NEW DELHI: Insdia’s Finance Minister Nirmala Sitharaman on Thursday invited Australian investors to tap opportunities in India’s infrastructure sector which needs funding to the tune of Rs 111 lakh crore over five years.
Australia is an important partner of India as a strong liberal democracy with shared diaspora and bilateral trade and investment.
— Ministry of Finance (@FinMinIndia) August 5, 2021
The bilateral trade has been growing steadily since past decade and there exists immense potential for the two countries to enhance it further in light of the wide spectrum of complementarities and strengths in the post-COVID period, Sitharaman said during a meeting with Tony Abbott, Special Envoy of Australian Prime Minister.
Abbott complimented India for undertaking comprehensive and sustained reforms programme and said the country has continued to demonstrate robust growth despite the disruptive impact of the pandemic, a finance ministry statement said.
Sitharaman further highlighted recent economic reforms and easing of FDI norms in India, which provide opportunities for Australian investors.
The Australian superannuation funds have invested in the National Investment and Infrastructure Fund (NIIF) and have been invited to look at various opportunities to invest in Indian infrastructure, she said.
The finance minister said a team from Australia could engage with the Indian side to better explore the avenues for investment in the National Infrastructure Pipeline projects.
National Infrastructure Pipeline (NIP) for 2020-2025 has projected total investment of Rs 111 lakh crore in about 7,000 infra projects.
Sitharaman also noted the credible progress observed in economic and commercial relations between the two countries over the past decade, including elevation of the India-Australia bilateral relationship into a Comprehensive Strategic Partnership.
She also emphasised that the complementarities between both countries provide immense scope for augmenting the economic relationships.
Source: Press Trust of India