Prime Minister Manmohan Singh on Saturday said the government was taking steps to draw investment into India and pull the economy's growth back to more than 8% during the next five years.
"We are initiating measures to spur investment and to make India more attractive to investors both at home and abroad. We have taken steps to fast track major infrastructure projects," he said while inaugurating the 46th Annual General Meeting of the Asian Development Bank here.
"India has set itself a target of over 8 % annual growth for the 12th five year plan, which runs from 2012 to 2017. This is the rate of growth that the country achieved over the past decade," he said.
The government has announced a string of steps, including a Cabinet Committee on Investment to fast track infrastructure projects, critical to spin jobs and multiply income to reverse the slowdown in India's economy that has hit a decade-low growth of 5% in 2012-13.
"We also plan to provide our people a legal entitlement to food at affordable cost. A legislation in this regard is before our Parliament," Singh said. The proposed food security bill, once voted into law, will provide cheaper food grains to two out of three Indians.
Singh also said the Asian Development Bank should find innovative ways expand its resource base to fund critical development projects in the region.
Finance minister P Chidambaram also echoed similar views calling for enhancing the financial resources of the ADB. He said "sustainable level of lending" by ADB was expected to decline, from $10.1 billion to $8.0 billion.