Centre plans invest Rs 111 lakh crore in infrastructure projects under NIP: Gadkari

The Centre has launched the National infrastructure Pipeline (NIP) under which it has planned to invest Rs 111 lakh crore on infra projects by 2024-25, Union Road Transport and Highways Minister Nitin Gadkari has said.

"The NIP is a first of its kind exercise to provide world-class infrastructure across the country and improve the quality of life for all citizens," he said addressing an event virtually.

Keeping with Prime Minister Narendra Modi’s vision of making India a $5 trillion economy in the next five years, the government is targeting to invest Rs 25 lakh crore in the road sector, he said.

Two major highway projects – Amritsar-Ajmer and Delhi-Amritsar-Katra - worth Rs 65,000 crore were also being planned, he said.

The minister added that the government is committed to providing a favourable environment and a transparent policy framework for investors and that he is confident that India will become a major global investment destination.

Several reforms introduced by the government including reduction of corporate tax rates, 100% tax exemption to investors, and implementation of GST have positioned India as a competitive market in the world, particularly in terms of ease of paying taxes, he said.

"The Government is also planning to expand the contribution of the MSMEs from the current 30% to 40% of the GDP,” Gadkari added.