London, May 24: Asserting that nobody could
ignore the potentiality and growth prospects of India because
of its size and population, Civil Aviation Minister Praful
Patel has asked British investors to look at the country with
a positive framework and participate in its rapid development.
Speaking on "Indian infrastructure - the way forward"
at a one-day conference organized by the India Business Forum
at the London Business School last evening, Patel said, "there
is a change in the mind-set. The world's focus towards India
cannot be ignored."
Patel said India was not having dearth of capital. "We
would like to invest overseas. India has large amount of money
which has not been put to good use."
"As a government we are committed to reforms but it
has to be inclusive. The interest of close to 300 million
people, who have not been benefited from the reforms, have to
be looked after," he said.
Answering a question on Left parties pressurising the
government to slow down the reforms, Patel said "inspite of
everything, the fact remained that there was not a single
strike in the last three years."
Listing steps taken by the Indian government for
improving the infrastructure including power, roads, aviation,
sanitation, shipping and transport, he said the country has a
"vibrant private-public partnership" policy.
Patel said it was for the first time, a committee on
infrastructure development, headed by the prime minister has
been formed. The Prime Minister's Office is monitoring
implementation of projects in seven key infrastructural areas.
The committee estimates that India's infrastructure
sector alone can absorb more than USD 150 billion of Foreign
Direct Investment (FDI) over the next five years.
India's
total FDI inflow in 2006 was USD 11 billion and bringing in
USD 30 billion a year in infrastructure alone will be a
radical step in the economic reforms process.
To a question, he said, "the bidding for the Mumbai
and Delhi airports by international consortiums was done in a
very transparent way."
Referring to the sea-change that has taken in the
civil aviation sector, Patel said just two years ago there
were only 135 passenger aircraft catering to one billion
population. "Today we have placed the largest order for
aircraft as aviation sector has expanded significantly."
He said there was tremendous scope for development of
tourism in India. "We have Himalayas, beaches, historical
monuments, jungles, cultural centres and scores of tourist
spots. A time has come for developing tourism," Patel said.
He observed that small countries like Dubai and
Singapore attracted four times more tourists than India.
Asked which system he preferred, the communist system
in China or the democratic system in India, Patel said, "I am
a product of democratic system and I would not get into the
India-China debate."
Answering a question on judiciary and delay in
pronouncement of judgments in India, the minister said, "India
has a very sound legal framework, though there is a case for
reform and faster judicial process, particularly at lower
courts."
Replying to a question on the pace of reforms, he said
the direction of reforms can not be reversed and pace of
reform can always be debated.
Bureau Report