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Modi to consult with experts on infrastructure construction on Tuesday

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Prime Minister Narendra Modi will consult with more than 200 experts on Tuesday on building infrastructure, a strategy built into the Union’s budget for fiscal year 22 to bring the economy back to growth. Building infrastructure is a key pillar of Modis’s vision for a self-sufficient India.

The virtual consultation in the form of a webinar at 4 p.m. will focus on the actual implementation of the budget proposals, a statement said.

The panelists include representatives of major financial institutions and funds, dealers and contractors, consultants and subject matter experts, the statement said. The idea is to get suggestions for improving the pace and quality of infrastructure development, with a focus on advanced technologies and ways to attract more investment in the sector.

After the webinar, senior officials from groups of ministries and experts will list the projects so that the vision presented in the budget can be quickly implemented. Officials and experts will also draw up a plan to make the projects a reality. Further consultations between them are also planned on the execution of the strategy prepared by them, the statement said.

In Union budget FY22, Finance Minister Nirmala Sitharaman proposed a sharp 26% increase in capital spending for $ 5.54 trillion of what is spent this fiscal year to jumpstart the economy. India’s GDP is expected to end this year with a 7.7% contraction.

Higher capital spending is expected to help finance projects under the national infrastructure pipeline, which will not only aid in asset creation, but also act as a stimulus to the economy. currently in recession.

Many economists and industry representatives have advocated for increased capital spending and infrastructure creation by the central government given its multiplier effect on economic growth and job creation.

This is particularly important given that private investment and consumption remain sluggish, slowing the pace of economic recovery.

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