India to invest $1.39 trillion in infrastructure sector |
India will unveil a series of infrastructure projects in December as part of a plan to invest 1.39 trillion dollars in the sector over the next five years, in a push to improve the country`s economy. Indian Finance Minister Nirmala Sitharaman announced this after the data released on Friday showed India`s economic growth slowed to 4.5% in the July-September quarter - its weakest pace since 2013 - upping the pressure on Prime Minister Narendra Modi`s government to speed reforms. Sitharaman addressing a business summit in Mumbai said, “A set of officers are looking into the pipeline of projects that can be readied so that once the fund is ready, it could be front-loaded on these projects.” She said, “That task is nearly completed. Before December 15, we will be able to announce the frontloading of at least ten projects.” PM Modi came to power in 2014 on the promise to improve India`s economy and boost foreign investments, but he has struggled to meet those aims due to a lack of structural reforms. Modi won a second term in May and has taken various measures since 2014 to spur growth, including cutting the corporate tax and speeding up privatisation of state-run firms. But several economic indicators show domestic consumption is weak, and many economists expect the current slowdown could persist for another two years.
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