In a bid to further give a push to the country's infrastructure, the Modi government has set up a task force to draw up plans for building infrastructure worth Rs 100 lakh crore ($1.4 trillion) over the next five years.
"To achieve the GDP of $5 trillion by 2024-25, India needs to spend about $1.4 trillion (Rs 100 lakh crore) over these years on infrastructure," Ministry of Finance said in a statement on Saturday.
The announcement came in wake of a slowdown in economic growth which slowed to a six-year low of 5% in April-June, due to weak demand, slump in auto sector and job losses.
The finance ministry said a task force under the chairmanship of Secretary (DEA) has been constituted to draw up a "national infrastructure pipeline" from 2019-20 to 2024-25. The national infrastructure pipeline project would include greenfield and brownfield projects costing above Rs 100 crore each.
"The task force will submit its report on the pipeline for FY 2019-20 by October 31, 2019, and on the indicative pipeline for FY 2021-25 by December 31, 2019," the FinMin said.
The committee that includes senior officials of Niti Aayog, Finance Ministry and Secretaries of administrative Ministries would identify technically feasible and financially viable infrastructure projects that can be initiated in FY 2019-20.
The panel would also list the projects that can be included in the pipeline for each of the remaining five years between FY 2021-25 and guide the ministries in identifying appropriate sources of financing. It would also suggest measures to monitor the projects so that cost and time overrun is minimised.
"The task force will also enable robust marketing of the pipeline of projects requiring private investment through the India Investment Grid (IIG), National Investment & Infrastructure Fund (NIIF)," the ministry added.
In his Independence Day speech, Prime Minister Narendra Modi had highlighted that Rs 100 lakh crore would be invested in infrastructure, including social and economic infrastructure projects, over the next five years.
Edited by Chitranjan Kumar