New Delhi: India’s investment in infrastructure may fall well short of the government’s projected Rs23 trillion mark for five years starting 2007-08, but will continue to grow despite global uncertainties, according to a research report released by ratings firm Crisil Ltd.

The report estimated that infrastructure investments would grow to Rs16 trillion in the five-year period, nearly twice what was invested between 2003-04 and 2006-07. India’s apex plan body, Planning Commission, expects the infrastructure sector to soak up some $500 billion, or Rs23 trillion.

The report said investment projections would be more likely to be met in certain infrastructure sectors such as telecom and roads, which have fewer policy-related risks and more mature government policy, and less likely in airports and special economic zones, or SEZs, where government policy is still evolving and have higher input costs and may face land acquisition problems.

While the global slowdown will not impact the Indian infrastructure sector over the long term, Sachin Mathur, who heads Crisil’s research team said investors might eye project viability more closely.

“I think it is a question of risk aversion.” Mathur said. “Every infrastructure sector comes with a set of assumptions. These assumptions will be questioned more closely.”