Indian Finance Minister Palaniappan Chidambaram announced this Sunday while addressing the world business leaders at India economic summit held in New Delhi.

Chidambaram said foreign banks can acquire up to 74 percent in Indian private banks but "there is no roadmap on this. We will unveil the roadmap before the end of this month."

Sending a strong signal to push ahead with bold economic reforms, he said in the financial sector reforms, the Indian government was looking at three heads: insurance, pensions and banking.

Referring to the amendment in Insurance Regulatory and Development Authority Act to hike the FDI cap from 26 to 49 percent, the finance minister said the issue is under consideration and a bill will be introduced in parliament early next year.

The Congress-led government headed by Prime Minister Manmohan Singh, proposed the increase in FDI ceiling in insurance sector from 26 to 49 percent in the first budget in July this year.

However, the government's main allies the Left parties have opposed both allowing FDI in banking and insurance sectors.

The finance minister said the Investment Commission headed by Ratan Tata would be the government's interlocutor with foreign and domestic investors and would help iron out any impediment to growth of investment.

"The Commission's advice would be fully backed by the government," he added.

Stating that there is no other country like India which requires so much investment in power, ports, telecom, airports and petroleum sectors, the finance minister said "I am sure with this Commission we will be able to attract 150 billion dollars investment in the next 15 years we are aiming at," he said.

Asserting that India required to clock a 7-8 percent GDP growth on a sustained basis during the next decade, he said the country's telecom sector needs 40 billion dollars, road sector needs 13 billion dollars for developing 13,146km of roads, and power sector 12 billion dollars annually for the next 12 years.

"India is riding on a wave of sustained economic growth and there is universal acceptance that India now rides a crest of economic growth that can last for the next ten years", Chidambaram said adding high growth in India is inevitable as there is a consensus on reforms irrespective of the party that is in power.

He identified trade as the "growth driver" with exports growing by 24 percent and imports clocking 37 percent so far this year.

Chidambaram, however, stressed the need for careful management of external debt and monitor of investment inflow and cautioned that otherwise the shocks that had hit South East and East Asian economies could affect India as well.

He said the government was keeping a watch on foreign portfolio investment inflow, hedge funds and remittances flow from non-resident Indians to manage the external sector.

The finance minister also presented a long-term optimistic picture of Indian economy pointing to 127 billion dollars foreign exchange reserves, with Indian rupee hardening against US dollar and Sensex rallying to an all-time high of 6,300 last Friday.