The Budget 2022 makes provisions to pull forward the economy and create job opportunities for the youth, with the master plan relying on seven engines of economic transformation based on PM Gati Shakti plan that Prime Minister Narendra Modi announced on August 15, 2021.
The seven engines of PM Gati Shakti are roads, railways, airports, ports, mass transport, waterways, logistics and infrastructure.
Spelling out the master plan, Finance Minister Nirmala Sitharaman said that the government will formulate an execution strategy for expressways in FY23. The country’s national highway network will be expanded by 25,000 kilometres in 2022-23, she said, adding that the government will award four multi-modal national parks in the year. Rs 20,000 crore will also be mobilised to complement public resources.
"Road construction has been given a boost by increasing the target to 25,000 kilometres of National Highways construction. Comparing this to the current construction of around 13,000 kilometres, the target is almost double the current level. Also, bringing all key transport ministries under the Gati Shakti plan is a positive step for the logistics sector," Vikas Singhania, CEO, TradeSmart, said.
In a boost to railways, the Finance Minister announced that 400 new-generation Vande Bharat trains will be manufactured in the next three years. Besides, popularising “One Station, One Product” concept to help local businesses will be on the government’s list as well. The government also plans 100 cargo terminals in the next three years, Sitharaman said.
"We welcome FM’s announcement of the development of railway infrastructure in the Budget. This will result in an increase of railways' share in overall freight and will have a cascading impact on the industries associated with railways. Overall, a very positive budget for all the segments of railways like wagon manufacturing, EPC business, etc," Ashish Gupta, Managing Director, Texmaco Rail and Engineering, said.
Sitharaman stressed the government’s focus on public investment to modernise infrastructure leveraging Gati Shakti tech platform. "All 7 engines will pull forward the economy in unison," she said.
(with agency inputs)
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