Union Budget: The Central government is working on a mission to provide first and last-mile connectivity to ports, coal, steel, fertilizer, and food grains sectors. For this, the need for private investment in various infrastructure sectors arises. Presenting the Union Budget 2023-24, Finance Minister Nirmala Sitharaman noted that after the subdued period of the Covid pandemic, private investments are growing again in the country.
The Minister has tasked the newly established Infrastructure Finance Secretariat (IFS) to assist all stakeholders with more private investment in various sectors including railways, roads, urban infrastructure, and power.
She said that infrastructural investment and productive capacity have a larger impact on growth and employment. “After the subdued period of the pandemic, private investments are growing again. The Budget takes the lead once again to ramp up the virtuous cycle of investment and job creation,” Sitharaman said in Parliament.
The government has also identified one hundred critical transport infrastructure projects for connectivity. This project will be taken up on a priority basis with an investment of Rs 75,000 crore, out of which Rs 15,000 crore will be from private sources. The Finance Minister has also announced the plan to revive fifty additional airports, heliports, water aerodromes, and advanced landing grounds for improving regional air connectivity. Coastal shipping will also be promoted through the Public-private-Partnership (PPP) model.
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Harmonized Master List of Infrastructure
The government will also form an expert committee to review the Harmonized Master List of Infrastructure. The main task of the committee is to recommend the classification and financing framework suitable for Amrit Kaal.
Railway Capital Outlay
Meanwhile, in the Union Budget, Indian Railways received a capital outlay of Rs 2.40 lakh crore. This is the highest-ever outlay since 2013-14.