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Monday, 5 June, 2000, 12:34 GMT 13:34 UK
India going for growth
Indian IT exhibition
Bangalore is known as the IT capital of India
Indian Finance Minister Yashwant Sinha has said that the government is aiming for a growth rate of between 8-10% in the next 10 years.

Opening a two-day conference in Bangalore, the capital of the southern state of Karnataka, Mr Sinha also said India would continue its economic reforms and open up its economy by March next year as agreed with the World Trade Organisation.



Without fear of contradiction, I can say that the economic reforms are being carried forward

Indian finance minister
He said the second phase of reforms would involve eliminating subsidies, opening up the financial sector and privatising state-owned utilities.

Mr Sinha said India was one of the fastest growing economies of the world.

"We are building on the economic reforms initiated in 1991," he said. "Without fear of contradiction, I can say that the programme is being carried forward".

But India's inadequate infrastructure continues to be a source of concern.

And Sinha asked global investors to help improve roads, ports and airports.

Sinha said Karnataka was one state where the second phase of economic reforms was being introduced and called upon the investors to make use of the opportunity.

Nearly 400 foreign companies - including Enron Corporation, General Electric and Motorola - and 250 Indian companies are participating in the meet.

In an attempt to boost investor confidence, the state government has announced that all proposals made at the conference will be cleared by 30 June.

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See also:

31 Mar 00 | South Asia
India eases trade restrictions
22 Oct 99 | South Asia
Analysis: Upping the pace of reform
25 Oct 99 | South Asia
India pledges 'bold' reforms
15 Sep 99 | South Asia
India boasts fast track economy
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