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The audit firm PricewaterhouseCoopers (PwC) in its recent report has said that India will become the world’s third largest economy by 2050, adding that the country’s annual growth is expected to continue at 7–7.5% despite the recent slowing down in the economy.
The report’s findings suggested that the developing services and manufacturing sectors, increasing consumer demand and government commitments to rejuvenate agriculture and rural areas, have spurred increases in rail, road and port traffic, necessitating further infrastructure improvements. Projected spending from now until 2012 is US$167 billion in electricity, US$92 billion in roads and US$65 billon in railways.
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“The policies of the Indian government seek to encourage investments in domestic infrastructure from both local and foreign private sources.
Public Private Partnerships (PPPs) are gaining in importance, and are benefiting from government support – targeted PPP participation is US$150 billion,” the report reads. Not surprisingly, international interest in India PPPs soared in 2008. Already a number of contractors from Europe, Australia, China, Malaysia and Korea have made their presence felt in India.
Toyo Engineering, Jacobs H&G, Uhde, Tecnimont, and Aker Kvaerner are already leading players here. Further, many construction companies, particularly from Japan, Spain, France and the UK are also now aggressively looking out for opportunities to enter India for business, the report added.
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