Infrastructure development is the foundation for a country's economic prosperity and helps in improving the quality of life of its citizens. Every rupee spent on infrastructure development has a multiplier effect of 1.2-1.5X on GDP, propelling the economy further. Infrastructure development also results in large scale employment generation along with providing boost to the related industries, while also achieving social goals of providing access to essential services and amenities to all citizens.
India is expected to be one of the largest economies in the world by 2047 with a GDP of about $35- 40 trillion as per CII estimates from about $3.5 trillion in 2022 which increased by about 2x since 2010. In addition, the country’s industrial output has increased by 56% since 2010, which has supplemented the pace of urbanization which is expected to accelerate by 2047. This exponential economic growth in the country will drive the need, as well as be supported by the development of infrastructure in the future.
To maximize the value of capital investment, integrated infrastructure development is critical. PM GatiShakti National Master Plan, the path-breaking initiative of Government of India, paves the way for inter-ministerial projects to complement each other. This in turn will provide efficient connectivity which will be driven by various schemes such as National Infrastructure Pipeline (from 2019) with a target expenditure on infrastructure development of over $1.8 trillion till 2025. The Government of India has walked the talk, providing an impetus to infrastructure development in the last few years by increasing the infrastructure budget by about 75% post COVID-19 and reforming policies to encourage the private sector participation.
Read more at: https://economictimes.indiatimes.com/small-biz/sme-sector/how-india-can-build-superior-quality-and-truly-world-class-infrastructure-in-the-next-25-years/articleshow/98082477.cms
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