‘Over Rs 100 lakh cr worth infrastructure projects underway by 2024-25’: Gadkari
Government has launched the National infrastructure Pipeline (NIP) under which it has planned to invest Rs 111 lakh crores on infra projects by 2024-25, keeping Prime Minister Narendra Modi’s vision of making India a $5 trillion economy in the next five years, Union road transport and highways minister Nitin Gadkari said on Tuesday.
Gadkari was speaking at a special session on the CII Partnership Summit 2020, organised by the Confederation of Indian Industry (CII) in collaboration with the Department of Promotion of Industry and Internal Trade (DPIIT).
Stating that the Centre is continually working towards upgrading infrastructure, Gadkari said, “The National infrastructure Pipeline (NIP) is a first of its kind exercise to provide world-class infrastructure across the country and improve the quality of life for all citizens”.
Gadkari announced the government is targeting to invest Rs 25 lakh crore in the road sector. He added two major major highway projects – Amritsar-Ajmer and Delhi-Amritsar-Katra - worth Rs 65,000 crores were also being planned.
Gadkari also stated that while the pandemic has adversely affected the MSME sector, the Government has undertaken the right policy interventions, including the change in MSME definition, the Credit Guarantee Scheme, Credit Linked Capital Subsidy Scheme and the MSME cluster development programme to make the sector self-reliant.
“With the global realignment taking place, the MSMEs would play a great role in redefining their contribution to the Indian economy. The Government has plans to expand the contribution of the MSMEs from the current 30 per cent to 40 per cent of the GDP,” the minister further added.
Underscoring the importance of aligning with Global Value Chains (GVCs), Gadkari added that as 80 per cent of global trade happens through the GVCs, and most enterprises involved in GVCs are medium enterprises, the government has taken several steps in this direction, including the adoption of technologies such as Artificial Intelligence and machine learning to strengthen the sector and also boost global exports.
Gadkari also noted that reforms such as reduction of corporate tax rates, 100 per cent tax exemption to investors, and implementation of GST have positioned India as a competitive market in the world, particularly in terms of ease of paying taxes.
The minister added that the government is committed to providing a favourable environment and a transparent policy framework for investors and that he is confident that India will become a major global investment destination.