Stepping into ‘Amrit Kaal’
The 8th Anniversary issue of Construction Opportunities couldn’t have been launched at a more opportune time than this where the theme justifies the ‘Golden Era of Indian Infrastructure’ impeccably well. While presenting the Union Budget, Hon’ble Finance Minister Nirmala Sitharaman coined it the ‘first budget in Amrit Kaal’.
The Finance Minister outlined the seven priorities of this year’s Union Budget. “These priorities complement each other and act as the ‘Saptarishi’ guiding us through the Amrit Kaal. These priorities comprise “inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power, and financial sector.”
The capital outlay for infrastructure was announced to be at Rs.10 lakh crore, at 3.3% of GDP. This is expected to have a multiplier effect across sectors and set a strong footing for a resilient growth. Both the railway ministry and highway ministry have yet again topped the list of capital allocation in the budget 2023-24. The capital allocation to the highway ministry for 2023-24 stands at Rs.2,58,605 crore, while the railway ministry has got a central capital allocation of Rs.2,40,000 crore. Both the ministries account for almost half of the total capital expenditure estimate of Rs.10 lakh crore in the budget.
Over 100 critical transport infrastructure projects, for last and first mile connectivity for ports, coal, steel, fertilizer, and food grains sectors have been identified and they will be taken up on priority with investment of Rs.75,000 crore, including Rs.15,000 crore from private sources. The Finance Minister announced that an Urban Infrastructure Development Fund (UIDF) will be established through use of priority sector lending shortfall, which will be managed by the National Housing Bank, and will be used by public agencies to create urban infrastructure in tier II & III cities.
The private players in the infrastructure sector have much more to rejoice and join the exceptional growth bandwagon waiting to unfold with an impressive line-up of projects starting from expressways, metro trains, greenfield airports, multimodal logistics parks and list goes on. While the path to progress & prosperity might not be so easy, we all must focus on the ULTIMATE GOAL of ENVIOUS GROWTH and CREATING INSPIRATIONAL INFRA LANDMARKS.
This Anniversary issue is laced with many such incredible opportunities that are slated to transform the infrastructure landscape in the near future. Every industry player, be it construction companies or the allied industry segment players, have an enabling role to play in this infrastructure juggernaut.
Let’s UNITE to Celebrate the ‘Golden Era of Indian Infrastructure’…