World Business News

A high-powered committee of the Planning Commission has pegged infrastructure funding requirements at a whopping Rs 65 lakh crore or a little over $1 trillion in the 12th five-year Plan to achieve its average yearly growth rate of nine per cent during 2012-13 to 2016-17.

Asian shares rose on Thursday on encouraging US economic data, but prices could falter with markets tense ahead of a European summit deeply divided on how to tackle the protracted euro zone debt crisis and stop it spreading further.

Prime Minister Manmohan Singh summoned officials on Wednesday to formulate an economic revival plan in part addressing problems in tax policy and said he also wanted to revive the "animal spirit" of Indian economic growth.

European authorities have unveiled their vision for the future, which gives them much greater powers.