Government Constructing task division to catalogue infrastructure projects
In a request to further give a blow to the country’s infrastructure, the Modi administration has fixed up a task force to pick up plans for developing infrastructure worth Rs 100 lakh crore ($1.4 trillion) over the next five years.
• To achieve the GDP of $5 trillion by 2024-25, India needs to spend about $1.4 trillion (Rs 100 lakh crore) over these years on infrastructure,” FM, said in a statement on Saturday.
• The disclosure came in a furrow of a slowdown in industrial growth which quieted to a six-year low of 5% in April-June, due to soft sale, a depreciation in the auto sector and job declines.
• The finance ministry said a task force under the chairmanship of Secretary (DEA) has been appointed to draft up a “national infrastructure pipeline” from 2019-20 to 2024-25. The national infrastructure pipeline plan would cover greenfield and brownfield outlines costing over Rs 100 crore each.
• “The task unit will submit its report on the pipeline for FY 2019-20 by October 31, 2019, and on the suggestive pipeline for FY 2021-25 by December 31, 2019,” the FinMin said.
• The board that includes senior officials of Niti Aayog, Finance Ministry and Secretaries of administrative Ministries would recognise technically attainable and financially viable infrastructure projects that can be inaugurated in FY 2019-20.
• The council would also note the projects that can be carried in the pipeline for each of the enduring five years amid FY 2021-25 and escort the ministries in recognising relevant sources of funding. It would also recommend steps to observe the plans so that expense and time occupied is depreciated.
• Besides this Ministry also announced the task force will also permit strong marketing of the pipeline of plans needing individual investment in the India Investment Grid (IIG), National Investment & Infrastructure Fund (NIIF).