Infrastructure, financial sector to complement growth
01 Feb 2018
Emphasising that infrastructure is the growth driver of economy, the finance minister said that investment in excess of Rs50,00,000 crore will be required to increase GDP growth and connect the nation with a network of roads, airports, railways, ports and inland waterways.
He announced increase of budgetary allocation on infrastructure for 2018-19 to Rs5,97,000 crore against estimated expenditure of Rs4,94,000 crore in 2017-18.
The government has made an all-time high allocation to rail and road sectors and is committed to further enhance public investment. The prime minister personally reviews the targets and achievements in infrastructure sectors on a regular basis. Using online monitoring system of PRAGATI alone, projects worth Rs9,46,000 crore have been facilitated and fast tracked.
To further boost tourism, the Budget proposes to develop ten prominent tourist sites into iconic tourism destinations by following a holistic approach involving infrastructure and skill development, development of technology, attracting private investment, branding and marketing.
Under the Bharatmala Pariyojana, about 35,000 km road construction in Phase-I at an estimated cost of Rs5,35,000 crore has been approved.