Vienna: India has focused its attention on the infrastructural improvement of the nation with power, roads, railways, airports and ports as its foremost priorities for which it needs a whopping USD 1 crore trillion dollars to bring about the desired changes. Hinting the scope of investment for the foreign countries, the statement was given by President Pratibha Patil while addressing a program organized by the Austrian Federal Economic Chambers (AFEC) in Vienna on Thursday.

Patil is on a significant visit to Austria with a delegation of 43 members of Indian Business Board to strengthen the bilateral relation between the two nations. Emphasizing on renewed solutions to problems, Patil said, “The economic and commercial relations between the two nations play a vital link of the bilateral relations that require expansion to deepen the mutual relationship”.

The 20 percent growth in the trade of both countries, especially in the current global economic conditions has its effectiveness in soothing the situation, though the 1.1 percent Euros of current trading level is quite lower than the capacity of the two nations. She stressed on exploring new opportunities and widening the current possibilities in India as there is great potential to develop the bilateral economic cooperation.

Boasting of India’s high GDP growth rate, she said, “On basis of a strong economic policy, we have been able to attain the 8 percent GDP rate along with development of employment opportunities, standard of living, consumer market and commercial products’ sector.”

She added the ability to attain the desired goal depends on the sincerity in dealing with our basic weaknesses. Praising Vienna, she said, “The good facilities available here present an example for the whole world. Many companies in Austria have been established in railway sector since long and are looking forward for Indian railways since five years. Austria’s excellence in tunnel and bridge construction, power systems, power tools, expertise in manufacturing and other sectors is beneficial for emerging possibilities in India.”

With Austria and India already cooperating in the education sector, Patil thanked AFEC for bringing the business communities of two nations on a common platform and President Fisher for increasing bilateral cooperation. While Indian researchers are doing research on mathematics in Linz, the technical institutions of Vienna are involved in a joint educational campaign with the IITs. It is a good indication that two mini satellites launched by ISRO have been created by these institutions. 

The negotiations are also in process between India and European Union regarding trade and investment to explore the possibility of expanding business services.