Skip to main content

India: $4.5 trillion investment needed for infra: FM



India eyes AIIB funds for 9 projects

The country will need more than $4.5 trillion in investments over a decade to create infrastructure but the cost of such investments will be a challenge, Finance Minister Piyush Goyal said at the Asian Infrastructure Investment Bank’s (AIIB) annual meeting on Monday.

At the same time, the Minister added that finding funds required for such investments will not be a deterrent.

Infrastructure creation requires $4.5 trillion in investments over the next 10 years,” Mr. Goyal said while speaking at the AIIB governor’s seminar on mobilising funds for infrastructure.

‘Cost of finance rising’

Interest rates are rising globally as well as domestically, raising the cost of finance, Mr. Goyal said. India is the second-highest equity investor in AIIB and also the largest recipient of funds from the multilateral agency that started operations in January 2016. India has picked up 28%, or $ 1.4 billion of the AIIB’s total funding for seven projects.

Later at a press conference, the Finance Minister said the country is looking forward to investments in nine more projects with a funding of $2.4 billion from the Beijing-headquartered agency. “There is a good pipeline of projects that is under consideration with AIIB,” he said.

On Sunday, AIIB approved an equity investment of $100 million in India’s National Investment and Infrastructure Fund’s (NIIF) and is considering a further investment of $100 million in the future.

When asked about India’s concern over AIIB’s funding in the China Pakistan Economic Corridor (CPEC) that passes through Pakistan-Occupied-Kashmir (PoK), Mr. Goyal said ‘one cannot dictate’ as to what projects a multilateral agency should invest in.

“These are independent organisations …not Chinese-led or American-led... it is always a multilateral institution,” he said.

Pointing out that India was the largest beneficiary of AIIB funds, he said those funds are deployed in both the public and the private sectors.

When asked if India is planning to make more investments in AIIB, economic affairs secretary S.C. Garg said at this point such investment was not required.

http://www.thehindu.com/business/Economy/45-trillion-investment-needed-for-infra-fm/article24256018.ece

Comments

Popular posts from this blog

Balochistan to establish first medical university

https://www.dawn.com/news/1366135

The Newspaper's Staff CorrespondentOctober 25, 2017QUETTA: The provincial cabinet on Tuesday approved the draft for establishing a medical university in Balochistan.Health minister Mir Rehmat Saleh Baloch made the announcement while speaking at a press conference after a cabinet meeting.“The cabinet has approved the draft of the medical university which would be presented in the current session of the Balochistan Assembly,” he said, adding with the assembly’s approval the Bolan Medical College would be converted into a medical university.Published in Dawn, October 25th, 2017

CPEC Jobs in Pakistan, salary details

JOBS...نوکریاں چائنہ کمپنی میںPlease help the deserving persons...Salary:Salary package in China–Pakistan Economic Corridor (CPEC) in these 300,000 jobs shall be on daily wages. The details of the daily wages are as follows;Welder: Rs. 1,700 dailyHeavy Duty Driver: Rs. 1,700 dailyMason: Rs. 1,500 dailyHelper: Rs. 850 dailyElectrician: Rs. 1,700 dailySurveyor: Rs. 2,500 dailySecurity Guard: Rs. 1,600 dailyBulldozer operator: Rs. 2,200 dailyConcrete mixer machine operator: Rs. 2,000 dailyRoller operator: Rs. 2,000 dailySteel fixer: Rs. 2,200 dailyIron Shuttering fixer: Rs. 1,800 dailyAccount clerk: Rs. 2,200 dailyCarpenter: Rs. 1,700 dailyLight duty driver: Rs. 1,700 dailyLabour: Rs. 900 dailyPara Engine mechanic: Rs. 1,700 dailyPipe fitter: Rs. 1,700 dailyStorekeeper: Rs. 1,700 dailyOffice boy: Rs. 1,200 dailyExcavator operator: Rs. 2,200 dailyShovel operator: Rs. 2,200 dailyComputer operator: Rs. 2,200 dailySecurity Supervisor: Rs. 2,200 dailyCook for Chinese food: Rs. 2,000 dailyCook…

Germany’s Siemens sets up Belt and Road office in Beijing

https://gbtimes.com/germanys-siemens-sets-up-belt-and-road-office-in-beijing
Germany’s Siemens sets up Belt and Road office in Beijingby Janne Suokas Mar 23, 2018 15:20 TRADEINVESTMENTBELT AND ROAD INITIATIVEGerman industrial and engineering group Siemens will set up a Belt and Road office in Beijing. surberFlickrCC BY 2.0
German industrial and engineering group Siemens will set up an office in Beijing to boost international cooperation under China’s Belt and Road initiative, the company said on Friday.The move will help strengthen Siemens’ cooperation with Chinese and international companies and expand business opportunities brought about by the Belt and Road initiative, according to the company’s statement.The Belt and Road initiative is China’s ambitious project to boost trade and infrastructure investment in more than 65 countries along the ancient Silk Road trade routes from Asia to Europe and Africa.Siemens said it had already partnered with hundreds of Chinese companies in overse…