India seeks Russian infrastructure investments

India today sought Russian participation in the infrastructure sector, including investments in the ambitious $100-billion Delhi-Mumbai Industrial Corridor (DMIC).

Following India-Russia inter-governmental commission headed by Russian deputy prime minister Dmitry Rogozin in New Delhi, foreign affairs minister S M Krishna emphasised increasing cooperation in the information technology and the hydrocarbon sectors, to raise bilateral trade, which in 2011-12 was $6.40 billion.

He said india's growing economy and initiatives and mega infrastructure projects like the DMIC offered good prospects for Russian investors and businesses.Infrastructure investments of around $ 1 trillion are expected to be made by 2017, the end of the 12th Plan period.

Conceptualised in 2006, the DMIC covering seven states - Delhi, Uttar Pradesh, Haryana, Rajasthan, Madhya Pradesh, Gujarat and Maharashtra  - seeks to create latest infrastructure to bring in overseas investments to boost local commerce and improve their exports, create employment opportunities  and local development.

According to the gobvernment, the new manufacturing policy, aimed at creating 10 crore new jobs by 2022, would be a key enabler for DMIC and raise the share of the GDP of organised manufacturing to 25 per cent from 15 per cent at present in the next decade.

It envisages facilitation by the government in infrastructure development and improvement of the business environment through rationalisation and simplification of the regulatory framework.