Modi to consult experts Tuesday on infrastructure building
The virtual consultation in the form of a webinar will focus on effective implementation of the budget proposals, said an official statementAfter the webinar, senior officials of groups of ministries and experts will list projects so that the vision presented in the budget can be quickly implemented
Prime minister Narendra Modi will on Tuesday consult more than 200 experts on infrastructure building, a strategy embraced in union budget for FY22 for steering the economy back to growth. Infrastructure building is a key pillar of Modi’s vision of a self-reliant India.
The virtual consultation in the form of a webinar at 4 pm will focus on effective implementation of the budget proposals, said an official statement.
Panelists include representatives of major financial institutions and funds, concessionaires and contractors, consultants and subject matter experts, the statement said. The idea is to get suggestions on improving the pace and quality of infrastructure development, with focus on advanced technology and ways of attracting more investments in the sector.
After the webinar, senior officials of groups of ministries and experts will list projects so that the vision presented in the budget can be quickly implemented. Officials and experts will also chalk out a blueprint for making the projects a reality. Further consultation among them is also planned on the execution of the strategy prepared by them, the statement said.
In FY22 union budget, finance minister Nirmala Sitharaman proposed a sharp 26% jump in capital spending to ₹5.54 trillion over what is being spent this fiscal to rev up the economy. India’s GDP is expected to end this year with a 7.7% contraction.
Higher capital spending is expected to help in financing projects under the national infrastructure pipeline which will not only help in asset creation but also act as a stimulus for the economy which is currently in a recession.
Many economists and industry representatives have been pitching for greater capital spending and infrastructure creation by the central government given its multiplier effect in economic growth and job creation.
This is especially important given private investment and consumption remain sluggish, dampening the pace of economic recovery.
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