Key Points
India will spend a whopping 1.7 per cent of its GDP on transport infrastructure this year -- around twice the level in America and most European countries -- a feat that has been noticed even by The Economist which called it 'eye-watering' upgrade that will set stage to achieve a USD 5 trillion economy..
Prime Minister Narendra Modi's government has hiked capital outlay on infrastructure to USD 122 billion for the fiscal year starting April as it looks to provide a strong impetus to job creation and boost economic activity amid a global slowdown...
According to official data, the Modi government has allocated Rs 2.4 lakh crore for railways capital expenditure, nine times higher than the amount in the financial year 2013-14..
The stated aim of this "generous spending" is to cut the cost of logistics within India from around 14 per cent of GDP today to 8 per cent by 2030, it said.. Alongside an increase in expenditure on infrastructure, bureaucratic reforms are being undertaken at a pace not seen before..
The core of the infrastructure spending spans from the first indigenously designed and built Vande Bharat Express, that races at a lightning-fast speed of 160 kmph, two new freight corridors between Mumbai and Delhi and between Punjab and West Bengal, electrified tracks to allow goods to be moved at faster speed, adding 10,000 kilometres of road highway length a year, increase number of airports, increasing electricity generation and deeper penetration of broadband internet connectivity...
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