News: 'India needs more FDI in manufacturing'

(PTI 23/09/2006) New York - India is seeking major investments in the manufacturing sector as part of its effort to take the benefits of development to the poorest of the poor, Minister of State for Industry Ashwani Kumar said.

Speaking at a meeting with entrepreneurs and lawyers organised at the Indian Consulate here yesterday, Kumar said the government is trying to put on fast track litigations that affect investors. India is expected to have an economy $1.2 trillion in the next 7-10 years, Kuamar said adding the aim is that the manufacturing sector, which contribtues around 10% to the economy, should expand its share to 25%. Kumar said India could absorb around $240 billion over 8-10 years with the power sector alone requiring some $140 billion.