The Union Budget 2019-20 stresses upon the need for heavy investment in infrastructure, digital economy and job creation in small and medium firms to fulfill the aspiration of making India a 5 trillion dollar economy.
While delivering the budget speech in Parliament on Friday, Union Minister of Finance and Corporate Affairs Nirmala Sitharaman said that the Indian economy has added one trillion dollar in the last five years due to the various initiatives and reforms undertaken by the government, and is poised to grow to be a 3 trillion dollar economy in the current year.
The Central government will spend Rs 100 lakh crore on infrastructure upgradation over the next five years, said Finance Minister Nirmala Sitharaman while presenting Union Budget 2019-20 in the Lok Sabha on Friday.
“Rs 100 lakh crore to be invested in infrastructure sector over next five years,” said Sitharaman, adding that an expert committee would be set up to recommend structure and flow of funds through development finance institutions.
Here are the top announcements from Budget 2019 in Infrastructure sector
- To invest Rs 100 trillion in infrastructure over next 5 years
- To set up panel on long-term funding for infrastructure
- Need to invest heavily in infrastructure
- Rail infra may need investment of Rs 50 trillion from 2018-2030
- 2nd stage of Bharatmala to help develop state roads
- To incentivise advanced vehicle battery manufacturing
- Need to develop inland waterways for cargo movement
- To comprehensively restructure national highway programme
- 210 km of new metro lines operationalised in 2019
- Launching national common mobility card
- To leverage engineering skill for project maintenance work
- Public infrastructure, affordable housing to be taken up in FY20
- To aid cluster-based development of traditional industries
- To use more PPP mode for metro rail network
- Railways to be encouraged to use SPVs for suburban projects
- To use USOF, PPP mode for speeding up BharatNet
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