Prime Minister Modi’s “active role and personal oversight” is credited with contributing to the turnaround in India’s infrastructure sector
New Delhi:
Finance Minister Nirmala Sitharaman today said Prime Minister Narendra Modi’s active role and personal oversight was responsible for rebuilding the infrastructure sector, which was hit by policy paralysis during the UPA government.
In contrast to the previous government, the current government, under Prime Minister Modi’s leadership, is ushering in a shift to prioritize infrastructure development and capital spending to revitalize India’s economy.
Taking a dig at the Congress-led UPA regime from 2004 to 2014, she said: “The @INCIndia-led UPA (2004-2014) squandered India’s economic growth potential and left India among the ‘Fragile Five’ economies without focusing on effective infrastructure development. Under the UPA, almost every aspect of India’s economic needs was mismanaged or ignored. ” The UPA government’s flagrant and deliberate neglect of infrastructure development not only denied India much-needed roads, railways, power, etc., but also undermined India’s long-term economic potential, she told X I mentioned it in my post.
Governments around the world are emphasizing and focusing on capital expenditures to build quality infrastructure and assets. Quality infrastructure brings comfort, convenience, and “ease of living” to all citizens.
Every kilometer of road, every railway line and every bridge built… pic.twitter.com/mNpLeLGZfI
— Nirmala Sitharaman (Modi Ka Parivar) (@nsitharaman) May 15, 2024
“The UPA government’s tenure was full of instances of stalled decision-making. Cost overruns, project stalls and lack of timely approvals were common between 2004 and 2014,” she said. Ta.
However, she said, “The rebuilding of infrastructure has been possible thanks to Prime Minister Modi’s active role. “I have been monitoring it for a long time,” he said.
Under the government led by Prime Minister Modi, unprecedented rapid infrastructure development has taken place in various sectors.
road:
-Since 2014, 374,000 km of rural roads have been constructed under the Prime Minister Gram Sadak Yojana, which is almost double the 381,000 km of rural roads built so far.
— Nirmala Sitharaman (Modi Ka Parivar) (@nsitharaman) May 15, 2024
“With this, the long-delayed projects have been successfully completed. Through 43 PRAGATI meetings, Prime Minister Modi has considered projects worth Rs 17.36 billion.” Pointing out that it will not only boost GDP growth through the multiplier effect but also improve the long-term efficiency of the economy by reducing logistical constraints, the NIPFP study pointed out that every rupee will go towards: He added that there is. India’s capital expenditure increases economic output by 4.8 rupees.
Power:
Our government has worked to ensure stable and reliable electricity for all, impacting lives and fostering economic growth.
– Under Prime Minister Modi, India has transformed from a power deficit to a power sufficient country by adding 193GW of power generation capacity (from 249GW to 442GW).
-Investing in…
— Nirmala Sitharaman (Modi Ka Parivar) (@nsitharaman) May 15, 2024
He said the share of capital expenditure in total expenditure has fallen sharply under the UPA from 23% in 2003-2004 to an average of 12% in 2005-2014.
“Also, it would be unwise to expect @INCIndia to have learned from their mistakes. INCIndia will go back to neglecting capital expenditure and infrastructure. Budget 2024, presented by the Congress government in Karnataka, shows that the total expenditure We reduced our capital expenditures by 28%,” she said.
Sitharaman said imagine the opportunity cost that Congress is missing out on by not investing properly in capital spending.
“Our government has significantly increased capital investment spending.Capital investment as a percentage of total spending will rise from just 12% in 2013-14 to more than 21% in 2023-24. “I did,” he said.
Since 2014, the Modi government has allocated a total of Rs 4,353 billion for general budget support (GBS) capital expenditure, which is a 3.72 times increase compared to 2004-2014.
Giving details of various stretches, Ms Sitharaman said that 374,000 km of rural roads had been constructed under the Prime Minister’s Gram Sadak Yojana in the last 10 years, which was compared to 381,000 km built till 2014. He said it is almost double compared to the country road of km.
More than 99 percent of rural homes are now connected by rural roads.
Since 2014, road transport and highways budget allocations have increased by 500 percent, she added.
The National Highway (NH) network has expanded by 60% from 91,287 km in 2014 to 1,46,145 km by 2023. Only 39% expanded from 65,569 km to 91,287 km between 2004 and 2014.
Under Prime Minister Modi, Indian Railways has entered an era of modernization with modern stations, modern trains, modern equipment and modern technology.
He said the allocation for railway capital expenditure has increased to Rs 2.43 billion in 2023-24. This is 30 times more than in 2004-2005 and eight times more than in 2013-2014.
Regarding the power sector, he said India has transformed from power deficit to power sufficiency by adding 193 GW of power generation capacity (from 249 GW to 442 GW).
He said upgrades, grid modernization and investments in smart technology are being made to reduce power outages, voltage fluctuations and disruptions.
According to him, as of November 2023, electricity availability in rural areas will increase from 12 hours in 2015 to 20.6 hours, and in urban areas to 23.8 hours, and 100 percent electrification in rural areas will be achieved in 2018. It is said that it was done.
Since 2014, the metro network has expanded almost fourfold, from 248km of operational lines in five cities to 939km in 20 cities, she said.
He said that as the first of the eight corridors of RRTS, the Delhi-Meerut section will be completed by June 2025.
Regarding the aviation sector, “Since 2014, 83 new airports have been built, doubling India’s aviation network. The number of operational airports has increased from 74 in 2014 to 157 in 2024. from 169 MPPA (million passengers per year) to 376 MPPA in 2024. ” The Modi government has been proactive in improving India’s maritime sector to promote a blue economy.
Maritime India Vision 2030 (MIV 2030), a 10-year blueprint to strengthen marine ecosystems, has been announced.
Additionally, FDI norms have been relaxed to attract investment in port development and operations, he said. Up to 100% of FDI was allowed for port construction and maintenance projects.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
