Though India has successfully weathered the global economic crisis with a stimulus package and register a growth rate of 8.7% in the quarter for 2010-11, to sustain and match the growth of China, the country needs to massively invest in infrastructure development that requires an investment in the order of INR 4.1 million crore, during the 12th plan period.

Mr SS Palanimanickam union minister of state for finance delivering the keynote address at the 86th anniversary celebrations of Tamil Nadu Chamber of Commerce and Industry said that “We are confident of raising the resources.”

He said that “The revenue from both the direct and indirect taxes are rising compared to the year before and the foreign exchange reserve position is at USD 283 billion. Countries are looking to participate in the growth process of India. Russia, for example, instead of seeking the return of the loan taken before its disintegration by India, is seeking infrastructure projects sanctioned in its favor. The liberalization process has opened up employment opportunities within the country. However, there is an urgent need to train the rural youth in skills and promote the spirit of entrepreneurship among them.”
(Sourced from BL)