Infrastructure sector to fuel growth: Patil

Mumbai, Oct 27 (IANS) Infrastructure in India is increasingly being viewed as a potential sector for growth and investors are looking towards becoming a part of the country’s growth story, President Pratibha Patil said here Wednesday.

‘As we are looking at the Twelfth Five-Year Plan from 2012-17, we expect that investment in infrastructure is likely to double to $1 trillion as against the target of $439.46 billion in the eleventh plan,’ Patil said.

Patil was delivering the inaugural address at the 12th World Innovation Summit and Expo organised by India-Tech Foundation, an industry association promoting technology upgradation in power, housing and infrastructure construction sectors.

‘Many infrastructure projects – new roads, highways and airports – have come up through public private partnerships. The public and the private sectors should put their expertise and resources towards a joint agenda for the nation’s future growth,’ she added.

Patil said India is the fourth largest economy in the world on the basis of purchasing power parity and among the fastest growing ones. ‘That we were able to cope well during the global financial crisis speaks of the underlying strength of our economy,’ she said.

Emphasising on an energy revolution, Patil said it is time the country ensures energy security.

‘We should pursue all available fuel options and forms of energy, whether conventional, non-conventional, new or emerging,’ she said.

‘Every effort should be made to reduce the cost of production and distribution of various sources of energy. Special emphasis and attention should be given to research and innovation in this area,’ she added.

Patil also gave away the award for infrastructure development to the Brihanmumbai Municipal Corporation (BMC). Municipal Commissioner Swadhin Kshtariya accepted the award on behalf of the members of the BMC.

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