Pranab proposes a US investment enclave in India

Finance minister Pranab Mukherjee today suggested the idea of a US investment enclave within one of the mega industrial zones on the Delhi-Mumbai Industrial Corridor, which could help ramp up manufacturing capacity in emerging high technology sectors.

He said new products and designs originating from these zones could meet the demands of the domestic markets as well as other vibrant proximate markets in Asia.

The Delhi-Mumbai Industrial Corridor and the Delhi-Mumbai Dedicated Rail Freight Corridor, he said, have opened up long-term investment opportunities in the nine mega industrial zones - each covering 200-250 sq km - along the corridor that also includes three ports and six airports in six states.

He said the long-term perspective plan on energy and the ambitious National Action Plan on Climate Change seek to increase the share of clean and renewable energy in the energy mix and increase energy efficiency across the economy, promote development objectives while also yielding mutual benefits for addressing climate change effectively.

He said India has launched a National Solar Mission and is committed to establish a strong manufacturing base in this field. This could help advance the India-US clean energy and climate change initiative by tapping opportunities in clean and renewable energy, and energy efficiency. Solar and wind energy expansion offers opportunities for green tech companies in the US for building long-term partnership with industry in India, he said.

"At the core of the US-India Economic and Financial Partnership launched last year is the recognition of the need for common response through convergence of each other's strengths in the field of innovation and technology," Mukherjee pointed out.