Centre fuelling rapid infra growth but states need to pitch in too: Economic Survey
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The Economic Survey released on Monday states that buoyant investment by the Centre has played a pivotal role in funding large-scale infrastructure projects in recent years in highways, seaports, railways and airports but the state governments and private sector need to pitch in to accelerate development.
It highlights that National Highways construction increased by three times from 11.7 km per day in FY14 to 34 km per day by FY24 while capital expenditure on Railways has increased by 77 per cent in the past five years, with significant investments in the construction of new lines, gauge conversion and doubling.
Similarly, in FY24, new terminal buildings at 21 airports have been operationalised, which has led to an overall increase in passenger handling capacity by approximately 62 million passengers per annum.
Besides, India's rank in the International Shipments category in the World Bank Logistics Performance Index has improved to 22nd in 2023 from 44th in 2014.
“Given that infrastructure-creation efforts in India are currently predominantly public sector-led, a higher level of private sector financing and resource mobilisation from new sources will be crucial for India to continue down the path of building quality infrastructure. Facilitating this would not only require policy and institutional support from the Central government, but state and local governments would have to play an equally important role,” the Survey states.
It also states that 945 km of metro rail or regional rapid transit (RRTS) railway lines are operational, and 939 km are under construction in 27 cities while 86 km of metro rail/RRTS lines are operationalised in FY24.
Similarly, the Survey highlights that the clean energy sector in India saw a new investment of Rs 8.5 lakh crore (USD 102.4 billion) between 2014 and 2023. The UJALA Scheme resulted in an estimated energy savings of 48.42 billion kWh per year, GHG emission reduction of 39.30 million tonne CO2 per year, and annual monetary savings of Rs 19,335 crore in consumer electricity bills, it adds.
