Infra Fund to open chances for US firms: FM tells Clinton

Finance Minister Pranab Mukherjee today said the government would soon issue guidelines for Infrastructure Debt Funds, a move that will open a new window for American companies to invest in the infrastructure sector in the country.

"RBI and SEBI are expected to finalise the guidelines of Infrastructure Debt Fund soon, which would help in expediting investment by the US companies in India", Mukherjee said during a meeting with the US Secretary of State Hillary Clinton, who is on a 3-day visit.
According to the 12th plan panel estimates, India would need over USD one trillion investment to upgrade and build new infrastructure in the country.
India, the Finance Minister said, would make efforts to expand trade and investment between the two countries and enhance cooperation in sectors like agriculture and education.
During her intervention, Clinton impressed upon India to play a "major role" in economic development of Afghanistan and help the troubled nation.
Responding to her comments, Mukherjee said India, engaged in economic development of Afghanistan, is helping the nation in improving its roads and in power generation.
India, according to Clinton, can also play a crucial role in enhancing the regional economic cooperation. She also made a case for strengthening bilateral cooperation in the field of trade, infrastructure investment, business, defence and strategic matters.
Mukherjee also informed the visiting leader about the taxation reforms which the India government is currently pursuing.
India proposes to introduce Direct Taxes Code (DTC) from April 1, 2012, and is trying to build a consensus on the Goods and Services Tax (GST), a new indirect regime that will subsume several union and state levies.