New Delhi: India on Monday sought Russian investments in the infrastructure sector particularly in the government's ambitious USD 100 billion Delhi-Mumbai Industrial Corridor (DMIC).
While speaking at the joint media interaction with Russian Deputy Prime Minister Dmitry Rogozin following India-Russia inter-governmental Commission meeting here, External Affairs Minister S M Krishna emphasised on increasing cooperation in IT and hydrocarbon sectors.
"Our growing economy and major initiatives in terms of the national manufacturing policy (NMP) and infrastructure development projects such as the DMIC offer good prospects for Russian investors and businesses," Krishna said.
The DMIC project, which was conceptualised in 2006, aims to create globally competitive environment and latest infrastructure to activate local commerce, enhance foreign investment, create employment opportunities, enhance exports and attain sustainable development.
Under the project, world-class industrial enclaves will be developed along the Delhi-Mumbai rail corridor encompassing seven states - Delhi, Uttar Pradesh, Haryana, Rajasthan, Gujarat, Maharashtra and Madhya Pradesh.
The NMP would be a key enabler for DMIC. It is expected to create 10 crore new jobs by 2022.
The policy seeks to raise share of the manufacturing sector in the GDP to 25 percent from the present 15-16 percent in the next decade.
It envisages facilitation by the government in infrastructure development and improvement of the business environment through rationalisation and simplification of the regulatory framework.
India is expected to invest USD 1 trillion in the infrastructure sector during the 12th Plan (2012-17).
Krishna also informed Rogozin about the recent liberalisation of the foreign direct investment (FDI) policy of India in retail and civil aviation.
Further, the Minister said that energy is one of the important sector of cooperation between the countries.
"The first meeting of the joint working group on modernisation and industrial cooperation was held earlier in August. It is a promising new area where both countries can harness a potential benefits based on strong and knowledge-based comparative advantages," he added.
In 2011-12, the bilateral trade between the countries stood at USD 6.40 billion.
First Published: Monday, October 15, 2012, 18:48