NEW DELHI: Prime Minister Narendra Modi on Thursday chaired a global investors meet focused on attracting investment for the country’s ambitious infrastructure project pipeline. “We have an ambitious plan to invest 1.5 trillion dollars under the National Infrastructure Pipeline. A pioneering multi-modal connectivity infrastructure master plan is being finalized. India has embarked on a massive infrastructure building spree of highways, railways, metros, water-ways, airports across the country.
We are building millions of affordable houses for the Neo-middle class. We want investments not just in big cities but smaller cities and towns too,” he said speaking to global fund managers. The meeting was attended by top officials of the PMO, finance ministers and leading business leaders from India including Ratan Tata, Mukesh Ambani, and Uday Kotak. The PM assured investors that the Government will do whatever it takes to make India the engine of global growth resurgence.
Meanwhile, sources in the finance ministry said that the government has identified about two dozens infrastructure projects in the highways, airports, ports and metro rait sector for funding support. “As highlighted by the finance ministry, infrastructure is going to be the next focus area, which will help in creating employment and bringing the economy back on track.
As resources are scarce, there is a list of about two dozen projects, which require immediate funding,” a senior official from Finance Ministry told this publication. These projects include the second airport in Chennai, the Jewar Airport in Greater Noida, and Navi Mumbai International Airport. Expansion of the JNPT port, the delayed Chardham project, and the Ahmedabad metro rail among the other prominent ones.
Sources say the government is going to ask for second tranche of supplementary grants worth Rs 35,000 crore in the upcoming winter session to fund the spending. It is also likely to relax investment norms for foreign firms and funds to participate in the projects. Officials say industry consultations are on to identify bottlenecks.
Projects identified for funding include the second airport in Chennai, Jewar Airport, and Navi Mumbai International Airport