Developing nations lag in infra investment revival post-Covid: P K Mishra - Hindustan Times

Developing nations lag in infra investment revival post-Covid: P K Mishra

Apr 24, 2024 06:05 PM IST

Unequal rebound in infra investment post-Covid, developing nations lagging: PK Mishra

Investment in infrastructure suffered setbacks during the COVID-19 pandemic years, and the recent rebound has been highly unequal, with developing countries falling behind, P K Mishra, the principal secretary to the prime minister, said on Wednesday.

Disaster resilient infrastructure crucial for global south development, says P K Mishra.(AFP File Photo)
Disaster resilient infrastructure crucial for global south development, says P K Mishra.(AFP File Photo)

Addressing the inaugural session of the sixth International Conference on Disaster Resilient Infrastructure here, Mishra said disaster and climate risks are increasing and countries will be forced to divert more funding to recovery and rebuilding if they do not build resilience in the infrastructure systems.

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"During the pandemic years, investment in infrastructure suffered setbacks, and lately, we observe sustained revival. However, this rebound is highly unequal, with developing countries lagging. We must ask ourselves why?" he said.

Mishra said research by Coalition for Disaster Resilient Infrastructure (CDRI) has shown that the annual investment required to address the infrastructure deficit, achieve the Sustainable Development Goals (SDGs), reach net zero and strengthen resilience by 2050 amounts to USD 9.2 trillion.

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"If we do not design resilience into our project pipelines, it will be increasingly difficult to achieve the high levels of funding needed to close the infrastructure deficit, particularly in the global south," he said.

Mishra said the prime minister has given a clarion call to make India a developed country, and many other countries in the global south are also aiming at becoming developed countries or developing faster.

"In all these cases, a lot of infrastructure is going to be built. Therefore, ensuring disaster and climate resilience of infrastructure systems, particularly in the context of uncertainties posed by a changing climate, is a shared global challenge," he said.

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Mishra said India recognises that closing the infrastructure deficit and doing so in a manner that all new infrastructure is resilient go hand in hand.

He said the investment made in infrastructure in the country over the past two decades has created better livelihood opportunities for millions of citizens, and this progress needs to be sustained.

"The infrastructure we build today needs to be resilient to present and future disaster risks for decades," he said.

Mishra urged the participants of the conference to focus on creating opportunities for better articulation of infrastructure challenges faced by the global south. He sought the conference to find new ways to mobilize finance and incentivize investments in resilient infrastructure in the global south.

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