India will reach its goal of becoming a developed country by 2047, according to Prime Minister Narendra Modi, who claimed infrastructure development is the country's economic engine.
“Now we have to improve our speed and move in top gear,” he said in a post-Budget webinar. Noting that the PM Gati Shakti Master Plan is a critical tool that integrates economic and infrastructural planning with development, Modi said it will change the face of India's infrastructure and multimodal logistics.
The PM stated that the PM Gati Shakti Master Plan's effects were already becoming apparent. "We have located the weaknesses that were affecting the effectiveness of the logistics system. Due to this, 100 important projects have received funding totaling £7.5 billion as part of this year's Budget."
"With quality and multimodal infrastructure, our logistic cost is going to reduce further in the days to come. This will have a positive impact on the goods made in India, on the competence of our products. Along with the logistics sector, there will be a lot of improvement in ease of living and ease of doing business," he added, inviting participation of the private sector.
According to Modi, the budget for this year will provide infrastructure a fresh boost. He said that compared to 2013–14, India's capital expenditure had increased five times, and the government is making progress towards its goal of investing £1,100 billlion through the National Infrastructure Pipeline. Every stakeholder has new obligations, opportunities, and courageous choices at this moment, he declared.