London: India will spend $ 1 trillion on infrastructure development in the country over the next five years and 40 per cent of it will come from the private sector, Kamal Nath, Union Minister for Urban Development and Parliamentary Affairs said on Tuesday.
"The Cabinet has approved an expenditure of $ one trillion in the next five years on Infrastructure Development and 40 per cent would come from private sector," he told members of the Indian Journalists Association at the India House in London. The minister was speaking after two rounds of meetings here with British investors on Monday and Tuesday.
The meetings follows the signing of a Memorandum of Understanding between the Ministry of Urban Development, Government of India and the Department for Business, Innovation and Skills, UK on Co-operation on Urban Regeneration and Development, a couple of months ago.
Union Minister Kamal Nath said that the Cabinet has approved an expenditure of $ 1 trillion in the next 5 years on Infrastructure Development and 40 per cent would come from private sector.
Kamal Nath said a three-day Seminar would be held in Delhi on the Infrastructure Development shortly. At the Round Table meeting held on Monday, Kamal Nath said India has decided to built Metros in all cities with a population of more than two million.
Kamal Nath met the Mayor of London Boris Johnson on Monday and discussed among other things "heritage protection management".
Answering a question on Foreign Direct Investment (FDI), Kamal Nath said: "It was BJP which had put up a Cabinet note on FDI in 2004. Our effort is to bring about a consensus on the issue and I believe our political parties are responsible. It is my effort to bring about a consensus on the issue." Britain's Foreign Secretary, William Hague will be visiting India from November 8. India's High Commissioner to the UK Jaimini Bhagwati is leaving for New Delhi on Tuesday night in connection with Hague's visit.