Indian finance minister urges CEOs to help build up India's creaky, outdated infrastructure

Economic IndicatorsAssociated Press

India's finance minister is urging foreign investors to help plug enormous gaps in the country's infrastructure blamed for holding up growth.

Arun Jaitley told international and Indian CEOs that the country was "waiting for you." He was speaking Wednesday at the opening of the India Economic Summit.

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Prime Minister Narandra Modi has enchanted Indians with his vision for a country crisscrossed by modern highways and dotted with high-tech smart cities.

That's a far cry from the pot-holed roads and lumbering railway services of today. Meanwhile, as much as 40 percent of the country's food goes to rot due to a lack of warehouses.

Economists estimate India needs $1 trillion in infrastructure investment.