New Delhi, Decenber 31: Announcing a slew of measures related to the national infrastructure pipeline, Finance Minister Nirmala Sithraman on Tuesday affirmed that while the task force has submitted its report in just 4 months, India will definitely get projects worth ₹105 lakh crore in infrastructure.
"Infrastructure is a focus area for the government. We have a Rs 102 lakh crore worth projects compilation. In the next few weeks, another 3 lakh crore worth of projects will be added. We also intend to launch the NIP coordination mechanism consisting of Centre, states", she said addressing the press conference in the national capital.
"Both Centre and State together have spent Rs 51 lakh crore in the last 6 years. We are committing another Rs 100 lakh crore. In the NIP mechanism as of now, the Centre's share will be 39 per cent, states share 39 per cent and pvt sector share will be 22 per cent. Expect pvt share to increase to 30 per cent by 2025", she added.
Several working groups under the task force, have suggested a lot of reform related steps, which will look at various aspects of the financial sector. "Rs 42.7 lakh crore worth projects are already under implementation. 63 per cent of total infra projects are already firmed up. Power, Rail, Renewables, Urban,Irrigation Mobility, Water, and health to form bulk of Rs105 lakh crore projects", she said adding that there will also be an annual supplementary report issued every year.
Under NIP, Rs 2.5 lakh crore will be for port and airport projects, Rs 3.2 lakh crore for digital infra projects that have been identified, Rs 16 lakh crore for irrigation, rural, agri and food processing projects identified. Over Rs 16 lakh crore infra projects including mobility projects, as noted by the statement.
India plans to invest about ₹100 lakh crore in the infrastructure sector in the next five years to achieve the GDP target of $5 trillion by 2024-25. The finance ministry had earlier said that the availability of quality infrastructure is a pre-requisite to achieve broad-based and inclusive growth on a sustainable basis.
Earlier in September, the government had set up a task force headed by Economic Affairs Secretary to prepare a road map for the national infrastructure pipeline from 2019-20 to 2024-25 under the ₹100 lakh crore infra plan. The task force was planning a list 10 major infrastructure projects including greenfield and brownfield projects costing above ₹100 crore each.