India’s government aims to expand the national highways network by 25,000 kilometres in the upcoming fiscal as part of PM Gati Shakti plan, a platform to track infrastructure projects.
The master plan for expressways will be formulated in 2022-23 to facilitate faster movement of people and goods, Finance Minister Nirmala Sitharaman said in her Budget 2022 speech on Tuesday. “Rs 20,000 crore will be mobilised through innovative ways of financing to complement the public resources.”
Overall, the Gati Shakti plan encompasses seven engines -- roads, railways, airports, ports, mass transport, waterways, and logistics infrastructure.
Key Highlights On PM Gati Shakti Masterplan:
Railways will offer new products for small farmers and MSMEs, integrate coastal and railway network.
‘One station, one product’ concept will be popularized to help local businesses.
400 new-generation Vande Bharat trains will be developed and manufactured in the next three years.
100 PM Gati Shakti cargo terminals will be developed in the next three years.
2,000 km under Kavach for safety and capacity augmentation.
The finance minister also said “innovative ways of financing and faster implementation” will be encouraged for building metro systems and that designs of these will be “re-oriented for Indian needs”.
Multimodal connectivity between mass urban transport and railway stations, she said, will be facilitated “on priority”.
For hilly areas, according to Sitharaman, a National Ropeways Development Programme will be taken up on public-private partnership mode. This scheme may also cover congested urban areas. Contracts for eight ropeway projects for 60 km will be awarded in 2022-23.
Besides, Rs 1 lakh crore will be allocated to states to be used for PM Gati Shakti and other related productive capital investment. It will include components for:
Supplemental funding for priority segments of PM Gram Sadak Yojana, including support for the states’ share,
Digitisation of the economy, including digital payments and completion of fiber optic network, and
Reforms related to building byelaws, town planning schemes, transit-oriented development, and transferable development rights.
Shares of railway services provider IRCTC Ltd., road builders such as Dilip Buildcon Ltd., PNC Infratech Ltd. and Ashoka Buildcon gained between 2.6% and 4.2% after the announcement.
RECOMMENDED FOR YOU
POPULAR