Government seeks private funding for infrastructure development in 12th Plan

NEW DELHI - President Pratibha Devisingh Patil on Monday said the private sector will have to join the government in the mammoth funding of US dollar one trillion (over Rs 40 lakh crore) for infrastructure development in the 12th Plan staring next fiscal.

” This huge quantum of investment cannot be funded by government alone. It needs to be supplemented by private participation, ” President Patil said in her joint address to both houses of Parliament.

“My government has put in place the required framework for a transparent public-private partnership. The contribution of the private sector has reached 34 per cent of the total investment in infrastructure last year, ” she added.

Talking about various infrastructure sectors, President Patil said: “My government is committed to enhance the per capita consumption of electricity, especially in rural areas.

“My government is also committed to making the coal sector more efficient, productive, environment friendly and consumer oriented. Steps are underway to augment the growth in coal production from the mines in the public sector as well as captive mines in order to meet the growing demands mainly of the power sector,” she added.

Emphasising that airport development is proceeding well, President Patil said: ” A state-of-the-art, integrated terminal has been operationalised in Delhi last year, making a new beginning in setting up world class infrastructure in this sector with public-private participation.

“The tonnage under Indian flag crossed the 10 million mark for the first time in October, 2010. The capacity of Indian ports crossed one billion tonnes per annum in January, 2011,’ she added.

As far as Railways was concerned, she said “Work on the Eastern and Western Dedicated Freight Corridors has commenced” and the Indian Railways have prepared a roadmap for high growth, rapid expansion of their network, augmentation of capacity and modernisation.

To enhance the country’s energy security, President Patil said: “My Government is encouraging the national oil companies to aggressively pursue equity oil and gas opportunities overseas.

“The ninth round of the New Exploration Licensing Policy has been launched to harness the hydrocarbon potential of the country. Identification and exploitation of shale gas potential are being given priority,” she added.

She further said the Special Economic Zones have provided the requisite facilities to support production for export, with exports from such zones more than doubling last year to exceed ‘ two lakh crore.

“The Delhi Mumbai Industrial Corridor, which is under implementation, will provide world class infrastructure for manufacturing,” she added. (ANI)