Manila, May 4 (PTI): Finance minister Pranab Mukherjee today said India needed around $1 trillion in the next five years for infrastructure development, half of which had to come from the private sector.
Addressing the first business session of the annual meeting of the Asian Development Bank, he said India had made provisions to create an infrastructure debt fund to attract investment.
"There is a huge scope for investments in India," he said.
Mukherjee said the goal was to raise the share of manufacturing in GDP (gross domestic product) to 25 per cent and create 100 million jobs over the next 10 years through the setting up of large manufacturing zones.
He said the country's development strategy was aimed at achieving inclusive growth.
India has made huge investments in social sectors such as education, health, rural connectivity, which are necessary for inclusive growth, he added.
Grappling with a sharp drop in rupee value and a downgrade in sovereign rating outlook, India today blamed structural problems in the Eurozone and volatile commodity prices for the balance of payment (BoP) stress in many Asian countries.
"In several Asian countries, excepting China, the BoP is under stress which leads to currency depreciation," Mukherjee said, adding that the fundamentals of the economy have to be corrected.