New Delhi, Sep 14 (IANS): In a mega push, the Prime Minister Narendra Modi-led government has approved infrastructure projects worth Rs 3 lakh crore in the first 100 days of its third term.
Overall, the government plans Rs 15 lakh crore in infrastructure investments to boost connectivity, facilitating economic growth and job creation. PM Modi has set out a broad plan for the country to become a developed nation by 2047.
Late last month, PM Modi laid the foundation stone of the mega Vadhvan Port project worth Rs 76,000 crore and several other development projects in Maharashtra’s Palghar district.
Vadhvan Port that will be located near Dahanu town barely 150 km from Mumbai, will be one of the country’s biggest deep-water ports and will give a boost to the Centre’s port-led economy approach, that visualises making mega ports significant contributors to India’s Gross Domestic Product (GDP).
Once completed, it is expected to generate up to 12 lakh jobs and nearly 1 crore indirect employment opportunities in the country.
The Union Budget has allocated a massive Rs 11.11 lakh crore for the infrastructure sector comprising highways, ports, railways and power plants, and plans to continue with this plan for the next five years to accelerate growth and create more jobs.
The government has planned a large capex under its ‘Maritime India Vision 2030’ to augment port capacity and infrastructure over the next decade. This could bring about supply-demand mismatches in a few clusters, resulting in increased competition and pricing pressure for ports, said the report.
Market analysts expect India’s government to maintain a strong focus on road sector investments through increasing capital outlays. The Ministry of Roads, Transport and Highways' (MoRTH) budgetary allocation for the sector has increased by more than 8 times over the past decade to Rs 2.7 lakh crore in fiscal 2025, reflecting a 22 per cent compound annual growth rate.
Investments in airport infrastructure will also remain healthy at around Rs 55,000 crore-Rs 60,000 crores of committed capex over the next 3-4 years channelled toward projects including new greenfield airports, brownfield development and airport expansions under the Airports Authority of India (AAI).
In FY24, new terminal buildings at 21 airports have been operationalised which has led to an overall increase in passenger handling capacity by approximately 62 million passengers per annum.
Riding on the government’s big infrastructure drive, the construction sector in the country is estimated to grow 12-15 per cent in FY25.