India's estimated investment requirements in Infrastructure are seen at over 700 billion Dollars by 2022, noted Prime Minister Narendra Modi in his speech at 'India-ROK Business Symposium' during his visit to Republic of Korea. He talked about the focus on inclusive growth. It is for this reason that we have taken strong initiatives for financial inclusion. In the course of the past three years, we have opened over 300 million bank accounts for those who never had a bank account. Now, 99 percent of Indian house-holds have a bank account and more than 12 billion Dollars have been deposited in these accounts. They now have access to affordable pensions and insurance. Under the Mudra scheme, government has extended micro credit worth more than 90 billion dollars to 128 million persons over the past three years. 74 percent of these loans have gone to women. Government benefits worth more than 50 billion Dollars are now transferred directly to the beneficiaries, thus eliminating leakages.
Economic progress is closely tied to world-class infrastructure. Be it Transport, Power, Ports, Shipbuilding, Housing and Urban Infrastructure, there is huge demand in India while there are strong technological capabilities and capacities in Korea. We estimate the investment requirements in Infrastructure at over 700 billion Dollars by 2022, he noted. Under the Saga rmala Project, Port projects involving Investment of over 10 billion Dollars have been identified for award in the upcoming five years. It is essential to guide the growth of urban utilities and create smart cities which ensure sustainable and clean future for all.
More than 500 million of India population will be urban by 2025 and this opens the scope for cooperation in building smart solutions in India. Recognizing the importance of supporting India's infrastructure development, India and South Korea have identified 10 billion Dollars under Korea's Economic Development Cooperation Fund and Export Credit, to finance such projects. While aiming for fast economic growth, India is also rooted in the principles of ensuring sustainable economic growth. For example in Automobile sector, The National electric mobility mission aims for affordable and efficient Electric Vehicles. South Korea being a leading manufacturer of Electric Vehicles has a huge opportunity in this sector in India.
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