08:51 GMT +318 November 2019
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    Indian Finance Minister Arun Jaitley

    India Urges China to Invest in Its Infrastructure Sector

    © AFP 2019 / PRAKASH SINGH
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    India’s Finance minister addressed top Chinese bankers and fund managers at the “Invest in India” Business Forum in Beijing wooing them to invest in India’s infrastructure sector.

    Arun Jaitley, Finance Minister of India, began his five-day visit to China on Thursday by meeting Chinese bankers and wealth fund managers, and pitching for more investments in India. Soon after his arrival in Beijing, Jaitley met Bank of China chairman Tian Guoli, and addressed a closed roundtable meeting with heads of banks, sovereign wealth funds and institutional investors.

    Addressing ‘Invest in India' Business Forum on Friday, Jaitley said that India will be the only economy in the world which is poised to grow at 7.5 to 8% in an "unsupportive global environment."

    "India offers an attractive opportunity, because the size of the economic activity is now going to carry on and expand in the next few decades," he said inviting Chinese firms to step up investments in massive development of rural and urban infrastructure across India.

    Elaborating on "emphasis areas" of the development in India in the next few years, the Finance Minister said "the first emphasis area is going to be infrastructure creation. He also mentioned that building rural roads and national highways is a significant part of the infrastructure program in India.

    "Seven hundred thousand villages in India are going to be connected with regular road by 2019," Jaitley noted. "This year we are building about 10,000 km of national highway. That is the pace at which the changes are being carried on," he said, adding that plans are afoot to build more airports and sea ports.

    There is also a "private participation in railways infrastructure." Indian Railways is a large network, therefore its modernization is necessary, he added.

    On Saturday, Jaitley will attend the board of governors meeting of the Asian Infrastructure Investment Bank in which India is the second-largest investor after China. Jaitley will also meet his counterpart, Chinese Minister of Finance Lou Jiwei on Tuesday.

    Tags:
    infrastructure projects, infrastructure, investment, Arun Jaitley, China, India
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