Plans for $100 million investment in Energy sector. $ 1.5 trillion in Infra sector. 400 mn people to be skilled to meet the requirement of trained manpower.
During the Future Investment Initiative (FII) summit in Riyadh, Prime Minister Narendra Modi spoke about investment opportunities in infrastructure sector, and energy sector in India. He mentioned that the Indian government has set a target of $ 100 billion in investment in the energy sector, and about $ 1.5 trillion in infrastructure sector over the next five years. He invited Saudi companies to invest in India.
He said – “India needs investments in the energy sector to meet the demand of a fast-expanding economy. And I request energy companies present here to take advantage of this opportunity.” He said that Saudi national oil company Aramco has firmed up plans to invest in the West Coast refinery project in Maharashtra – supposed to be Asia’s biggest refinery with a capacity of 60 million tonnes per year.
Prime Minister Modi said, “One of the major areas of cooperation between India and Saudi Arabia is in investments in our infrastructure projects. During his visit to India in February 2019, the crown prince had indicated an intent to invest in excess of $100 billion in India across various sectors.” He added “We welcome greater Saudi investments in our infrastructure projects, including the Smart Cities program. We also welcome Saudi interest in investing in the National Investment and Infrastructure Fund.”
Prime Minister also emphasized on the government’s focus on emerging as a $5 trillion economy in the next five years, and huge potential it has for investors. Prime Minister Modi, spoke about various initiatives taken by the government to enable businesses and improve the business climate. He said – “India’s rate of growth is going to rise further. We are taking steps for the growth of our economy”. He spoke about improvement in ease of doing business ranking, and the potential for deriving value on investment due to political stability, predictable policy, and big diverse market.
Modi also highlighted on India’s role in startup sector and mentioned that India has emerged as the third largest startup ecosystem in the world and offers the highest return to investors. He highlighted government’s aggressive plans on skill development and reskilling to build on the available talent pool and employability of manpower. He mentioned that 400 million people will be skilled in different streams in 3-4 years.
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