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India needs $384 bn investment in infrastructure: Chidambaram

India has revised investment needs to upgrade its infrastructure to $384 bn over the next 5 years from $320 bn previously estimated.

business Updated: Jun 28, 2007 18:20 IST

India, the world's second-fastest growing economy, has revised investment needs to upgrade its crumbling infrastructure to 384 billion dollars over the next five years from 320 billion dollars previously estimated.

"We have revised investment requirement in infrastructure sector in the 11th plan (2007-12) to 384 billion dollars from 320 billion dollars earlier," Finance Minister P Chidambaram said at the London Business School on Thursday.

Chidambaram said a few years ago the infrastructure was "creaking but not cracking". However, rapid economic expansion at a rate of 8.5 per cent to 9.4 per cent in the last three years has put additional strain on the infrastructure, he said, adding but for this India's GDP would have grown by another 1-2 percentage points.

"No other country in the world requires such huge investment nor can any other absorb it," he said, inviting foreign investors to grab the opportunity.

First Published: Jun 28, 2007 18:11 IST