PENCHANT FOR COMPLEX INFRA PROJECTS

Why India has caught the fancy of foreign investors

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The persistent presence of construction projects in our daily lives can be attributed to the significance of the building industry, also known as infrastructure, to our economy. This industry serves as a crucial economic foundation, contributing significantly to economic growth and stability. This developing nation is experiencing significant progress in its construction industry, with projects ranging in size from small to mega-scale. Thousands of individuals are employed in this sector, contributing to the economy annually. This growth is a monumental achievement for the nation, as it plays a crucial role in driving the economy forward.

In 2024, India is poised for a transformative shift in its urban landscape through a slew of major infrastructure projects that promise to redefine connectivity, economic vitality, and sustainable living. Let’s delve into the organised details of these key initiatives:

BharatMala Pariyojana Project: Launched in 2015 by the Indian government, it is a significant infrastructure initiative designed to improve the nation’s road network. The Ministry of Road Transport and Highways (MoRTH) manages the project, involving implementing agencies such as the National Highways Authority of India (NHAI) and the National Highways and Infrastructure Development Corporation. In the Union Budget 2024, the allocation for the Road Ministry saw a slight increase to Rs 2.78 lakh crore, with Rs 1.68 lakh crore earmarked for NHAI to develop national highway corridors under Bharatmala Pariyojana. This follows a 36% increase in the allocation to Rs 2.7 lakh crore in the Union Budget 2023.