Higher Investments in Industrial Sector to generate more employment

Anand Sharma

Shri Anand Sharma, Union Minister of Commerce & Industry, in his meeting with the Deputy Prime Minister and Minister of Foreign Affairs of Belgium, Mr. Steven Vanackere, here on Tuesday, said that higher investments are required in the industrial sector in order to generate more employment and livelihoods so that the poor can be part of India's growth process. He emphasized that it is important that the investment relationship between India and Belgium enters diversified sectors. "We need to do more in different sectors like transport equipment, machine fabrication and high technology sectors in which Belgium has strength. India is slated to invest around 1.5 trillion US dollars in the coming 5 to 6 years in the infrastructure sector and we expect Belgium businesses to participate in this effort", Shri Sharma added.

Shri Sharma highlighted agro processing as very important sector for India and said that after infrastructure, this is the sector with significant multiplier effects as 60% of India's population depends on agriculture. He said that while India is the world's no.1 producer of milk and the second largest producer of fruits and vegetables, the processing infrastructure is not adequate to cope with this level of production. "Post harvest losses are as high as 30% to 40%. Belgian companies having expertise in this area should look at investing in post harvest infrastructure for agro processing", Shri Sharma said.

During the interaction, the visiting Minister informed that this was perhaps the most successful business interaction between Indian and Belgium businesses. In the infrastructure area, he highlighted ports as an area in which Belgian companies are interested.

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RJ/MRS