HYDERABAD: “At a time when nations in Europe and the US are undergoing economic turbulence, African countries and India are witnessing a stable and disciplined economic growth,” said PV Krishna Reddy, managing director, Megha Engineering and Infrastructure Ltd.Speaking at the fourth plenary session on India-Africa Business Partnership Summit organised by the industry body FICCI on Thursday, he said the existence of a robust infrastructure system was crucial for the county’s economic and social growth.“A solid infrastructural base acts like a well fertilized soil in which the entire ecosystem of industry and allied economic activity can grow at a healthy pace,” he explained adding, “Poor infrastructural amenities such as drinking water, irrigation, roads, bridges, telecommunication systems, power generation and distribution can become a major barrier to trade and discourage foreign investors.” Stating that multi-national trade can be an alternative to generate capital resources required for infrastructural growth, he said India’s growth in the last two decades was largely based on the development of infrastructure.“Construction is now the second largest economic activity in India after agriculture and is growing at a rapid pace.Improvement in infrastructure can lead to better economic utilisation of natural resources, which are available in abundance in India and Africa,” Reddy said.
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