian Registration Act, Foreign Exchange Regulation Act, 1973,1908,Indian Urban Land (Ceiling And Regulation) Act, 1976, Rent Control Acts, Property Tax. Beside these the GOI interest in the real estate sector other investments demanding mention are NRI Investments. NRI investment in real estate segment in India have increased manifold. Special NRI cities are being constructed by the leading Real Estate Builders in and around, major cities in India like Noida, Bangalore, Mumbai, Pune, Kolkata etc. A major chunk of the Foreign Direct Investments (FDI's) presently goes into the Indian realty sector. Steps have been taken to manage and further promote real estate investment in India. An Indian Real Estate Investment Trust (REIT) is being formed that will facilitate fast and easy liquidation of investments in the real estate market in India. The Indian realty market is flooded with Initial Public Offer (IPO) by various real estate and infrastructure development groups. This is opening further avenues for investments in real estate in India.
the major change in infrastructure comes after liberalization, before liberalization, infrastructure of India is in very poor state. After liberalization a dramatic change occurred. In India infrastructure sector itself is becoming an attractive investment region for Foreign direct investments.
the Indian Finance Ministry has given the permission of Foreign Institutional Investors (FIIs) also to invest in unlisted companies for encouraging foreign funds flow into the Infrastructure in India,. FIIs now can invest 100% of their funds in the Infrastructure in India. If we want core sector more attractive for FDI, the Cabinet Committee on Foreign Investment (CCFI) has amended the 49 percent cap on foreign equity in the infrastructure sector to make fund mobilization simple. This major policy decision which will implicitly raise the foreign equity investment in infrastructure sector to well over 51 per cent. Along with it, even if allocation in the Infrastructure in India is increased with a more inflow of FDI and a large participation of private sector, the immediate problem will still exist, since, infrastructure is subjected to long gestation period. Consequently, the inadequacy of Infrastructure in India will continue for quite some time, unless technology up gradation can be done in the infrastructure production, including construction activities, for reducing the gestation lags and simultaneously improving the quality of products. With this infrastructure con any indiscriminate growth may lead the economy of the country to a place of over-heating and a further increase in inflation. Under the Infrastructure in India the most important sector in which there should be development is in the urban infrastructure. Except for a few large projects in a handful of cities, paucity of urban infrastructure projects is a standing problem. Although city mass transport systems and airports have found place in developmental plans, essential services such as roads, drinking water, sewerage management, drainage, and primary health are still greatly under developed. Until recently most Indian infrastructure was owned by the government, however private participation in public infrastructure has given a new impetus to this sector. Several infrastructure services and projects are governed by concession agreements or contracts between the government and/or public authorities and private entities. These agreements also address tariff determination and performance standards that are typically subject matters of independent regulation. In areas that do not have Model Concession Agreements and in view of an evolving policy framework investors may be able to negotiate favorable investment structures. Going forward the Government should strive to establish regulatory entities that are unaffected by political changes and operate autonomously Throughout the process of establishing this regulatory framework, it is paramount that the regulators are aware that
it is important that consumer rights are protected by ensuring a high quality of service on cost effective terms. In order to minimize bureaucratic autocracy, leading to more hurdles, it is necessary that the regulators and the apex regulatory department operate transparently and are made politically and financially accountable to the government and legally accountable to the public through judicial review.
After analyzing this term paper we conclude that India has done lot of amendments in govt. policies to attract FDIs and to emphasize privatization. but as well as India needs an investment of 475 billion dollars in infrastructure sector in the next 5 years to support 8% growth in which 123-130 billion dollors of the investment requirement would come from foreign investments. However, with the economy growing at more than at the rate of 6 per cent, the government is aiming at an economic growth rate of 8 per cent for which the government is taking necessary steps to develop the Infrastructure in India.
http://business.mapsofindia.com/indiabudget/infrastructure/india.html http://www.indiaonestop.com/FDI/FDI2.htm http://www.asiatradehub.com/India/intro.asp http://www.topnews.in/infrastructure-investment-india-spriority-maintain-economic-growth-p-chidambaram-27053 http://www.brijj.com/group/infrastructure-andconstruction Book: business environment: saleem sheikh
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