India is seeking major investments in the manufacturing sector as a part of its effort to take the benefits of development to the poorest of the poor, Minister of State for Industry Ashwani Kumar said.
One job in manufacturing creates three jobs in the service sector, Kumar said stressing that it is important for uplifting the poor which is one of the goals of Prime Minister Manmohan Singh's government.
Speaking at a meeting with entrepreneurs and lawyers organized at the Indian Consulate in New York on Friday, Kumar said that the government is trying to put on fast track the litigation which affects the investors.
India is expected to become a $1.2 trillion economy in next seven to 10 years, Kumar said, adding that the aim is to expand the share of the manufacturing sector -- which contributes around 10 per cent to the economy -- to 25 per cent.
Replying to a question, he said India would need huge investments to improve the infrastructure and estimated that it could absorb around $240 billion over 8 to 10 years with the power sector alone requiring some $140 billion.
Other major areas of investment include petroleum and natural gas, roads, ports and airports.
Conceding that poverty is still a major problem despite all round development, he said the government has taken several steps and drawn up schemes to help the needy as also to develop rural areas to provide employment.
"Development with jobs," is the slogan of the current government, Kumar said.
Answering a question, Kumar rejected the suggestion that competition between states for getting foreign direct investment adversely affects the economy.
"Why would states oppose measures to open up the economy when the States themselves were seeking foreign direct investment," he asked.
Asked about the scheme to establish huge investment parks in various states, Kumar said it is being done in view of uneven development infrastructure in the country. It would be possible to provide world class facilities in such areas.
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