The economy is back on track, says Venkaiah Naidu

On his 5-day visit to the United States, Urban Development Minister M Venkaiah Naidu said that India's economy is back on track and the country's growth rate is likely to cross eight per cent in the coming years.

While inviting foreign investors to India, Naidu told them to take advantage of the existing business-friendly atmosphere of the country.

"Public life in India is undergoing a rapid transformation. The economy is back on track, inflation is under control, and growth rate is likely to cross eight per cent in the coming years," Naidu, 66, said in his interaction with the American industry leaders at a round table organised by the US India Business Council (USIBC).

While talking about the initiatives Modi government has undertaken, Naidu had also mentioned social security schemes and affordable housing programs that could be launched anytime soon.

Naidu also invited corporations to invest in Smart Cities, Atal Mission for Rejuvenation and Urban Transformation (AMRUT) projects, a USIBC statement said.

As per an Economic Times report, Naidu also explained the smart cities to them and said that the smart cities will incorporate the use of solar energy, rain water harvesting, good sanitation, drinking water and smart public transportation. Guidelines on selection of the cities, financing mechanisms and incentives for private sector participation were also explained.

Expressing optimism in Naidu's vision, USIBC President Mukesh Aghi said, "Flagship programs such as Smart Cities, AMRUT and Housing for All reflect the Indian government's dedication to innovation and technology while not overlooking the urgent need to provide all citizens with access to basic necessities such as sanitation, water, power and means to earning a livelihood".
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