Finance minister Pranab Mukherjee expressed optimism about India’s economy on Tuesday. Mukherjee said that if all went well, India could grow at 9 to 10% by 2012. But, he added that the government also had to wind down stimulus measures.
Mukherjee also reiterated India’s stance on climate talks. He asserted that the United Nations Framework Convention on Climate Change was the proper forum for negotiations and that rich countries would have to take responsibility for their historical role in climate change.
And a separate session on climate change brought into focus the sharp divisions between countries. While the panelists agreed that the problem was global and required urgent action, they disagreed on key issues such as emission cuts, financing and technology. Also casting a shadow on the debate was last week’s stalemate in global climate talks in Barcelona.
Saran also laid out the Indian government’s stance on how green technologies ought to be shared between developed and developing countries.
GE could build a nuclear power park at a site in India. Nuclear Power Corporation of India Limited or NPCIL may award GE an order to build the park in either Gujarat or Andhra Pradesh. G-E says the project will have six reactors with a total capacity of 10,000MW. GE is one of several foreign companies looking to get Indian orders worth up to $14 billion.
Moser Baer India said it would invest $5 billion in its two solar technology units over the next ten years. The company’s wholly owned subsidiary Moser Baer Photovoltaic has factories in Chennai and Hyderabad.
Steel Authority of India Limited says expects prices for long products that are used in construction to stabilize at current levels. Earlier this month, steel makers cut prices of their flat products.