Prime Minister Narendra Modi has urged the private sector to hop onboard the Centre’s capital spending plan to spur economic activity and push for the country’s development. He called on the government departments to implement budget announcements from April.
PM Modi, addressing a post-budget webinar, highlighted that the attention should be on implementing the budget announcements and removing problematic commas and full stops that may have set in.
“The scale at which the government is working on infrastructure development, PM Gati Shakti is a major requirement. Infrastructure planning, implementation and monitoring can be improved due to PM Gati Shakti. Time and cost overrun can also be reduced.”
As such, the prime minister wants the private sector and the government to incorporate this in its functioning. The PM Gati Shakti National Master Plan provides data on existing projects to help improve the planning and implementation of infrastructure projects.
He pointed out that infrastructure investment has a huge multiplier effect. “This helps improve ease of living and ease of doing business, the economic productivity and job creation will gain,” PM Modi said highlighting the Centre’s capital spending jumping four times from Rs 1.75 lakh crore in 2013-14 to the budgeted Rs 7.5 lakh crore during the next financial year. “National highway, railway, waterway, optical fibre connectivity, gas grid, renewable energy, in every sphere the government has stepped up investment.”
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The prime minister outlined that the government is moving ahead in these sectors with very ambitious targets. PM Modi noted that the private sector can use the Gati Shakti platform in the best possible way. “The government is hoping that sustained capital expenditure will boost the demand for raw material and inputs, using up excess capacity in steel and cement plants, and generate jobs and fresh investment in the private sector.”
It should be noted that the government has been urging banks to be proactive in lending, without diluting the prescribed norms.
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