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Montek to woo investors in US and Japan

With the first dose of second generation reforms decided, Planning Commission deputy chairperson Montek Singh Ahluwalia will visit United States and Japan in the next fortnight to woo investors for India.

delhi Updated: Sep 20, 2012 16:51 IST
HT Correspondent

With the first dose of second generation reforms decided, Planning Commission deputy chairperson Montek Singh Ahluwalia will visit United States and Japan in the next fortnight to woo investors for India.

The plan panel in 12th five year plan (2012-17) had projected increase in private investment to 36% of the GDP from 27% in the last year of the 11th plan (2007-12). But, more than Indian domestic investors, the government is looking at foreign investors to meet the target.

Ahluwalia will be in United States from Monday to participate in Indo-US Energy Summit, a conference to boost ties between Indian and US companies in the energy sector. The government plans to generate 88,000 MW of additional power in the next four years and for this, the government needs investments from the private sector. India is also looking forward to participation of foreign companies to supply clearer and greener technologies.

"There is lot of scope for investments with the government easing norms and making the approval process easier," a senior plan panel official said. "We will like to assure foreign companies that India has a good investment climate".

Apart from Ahluwalia, others delegates are plan panel's member in-charge of energy BK Chaturvedi, officials from the ministry of power and new and renewable energy and officials from the panel.

After returning from US, Ahluwalia will head to Japan for a similar mission to woo investors for the energy sector. Government officials said Japan government officials and industry will interact with Indian companies and officials.