Will provide much needed funds for core sector: India Inc

India Inc on Friday welcomed the country’s participation in the newly-established Asia Infrastructure Investment Bank (AIIB) saying it will help to leverage badly needed funds for infrastructure development. The moot point is that large economy like India really needs financing badly as it requires over $1 trillion for infrastructure development, A Didar Singh, Secretary General of FICCI said. ‘It is a very positive development in the sense that it opens up more borrowing opportunities. As another window of financing we welcome it,’ Singh said.