Nirmala Sitharaman unveils plans for Rs 102 lakh crore infra projects
BusinessToday.In December 31, 2019
Finance Minister Nirmala Sitharaman said at a press conference on Tuesday that as per Prime Minister Narendra Modi's promise at the Independence Day speech this year, the government has identified infrastructure projects to the tune of Rs 105 lakh crore. The minister said that Rs 102 lakh crore worth of infrastructure projects have been identified for the next five years as part of the government's spending push in the sector. The minister said that another Rs 3 lakh crore of projects are likely to be added in this pipeline by the states, taking the total to Rs 105 lakh crore of projects.
During his Independence Day speech, PM Modi had promised investments of Rs 100 lakh crore in infrastructure. Keeping in line with the promise, a task force was formed that identified Rs 102 lakh crore of projects after conducting 70 stakeholder consultations in a period of four months, the minister said.
Nirmala Sitharaman said that these projects are over and above the Rs 51 lakh crore spent by the centre and the states in the last six years. She said that the Centre and states' contribution to the National Infrastructure Pipeline (NIP) would be 39 per cent each as well as 22 per cent by the private sector. The minister stated that she expects the private sector's contribution to increase to 30 per cent by 2025.
The Finance Minister said that sectors such as power, railways, urban, irrigation, mobility, education, digital and health sectors form the bulk of the Rs 105-lakh-crore projects.
Nearly Rs 25 lakh crore energy projects have been lined up, the minister said, adding that another Rs 20 lakh crore in road and nearly Rs 14 lakh crore railway projects have been lined up. Under NIP the government has also identified Rs 2.5 lakh crore port and airport projects, Rs 3.2 lakh crore digital infra projects, Rs 16 lakh crore irrigation, rural, agri and food processing projects, and over Rs 16 lakh crore infra projects including mobility projects.
The minister also said that an annual global investors' meet would be organised where Centre and States would get to meet all the investors and to talk to them about infrastructure opportunities.
Finance Minister Nirmala Sitharaman also said that Rs 102 lakh crore NIP will help make India a $5 trillion economy by 2025.