Budget 2023: More private investments in infrastructure sectors including roads, rails, and others

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.

Also Read: Railway Budget 2023 Live Updates: Railway gets capital outlay of Rs 2.40 lakh crore, opportunities for more private investment

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.

Also Read: Budget 2023 LIVE: Sitharaman highlights four main budget takeaways in press conference, here’s what they are

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.

Also Read: Budget 2023: Govt’s focus on urban planning reforms, ‘sustainable cities of tomorrow’

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.