STOCK MARKET BSE NSE

Nirmala Sitharaman highlights infra projects bridging rural-urban divide in Budget 2019

The finance minister said comprehensive restructuring of National Highways Programme is on the anvil to ensure the creation of a national highways grid of desirable capacity.

Published: 05th July 2019 01:41 PM  |   Last Updated: 05th July 2019 01:41 PM   |  A+A-

Highways, Road

For representational purpose only.

By PTI

NEW DELHI: Finance Minister Nirmala Sitharaman on Friday announced a slew of steps to scale up India's infrastructure including augmenting 1,25,000 km of rural roads under the Pradhan Mantri Gram Sadak Yojana at a cost of Rs 80,250 crore and creating a national highways grid.

Tabling the Modi 2.0 government's maiden budget in Parliament, Sitharaman said that steps were taken to boost infrastructure in sectors like roads, waterways, metro and rail.

ALSO READ| Government proposes FDI norm relaxation in media, aviation, insurance, single brand retail

She also emphasised on the measures for a self-reliant aviation industry. "We need to invest in infra, digital economy and job creation in small and medium enterprises. Schemes such as Bharatmala, Sagarmala and Udaan are bridging rural-urban divide and improving our transport infrastructure," Sitharaman said presenting the full Budget for 2019-20."In the second phase of Bharatmala project, states will be helped to develop roadways," she said.

The finance minister said comprehensive restructuring of National Highways Programme is on the anvil to ensure the creation of a national highways grid of desirable capacity. "Pradhan Mantri Gram Sadak Yojana Phase 3 envisages to upgrade 1.25 lakh km of road length at an estimated cost of Rs 80,250 crore," she said.

ALSO READ| Sitharaman proposes increase of minimum public shareholding to 35 per cent

About the movement of cargo through waterways, she said cargo movement on Ganga will increase four times in the coming four years.

On electric vehicles, She said the government has already approved Rs 10,000 crore for FAME II scheme on April 1, 2019 to encourage faster adoption of electric vehicles by providing right incentives and charging infrastructure. Announcing various infrastructure projects, the minister said: "I wish to propose a number of initiatives as part of kick-starting the virtuous cycle of domestic and foreign investment."

She also talked about the development of inland waterways and using public-private partnerships for railway development. Sitharaman said, "I propose to make a blueprint available for developing gas grids, water grids and regional airports."

FOLLOW THE UPDATES OF UNION BUDGET 2019

About railway infrastructure, she said it will need Rs 50 lakh crore till 2030. She proposed that a public-private partnership (PPP) be used to unleash faster development and delivery of passenger freight services for railway projects to boost the connectivity. "Railways will be encouraged to invest in suburban railways through special purpose vehicles (SPVs) and enhance metro rail network through PPPs. The government envisions using rivers for cargo transportation, which will also decongest roads and railways," she said adding that modernisation of railway stations will be launched this year.

The finance minister said as the world's third largest aviation market, time is ripe to enter aircraft financing and leasing from Indian shores. She further noted that last mile delivery stood out and asserted that the government's objective has been and continues to be "Mazboot desh ke liye mazboot nagarik". "The target of USD 5 trillion economy in the next few years is imminently achievable," she noted.

"We have shown by our deeds that principles of 'perform, reform, transform' can indeed succeed," she said adding that the NDA government in its first term had set the ball rolling for a 'New India' with strident commitment to fiscal consolidation.

Stay up to date on all the latest Business news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp