Inviting the US investment in India's infrastructure sector, Finance Minister Pranab Mukherjee today said American companies can play an important role in the sector by setting up joint venture entities here.
India requires $1 trillion investment in infrastructure, of which it expects 50% from the private sector, in the 12th Five-Year Plan (2012-17).
"...We need large investment in infrastructure sector projects in which US companies can play a major role through export of equipment and establishing joint venture companies," Mukherjee said.
The visiting US Secretary of Commerce Gary Locke called upon Mukherjee to discuss relationships between the two countries.
Mukherjee further said there was a large potential to expand relationship between the two countries, mainly in the economic and financial sector.
"India and the US have strong strategic partnership especially in the field of defence, space and nuclear science among others," he added.
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The Indo-US trade during January-November 2010 is estimated at $45 billion.
He appreciated the US leadership for supporting India’s claim for permanent membership in UN Security Council. Mukherjee said that institutional and regulatory framework helped both the countries in further strengthening their relationship in civil nuclear cooperation.
Locke said that both the countries can mutually benefit from further expanding their trade and economic relationship.
He mentioned about various steps taken by US administration to further strengthen their strategic partnership. He specifically mentioned about removal of ISRO and DRDO from its entities list.
The US had recently removed Indian Space Research Organisation (ISRO) and Defence Research and Development Organisation (DRDO) from its restricted entities list.
"India and USA can further expand their relationship in agriculture, weather forecasting, multi combat aircraft and economic and financial sector among others," Locke added.