Monday, December 3, 2007

India seeks UAE investment for infrastructure projects

India has invited the UAE to invest in its $500 billion worth infrastructure development programme which has already received 70 per cent financing commitments from various institutional and multi-lateral investors.
"The UAE and investment community can invest up to 30 per cent to bridge the gap ,which needs to be filled," said India's Minister of State for Finance Pawan Kumar Bansal, while speaking at a lunch.
"The Indian Rupee has appreciated by 12 per cent in past couple of months, due to strong inflows of US dollar and government is taking measures to make country's exports more competitive in overseas markets," said Bansal. The minister said that Reserve Bank of India (RBI) has risen to the occasion by buying US currency to stabilise the situation.
The booming economy posted a massive 9.4 per cent GDP growth rate last year that makes an average of 8.6 per cent achieved during a period of three years.
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