The Union Budget 2019-20 stresses upon the need for heavy investment in infrastructure, digital economy and job creation in small and medium firms to fulfill the aspiration of making India a 5 trillion dollar economy.
While delivering the budget speech in Parliament on Friday, Union Minister of Finance and Corporate Affairs Nirmala Sitharaman said that the Indian economy has added one trillion dollar in the last five years due to the various initiatives and reforms undertaken by the government, and is poised to grow to be a 3 trillion dollar economy in the current year.
The Central government will spend Rs 100 lakh crore on infrastructure upgradation over the next five years, said Finance Minister Nirmala Sitharaman while presenting Union Budget 2019-20 in the Lok Sabha on Friday.
"Rs 100 lakh crore to be invested in infrastructure sector over next five years," said Sitharaman, adding that an expert committee would be set up to recommend structure and flow of funds through development finance institutions.
Here are the top announcements from Budget 2019 in Infrastructure sector
To invest Rs 100 trillion in infrastructure over next 5 years
To set up panel on long-term funding for infrastructure
Need to invest heavily in infrastructure
Rail infra may need investment of Rs 50 trillion from 2018-2030
2nd stage of Bharatmala to help develop state roads
To incentivise advanced vehicle battery manufacturing
Need to develop inland waterways for cargo movement
To comprehensively restructure national highway programme
210 km of new metro lines operationalised in 2019
Launching national common mobility card
To leverage engineering skill for project maintenance work
Public infrastructure, affordable housing to be taken up in FY20
To aid cluster-based development of traditional industries
To use more PPP mode for metro rail network
Railways to be encouraged to use SPVs for suburban projects
To use USOF, PPP mode for speeding up BharatNet