Chandigarh: Underscoring the need to concentrate on energy security and infrastructure development, Union minister of state for external affairs Preneet Kaur on Thursday said the country needs to increase its power generation capacity five-fold to sustain the current growth rate.
“To sustain the current growth and leapfrog in the next decade,the two most important prerequisites that we need to focus on are energy security and development of infrastructure,” Preneet said while addressing a conference on Indo-Gulf organized by the Associated Chambers of Commerce and Industry of India (Assocham).
The minister further said the country is in a position to absorb $500 billion worth of investment in the next decade.
Among the challenges facing India’s growth story, the minister said that after several years of modest annual growth, the country has entered an era of high growth rate of over 8%, but the biggest challenge is to ensure the growth is inclusive.
On the India-Arab trade, she said it is now time for the two countries to consolidate their trade ties and focus on diversification of the basket.
She further observed that issues like regional stability and security in the Gulf as well as in South Africa are poised to deeply strengthen the India-Gulf Cooperation Council (GCC) relations.