The US-India CEO Forum, co-chaired by William B Harrison, former chairman & CEO, JP Morgan Chase and Co. and Ratan N Tata, Chairman, Tata Sons held the India Infrastructure Investment Conference 2007 in Mumbai.

At US-India CEO Forum, Ratan Tata, Chairman of the Tata Group, said, "It is a known fact that India has lagged behind in development of infrastructure compared to its neighbours for many years. There has been a change in the last four-five years and this has been one of the highest priority levels of our government at this point in time."

"We have seen some success in infrastructure development in telecom, to some extent in ports and in roadways. But there is still a tremendous unfulfilled level of opportunity in urban infrastructure relating to urban transport, water, housing and also in terms of power, power generation and distribution; in areas such as these where policy issues are yet to be resolved," he said.

"Spending on infrastructure has been about 5 per cent of GDP and it is targeted now to be 9 per centby 2012, which would call for an investment of about $500 billion over the next five years."

See: India on a long-term growth trajectory of 9-10 per cent, PM tells Fortune Global Forum See: Text of the PM''s address at the Fortune Global Forum