PM Modi to consult experts today on infra development
1 min read 16 Feb 2021, 07:00 AM ISTThe meet will focus on getting suggestions on improving the pace and quality of infrastructure building
PremiumPrime Minister Narendra Modi will on Tuesday consult more than 200 experts on the task of infrastructure building, a key pillar of Modi’s vision of a self-reliant India and pushed by the Union budget for steering the economy back to growth.
The virtual consultation will focus on effective implementation of the budget proposals, said an official statement.
Panellists include representatives of major financial institutions and funds, concessionaires and contractors, consultants and subject experts, the statement said. The idea is to get suggestions on improving the pace and quality of infrastructure development, with a focus on advanced technologies and ways of attracting more investments in the sector.
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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 is planned on the execution of the strategy prepared by them, the statement said.
In the 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 year to rev up the economy. India’s GDP is expected to contract 7.7% this year.
Higher capital spending is expected to help in financing projects under the national infrastructure pipeline which will not only create assets 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 as private investment and consumption remain sluggish, dampening the pace of economic recovery.
