This year's Budget will give new growth energy to the infrastructure sector: PM Modi
Mar 04, 2023Prime Minister Narendra Modi said today that this year's Budget will give new growth energy to the infrastructure sector. Mr Modi said, Infrastructure development has always been an important pillar in the process of a country's development. The Prime Minister said this, while addressing the post-Budget Webinar on Infrastructure and Investment - Improving Logistics Efficiency with PM Gati Shakti National Master Plan. The Prime Minister said, under the National Infrastructure Pipeline, the Government is aiming to invest 110 lakh crore rupees in coming years.
The Prime Minister added that this is the time for new responsibilities, new possibilities and bold decisions for each stakeholder. He said that today's average annual construction of National Highways has been almost double as compared to before 2014 times. He added that unfortunately, after Independence, modern infrastructure was not given much-required emphasis.
Talking about the "Gati Shakti National Master Plan", he said, it is going to rejuvenate India's Infrastructure and Multimodal Logistics. He said, this is a great tool to integrate economic, infrastructure planning and development.
The Prime Minister noted that the results of the PM Gati Shakti Master Plan are becoming visible and the Government has identified the gaps that were impacting the logistics efficiency. He said, in this year’s Budget, 100 critical projects have been prioritised and 75,000 crore rupees have been allocated.
Mr Modi said, only 600 route km of railway track was electrified per year before 2014 which is now reaching 4000 km per year. He further added that the number of airports and seaport capacity has doubled as well. The Prime Minister said Infrastructure development is the driving force of the country's economy. He pointed out that India will achieve the target of becoming a developed nation by 2047 by following this very path.
Elaborating on the role of the States, the Prime Minister informed about the one-year extension of interest-free loans up to 50 years loans and Budgetary expenditure for this has been increased to the tune of 30 per cent.
The Prime Minister emphasised that the robustness of India’s physical infrastructure is equally important for the strengthening of the country’s social infrastructure. He underlined that a strong social infrastructure will lead to more talented and skilled youth who will come forward to serve the nation.
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