NEW DELHI: 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 $5 trillion economy.
Prime Minister Narendra Modi's government has hiked capital outlay on infrastructure to $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 201314. The funds will mostly be spent on building tracks, new coaches, electrification, and developing facilities at stations.
Allocation for roads has jumped 36 per cent to Rs 2.7 lakh crore for 2023-24. There is also the focus on reviving 50 additional airports, heliports, water aerodromes and advance landing grounds for improving regional air connectivity.
This story is from the March 22, 2023 edition of Millennium Post Delhi.
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This story is from the March 22, 2023 edition of Millennium Post Delhi.
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