Indian government to launch Rs.1,000-bn infrastructure projects

January 8th, 2009 - 7:19 pm ICT by IANS  

Chennai, Jan 8 (IANS) Following the announcement of two stimulus packages, the Indian government is all set to kickstart massive infrastructure projects worth Rs.1,000 billion (Rs.1 lakh crore/$20 bn), Minister of State for Industry Ashwani Kumar said here Thursday.”Infrastructure projects worth Rs.1,000 billion (Rs.1 lakh crore) will be started in 100 days. This will have a positive impact on various industries like cement and steel,” he told reporters on the sidelines of the seventh Pravasi Bharatiya Divas (PBD) meet.

“The economy is set to grow at about 6.5 percent,” Kumar added.

According to the minister, the two stimulus packages, announced Dec 7 and Jan 2, will benefit the commercial vehicle manufacturers in a big way.

“The central government will give 90 percent funding to the state governments for purchase of buses. We will assist the purchase of 40,000 buses,” Kumar said.

He added that the inflation that hovers around 6.6 percent now would further go down once the petrol prices are lowered in couple of weeks.

Asked about the Satyam Computer fraud, he said: “The Indian regulatory agencies like Securities and Exchange Board of India (SEBI), the Reserve Bank of India and the ministry of corporate affairs are seized of the issue.”

Assuring that the guilty will not be spared, he said: “We will take necessary steps to restore the investor confidence in Indian companies and also in Satyam Computer Services.”

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