₹100L cr Gati Shakti plan to boost infra
NEW DELHI: Prime Minister Narendra Modi on Sunday said the government will unveil a ₹100 lakh crore “holistic and integrated” approach in infrastructure construction — Prime Minister ‘Gati Shakti’ National Master Plan — to create employment and make local manufacturers globally competitive. He also reiterated his resolve to nurture startups as emerging wealth creators.
“In the near future, we are going to launch Prime Minister ‘Gati Shakti’ National Master Plan,” the PM said in his Independence Day speech from the ramparts of the Red Fort.
“Gati Shakti will lay the foundation of holistic infrastructure and will lead to an integrated and holistic pathway to our economy. Right now, there is no coordination among our means of transport. Gati Shakti will break the silos, and will remove all these obstacles.”
Modi was referring to an integrated approach to develop modern railways, roadways, waterways and airways.“this will reduce the travel time for the common man and the productivity of our industry will also increase,” he said adding that it would also help in the creation of future economic zones. “In this decade, the power of speed will form the basis of India’s transformation,” he added.
The government considers infrastructure development as an engine of economic growth. In December 2019, finance minister Nirmala Sitharaman had announced a Rs 111 lakh crore National Infrastructure Pipeline (NIP) with 6,835 projects. That has now expanded to 7,400 projects of which 217 worth ₹1.10 lakh crore have already been completed. The government is also setting up a Development Finance Institution (DFI) to fund infrastructure sector projects.
The PM hailed startups as new wealth creators.
India Inc responded positively to the PM’S speech. TV Narendran, president, Confederation of Indian Industry, said it comprehensively outlined a strategic economic vision. “The proposed Pradhan Mantri Gati Shakti programme of ₹100 lakh crore promises to converge infrastructure, manufacturing and competitiveness to drive India’s future growth and create employment,” Narendran said.