France to invest in India Inc.: Foreign countries take keen interest in the Infrastructure development
Foreign Minister Laurent Fabius of France has promised to give India a 1 billion euro ($1.4 billion) credit line to fund sustainable infrastructure and urban development projects. The credit line would be available over a three years period and would be delivered through the French Development Agency.
Prime Minister Narendra Modi’s ministry’s main focus is on infrastructure and the India needs $1 trillion of investment by 2017 to upgrade its creaking infrastructure. The new government is taking measures to attract foreign development agencies and companies to help finance new roads, railways and cities.
Fabius mentioned that without money great ideas can never take shape. Fabius is also expected to meet the ministers of the Modi government to discuss the defence deals which were stalled under the last administration.
He is the first of a string of Western politicians who is due to visit India and many more will follow suit. Fabius invited Modi to France to discuss further about the bilateral ties.
Modi sought French involvement in areas including low-cost defence manufacturing and helping India to lower down its costs on defence budget.
Apart from France, Japan too is taking keen interest in India’s growth story. Japan is a key investor in the Delhi-Mumbai Industrial Corridor, a mega infrastructure project that envisages dozens of new industrial zones, hi-tech cities alongside a 1,483-kilometre highway stretch between India’s biggest two cities. Japan will also assist in manufacturing the high speed bullet train to reduce the transportation woes.
Source- The Economic Times
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