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PM Modi will consult experts today on infra development




Prime Minister Narendra Modi will consult with more than 200 experts on Tuesday on the task of building infrastructure, a key pillar of Modis’s vision of an autonomous India and driven by the Union budget to bring the economy back to growth.

The virtual consultation will focus on the effective implementation of the budget proposals, an official 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 to improve the pace and quality of infrastructure development, with a focus on advanced technologies and ways to attract more investment in the sector.

Read also | In five-year battle, food companies fought to resist tougher labeling standards

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 are 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 contract 7.7% this year.

Higher capital spending is expected to help fund 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 the process of being built. recession.

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

This is all the more important as private investment and consumption remain sluggish, slowing the pace of economic recovery.

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