In­dia growth story: Worst over, best yet to come, says Prabhu

“In the avi­a­tion sec­tor, we have cre­ated 100 air­ports and we will add 100 more in the next ten years time with the in­vest­ment of USD 65 bil­lion. The story is sim­i­lar in roads,” Suresh Prabhu, Com­merce Minister pointed out

The Hitavada - - BUSINESS -

COM­MERCE Minister Suresh Prabhu on Fri­day was op­ti­mistic on the In­dia growth story say­ing, “the worst is over and best is yet to come.”

The Minister was ad­dress­ing the Global Ven­ture Cap­i­tal Sum­mit in Goa, at­tended by over 100 in­vestors from across the globe keen on start-ups.

“There is no mar­ket, which is ex­cit­ing as In­dia.This is a new phase in In­dias growth story,” Prabhu said invit­ing in­vestors to par­tic­i­pate in this.

The Minister said phe­nom­e­nal growth will take place in ev­ery sec­tor. Not­ing the drive of in­fra­struc­ture cre­ation in the coun­try un­der the Naren­dra Modi-led Gov­ern­ment, Prabhu said this is a dire need for such a large coun­try. “The Gov­ern­ment has to in­vest more than 10 per cent on in­fra­struc­ture year af­ter year. That is be­cause we failed to do it in the past,” he said in­di­rectly blam­ing the for­mer Congress-led Gov­ern­ments at the Cen­tre.

Prabhu, who was also Rail­way Minister, said on that front,the en­tire in­vest­ment was run­ning into hun­dreds of bil­lions of dol­lars.

“We cre­ated, for the first time, a five-year plan of USD 144 bil­lion in­vest­ments. There was phe­nom­e­nal change in the in­fra­struc­ture af­ter that,” he claimed.

Prabhu, who also holds the port­fo­lio of civil avi­a­tion minister said, “In the avi­a­tion sec­tor, we have cre­ated 100 air­ports and we will add 100 more in the next ten years time with the in­vest­ment of USD 65 bil­lion. The story is sim­i­lar in roads,” he pointed out. Prabhu said that when he held the re­spon­si­bil­ity as power minister, the coun­try was fac­ing a deficit and ques­tions were asked on how In­dia will be­come pow­er­ful with­out power.

“We made one law that brought in USD 250 bil­lion in in­vest­ments in a mat­ter of a decade. To­day, In­dia from be­ing power de­fi­cient, is a power sur­plus coun­try,” he boasted.

Mak­ing a case to back en­trepreneur­ship he pointed out while in other mar­kets there is a 2-3 per cent growth for start-ups, In­dia clocks dou­ble digit growth, and the pos­si­bil­i­ties are“unimag­in­able ”. The Minister es­pe­cially pointed to op­por­tu­ni­ties in agri­cul­tural start-ups be­cause al­most all the land used for agri­cul­ture is pri­vately owned.

There are small hold­ings. There­fore we have op­por­tu­nity to in­crease the farm yield, he sug­gested.

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