The government reiterated its focus on public investment to modernize infrastructure over the medium term, leveraging tech platform of Gati Shakti via a multi-modal approach.
“Big public investments for modern infrastructure will be guided by PM Gati Shakti and benefited by multi-model approach driven by 7 engines- Road, Railway, Airport, Ports, Mass Transports, Water wave & Logistics infrastructure,” Finance Minister Nirmala Sitharaman said while presenting the union budget.
She said that all 7 engines will pull forward Economy in unison and supported by energy transmission, IT communication, bulk water and sewerage and social infrastructure.
Under PM Gatishakti master plan, national highway network will be expanded by 25,000 kms in 2022-23; Rs 20,000 crores will be mobilised through innovative ways of financing to complement public resources, she said.
In a boost to Indian railways, the government also plans to manufacture 400 new generation Vande Bharat Express in next 3 years. The concept of One station, one product’ will be popularised to help local businesses. Additionally, 100 PM Gati Shakti cargo terminals for multi-model logistics facilities will be developed during next 3 years, the finance minister said.
Sitharaman also announced that PM’s development initiative for the northeast – will be implemented through the Northeastern Council.
“It will fund the infrastructure in the spirit of PM Gati Shakti and social development projects based on the needs in the NE,” she said.
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The finance minister also said the strategic transfer of Air India ownership has been completed and strategic buyer for (Neelachal Ispat Nigam Ltd) NINL has been selected. National Asset Reconstruction Co Ltd (NARCL) has commenced its activity, Sitharaman added.
