Stating that India needs enormous investment in infrastructure, the prime minister invited ASEAN investment in India's power, roads and rail sectors.
Manmohan Singh said that India's GDP is about $700 billion and it is now growing at the rate of 7 per cent and the government's ambition is to accelerate it to 8-10 per cent.
"The liberalisation policy that we launched was not mechanical," the prime minister said. He said that India has a growing middle-class with all the expectations of the life styles of other developed countries.
The prime minister promised to 'dismantle unwanted barriers' and expand global capital flows to attract $150 billion in the sector, particularly in the modernisation process of Chennai and Kolkata airports.
"India's infrastructure is not top class. But we are working on it. You will see a change soon," he said.
Wooing Asian businessmen, the prime minister said that the Asian region has enough surplus capital and "India offers immense opportunities for entrepreneurs of the ASEAN region to utilise that surplus savings."
He welcomed businessmen from the ASEAN region to 'test India's waters.'
The prime minister said that there is an immense opportunity for overseas investors to invest in India and also hinted at an early decision on opening up of the retail sector for FDI.
"We will come up with positive outcome in 5-6 months," he told business leaders ahead of his meeting with Asean leaders and the East Asia Summit.
He said that although there were some problems on the issue of opening up the retail segment to FDI and a debate was currently on between the Left parties -- who are an integral form of the UPA government -- there is a likelihood of a positive outcome soon.
"In the past year and a half, our policies relating to investment, taxation, foreign trade, FDI, banking, finance and capital markets have evolved to make Indian industry and enterprise more competitive globally," he added. >
