India, US eye $10 bn infra fund

India, US eye $10 bn infra fund

New Delhi: India and the United States could jointly set up a $10-billion infrastructure fund, the Indian trade minister said on Monday, an initiative that is seen key to quickening growth in Asia’s third-largest economy.

New Delhi is mulling several funds to finance the overhauling of its rickety infrastructure that some analysts see as holding back India from matching peer China’s double-digit growth rates.

“The (Indian) finance minister and the US treasury secretary are directly discussing what modalities should be adopted to put in place an infrastructure debt fund," Anand Sharma told reporters.

“In principle, it has been agreed."

The infrastructure fund would involve private firms, he added.

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