Centre spurs rapid infrastructure growth, but states must also do their part: Eco Survey

New Delhi, July 22, 2024
The economic study released on Monday showed that the centre’s robust investment in recent years has played a crucial role in financing large-scale infrastructure projects in highways, seaports, railways and airports. However, state governments and the private sector need to do their part to accelerate development.

This shows that the construction of national highways tripled, from 11.7 km per day in FY 2014 to 34 km per day in FY 2024. At the same time, capital expenditure on railways has increased by 77 percent over the past five years, with significant investments in building new lines, adjusting track gauges and doubling track widths.

Also, new terminal buildings came into operation at 21 airports in fiscal year 2024, increasing total passenger handling capacity by approximately 62 million passengers per year.

Moreover, India’s position in the International Shipping category of the World Bank’s Logistics Performance Index has improved from 44 in 2014 to 22nd in 2023.

“Given that infrastructure creation efforts in India are currently led primarily by the public sector, higher levels of private sector financing and mobilisation of resources from new sources will be crucial for India to continue on the path of building quality infrastructure.

To facilitate this, not only policy and institutional support from the central government is needed, but state governments and local governments should also play an equally important role, the study said.

It also says that 945 km of metro or regional rapid transit (RRTS) lines are operational, with 939 km under construction in 27 cities, while 86 km of metro/RRTS lines will be operational in FY2024.

The study also found that between 2014 and 2023, a new investment of Rs 8.5 lakh crore ($102.4 billion) was made in India’s clean energy sector.

The UJALA programme resulted in an estimated energy savings of 48.42 billion kWh per year, reduction in greenhouse gas emissions of 39.30 million tonnes of CO2 per year and annual financial savings of Rs 19,335 crore on electricity bills of consumers, it added. (Agency)