India's PSUs to invest Rs 1.44 trillion next yr; PM wants more

New Delhi, Jan 31 (PTI) As India looks at "domestic growth drivers" in a difficult global environment, the country's 17 top central public sector undertakings (CPSUs) will invest a whopping Rs 1.40 trillion next year (about USD 28 billion), Prime Minister Manmohan Singh said today. Asking more investment from the state-owned firms, Singh said, "I would encourage the remaining central public sector units also to similarly pay attention to boosting capital investment. "Public investment is needed at a time when the country is facing a difficult global environment and looking to domestic drivers of growth". Giving away the excellence awards of the Standing Conference of Public Enterprises (SCOPE) to top-performing CPSUs, the Prime Minister said, "I am extremely happy to learn that 17 of our largest CPSUs have committed to investment plans amounting to Rs 1,40,000 crore in the coming year". He also asked these firms, especially in the mining sector to scout for assets abroad for raw material security. "Notwithstanding the difficulties, we must step up our performance in mining, especially in production of coal, oil and gas," Singh said, adding companies in the mining sector should "seriously explore opportunities for such acquisitions". The Indian Cabinet had recently approved a policy on acquisition of raw material abroad and the Indian missions have also been asked to chip in the strategic initiative. Singh said India needs huge investments - both public and private - particularly in the area of infrastructure. Assuring government support, he said, "We are of the clear view that both public and private sector need to work together to meet the demands of our rapidly growing economy". Pulok Chatterjee, Principal Secretary to the Prime Minister, had recently met the CPSU chiefs asking them to roll out their investment plans to boost the domestic demand. PTI