India said it needs investment of about $1 trillion for new infrastructure over the next few years and innovative solutions were being sought for meeting this massive requirement to fulfil its reform agenda and return to the growth trajectory of about 9 per cent.
Addressing the plenary of the 71st UNESCAP Commission Session underway in Bangkok, Commerce Minister Nirmala Sitharaman said, "Growth is needed to create jobs, sustain poverty reduction and maintain socio-political stability and provide resources for poverty reduction programmes."
"Without economic growth, gains in other developmental indicators are simply not possible," she said.
"The Indian economy is expected to return to the pre-crisis growth trajectory of about 9 per cent in a couple of years following the reforms undertaken by the Modi government," the minister said.
She said the country’s 'Skill India' mission and the 'Make in India' programmes coupled with enhancing the ease of doing business complemented with the work of newly constituted ministry of skill development and entrepreneurship.
It targeted in the first instance 50 million individuals through vocational and technical training frameworks, upgrading existing skills and creating new skills.
The minister said India needs investment of about $1 trillion in new infrastructure over the next few years and innovative solutions were being sought for meeting this massive requirement.
"The government of India is considering modern, clean and innovative solutions to total rural electrification, including solar energy and other renewable energy sources, and off-grid solutions.
"India has set an ambitious target to increase production of renewable energy fivefold by 2019 and halve energy imports by 2030, despite population and demand growth," she added.
After revising targets for the National Solar Mission India has set a target of creating 100 Giga Watts of solar power capacity by 2022, compared to the initial plan of 20 Giga Watts.
A new target set under the National Wind Energy Mission is expected to generate annual addition capacity of 10 Giga Watts every year, Sitharaman said.
She said that there was an urgent need for countries of the Asia Pacific to accelerate and sustain broad-based and pro-poor economic growth to provide the foundation for more inclusive development.
