Previous governments' 'poor as a virtue' mentality retarded infrastructure development, according to Prime Minister Narendra Modi.
To become a prosperous nation by 2047, Prime Minister Narendra Modi stated on Saturday that India must speed the implementation of infrastructure projects in "high gear."
Saturday in New Delhi, Prime Minister Narendra Modi spoke at a post-budget webcast on "Infrastructure and Investment." Saturday, Narendra Modi addressed the post-budget webinar on 'Infrastructure and Investment' in New Delhi, as reported by the Press Trust of India. (PTI)
The Budget 2023-24 identifies 'infrastructure and investment' as one of the seven major goals that will guide the country through the Amrit Kaal — the 25 years leading up to the 100th anniversary of the country's independence.
Prime Minister Narendra Modi stated in a post-budget webinar titled 'Infrastructure and Investment: Improving Logistic Efficiency with PM Gatishakti National Master Plan' that infrastructure development is the engine of the country's economy, which is the route to achieving the 2047 goal of becoming a developed nation. "Now we must increase our speed and shift into high gear," he added.
This was the eighth of twelve post-budget webinars held between February 23 and March 11. These webinars have been held annually since 2021 to emphasise the significance of significant budget measures and discuss strategies for their coordinated implementation. The goal of the webinars is to engage stakeholders and create ideas for executing the Union Budget projects successfully. In addition to leaders from the federal and state governments, almost 700 senior executives from businesses participated in the webinar.
Underscoring the significance of foresight in conceptualising infrastructure design, the Prime Minister referenced the rehabilitation of Kutch in Gujarat following the disastrous earthquake that occurred during his tenure as the state's chief minister. He stated that there were two options for restoration: quick-fix fixes, which would be the easiest and cheapest option, and a comprehensive, large, and futuristic redevelopment that would transform the calamity into an opportunity. As the chief minister of Gujarat, he stated that he favoured the second option, which entailed constructing larger and better infrastructure and transforming the region into a focus of economic activity.
The Prime Minister criticised previous administrations for their sluggish infrastructure development due to their "poverty as a virtue" mentality and stated that the current administration has not only been successful in eradicating this mindset, but has also made record investments in modern infrastructure. He stated that the average rate of National Highway development has nearly doubled since before 2014. Similarly, before 2014, just 600 kilometres of railroad track were electrified per year, now that number is now 4,000 kilometres per year, he noted.
The robustness of India's physical infrastructure is crucial to the country's social infrastructure, he said, highlighting his government's commitment on establishing wellness institutions and housing for the underprivileged. He stated that a solid social infrastructure will encourage more brilliant and skilled young people to serve their country.
He stated that the government's development of infrastructure is not restricted to train, road, ports, and airports. Using the Budget proposal to establish warehouses in villages as an example, he stated that it will assist farmers in storing agricultural products locally. Nirmala Sitharaman, while presenting the budget to Parliament on February 1, stated, "...we will implement a strategy to establish vast decentralised storage capacity." This will assist farmers in storing their produce and selling it at the most profitable times."
Infrastructure is one of the Union Budget's top priorities for 2023-24 since it has a significant multiplier effect on economic growth and jobs. After the Covidian-19 outbreak in March 2020, the Modi administration has dramatically increased capital expenditures in each and every budget. In 2023-24, the expenditure will increase by 33% to 10 lakh crore, or around 3.3% of the gross domestic product (GDP). "This will nearly triple the expenditures in 2019-20. This significant rise over the past few years is important to the government's attempts to boost growth potential and job creation, attract private investments, and provide a buffer against global headwinds," Sitharaman stated in her Budget speech. In actuality, including grants to states, the Centre's effective capital spending budget for 2023-24 is 13.7 lakh crore, or almost 4.5% of GDP.
Content Source:-https://www.hindustantimes.com/india-news/implement-infra-projects-in-top-gear-to-make-india-developed-nation-by-2047-pm-101677919848683.html
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