US cos shy away from infra investment: Patel
Last Updated : 14 Apr 2010
NEW DELHI: The US companies have so far not evinced any interest in investing in the huge Indian infrastructure market, which is estimated to be worth over $200 billion, Civil Aviation Minister Praful Patel said.Speaking at the US-India Business Council (USIBC) meeting here on Tuesday, Patel, India’s appetite for investment in the infrastructure sector is estimated to be at least $200 billion. “Long-term growth of both US and India depends on free trade and free enterprise. Indo-US trade growth needs to match India’s rate of growth globally. India has large appetite for investment in infrastructure and US companies need to come forward to tap these opportunities.”Asking the visiting US industry captains not to shy away from investing in the infrastructure sector in India, Patel said US businesses have kept away not only from the aviation sector in India but also from roads, ports, power etc.US Chamber of Commerce President and CEO Thomas J. Donohue, in his address, said, “Let’s collaborate on innovation. Let’s partner on infrastructure. Let’s jointly develop clean, plentiful and diverse supplies of energy and bring efficiencies and productivity.”“American companies are shying away from investing in the infrastructure sector in India. They are not able to feel the pulse of the Indian market, not able to partner with right Indian companies,” Patel said.He also said, “Trade and commercial linkages have created people-to-people relationships that have become the driving force of bilateral relationship and organisations like CII play an important role in this.”Donohue said, “There has never been a better time or opportunity to lift US-India trade and investment relations to a whole new level.”He urged the governments of both he countries to “catch up to the private sector and put in place the right policy environment so that our companies can create a surge of new joint ventures, increase investment flows in both directions, expand our trade, create millions of new jobs, and yes, generate new tax revenues that can help address deficits in both Washington and New Delhi.”