India requires a massive overhaul of its infrastructural facilities to fulfil the country’s dream of becoming a developed nation by 2047. To achieve this feat, Union Finance Minister Nirmala Sitharaman has made a significant allocation in this year’s budget, proposing to spend 3.3 per cent of the country’s GDP on building infrastructure in the country. With a hefty allocation of INR 11.11 trillion, the country has envisaged a two lakh kilometer long national highway grid, increasing the number of airports to 220 and creating 23 waterways, apart from developing other related facilities. These proposals, if implemented effectively, will surely put India on the path to prosperity, which will change the way the world currently sees India.
Several infrastructure projects have already been initiated in the country and among them notable initiatives include Bharatmala Pariyojna, with the primary aim to develop 34,800 km of national highways in the country. Air connectivity in the country has vastly improved with the introduction of 425 routes and the upgrade of 58 airports under the UDAN scheme launched in 2016, while electrification of the railway network is in full swing. Water transport is another core aspect of infrastructure, where the target is to increase from the present 2600 million tonne per annum to 10 thousand million tonne per annum by 2047. With special emphasis given to all three major modes of transport, several hurdles posing challenges to trade, both national and international, will be cleared, paving the way for smooth economic progress. However, climate change and rapid urbanisation are posing twin challenges in the way of improving infrastructure facilities in the country. To tackle the problem of climate change, it is important to opt for and champion sustainable development projects. The issue has been highlighted in this year’s economic survey, which advocated a shift from conventional climate change strategies to a model that incorporates India’s traditional sustainable practices. The country is already facing a serious strain on existing infrastructure and resources due to the unplanned growth of urban areas. Unplanned growth has led to an overburden on basic amenities, traffic congestion and pollution, housing challenges and environmental degradation. Addressing these issues requires a multifaceted approach that integrates sustainable planning, infrastructure development and social welfare initiatives.
As government spending on infrastructure has recorded a considerable rise, it is time for the private sector to reciprocate the same to help the country make the necessary strides towards progress. As the expenditure on infrastructure continues to grow, there will be increased scope for public-private partnerships (PPP) for crucial infrastructural projects. The ambitious PM Gati Shakti national master plan, which aims to improve multimodal connectivity across economic zones present the private sector with an opportunity to make investments, as the total value of the project is estimated at USD 2,388.93 billion. Quite understandably, it is challenging for the government to spend such a huge fund on the project considering the various welfare programmes that require attention. Therefore, the private sector will have to join hands with the government to ensure a developed India.