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India Vision For 2047 $40 Trillion Economy Blueprint

Infrastructure development is the most important part of a developing economy, with this stance India will become a developing ecaonomy to a developed economy. Substantial infrastructure is most important for boosting in economy. With the influence of a pandemic, India stimulated making digital infrastructure accessible to all of humankind. Digital infrastructure is the need of the hour for achieving India's growth expansion.

It is a crucial pillar for making good governance for the sector. Physical infrastructure makes a solid foundation for good governance. Apart from this both physical and digital infrastructure is the need of time.

A strong manufacturing unit is always on the ground with a strong physical infrastructure. These three aspects of infrastructure development are given a strong push by Budget 2023, and when combined, they speed up inclusive growth. In addition to building essential physical infrastructure and enhancing connectivity that will speed up the movement of people and goods, the targeted investments will also generate jobs, encourage private investment, and act as a buffer against global headwinds.

Let's Figure Out The Blueprint Of India Expansion

India created milestones in making a strong infrastructure like the Chenab Bridge in Jammu and Kashmir. This is a very challenging infrastructure project due to the highest altitudes. This project gives an introduction to India's huge talent and Indian engineering landmark with strong and right leadership. The capital investment allocation for infrastructure in the Budget 2023-24 is being raised by 33% to Rs. 10 lakh crore (US$ 122 billion), or 3.3% of GDP. A capital outlay of Rs. 2.40 lakh crore (US$ 29 billion) has been allocated for the Railways in the Union Budget 2023-24, which is the greatest outlay ever and nearly 9 times the amount made in 2013-14.

Introduced in 2019, the National infrastructural Pipeline (NIP) focuses on social and infrastructural projects, including energy, transportation, and urban development projects, totaling INR 102 lakh crores. Through its "National Infrastructure Pipeline," India intends to invest US$ 1.4 trillion in infrastructure over the next five years. Infrastructure-related operations made about 13% of the US$81.72 billion in total FDI inflows in FY21. To realize the goal of housing for everybody by 2022, India will need to build 43,000 homes per day till that time.

Under the Pradhan Mantri Awas Yojna scheme (PMAY-Urban), 62.21 lakh houses have been finished as of August 22, 2022, 103.01 lakh houses have been grounded, and 122.69 lakh houses have been sanctioned. The private sector contributes 21%, with the contributions from the Center and States being roughly equal at 39% and 40%.

The PM Gati Shakti Master Plan, which is intended to enhance India's logistics network, complements NIP. The Indian government highlighted the need for higher infrastructure spending in the budget for 2023´┐Ż24 and nearly tripled its spending on infrastructure from 2019-20 to 3.3% of GDP. For 100 projects deemed essential to enhancing the overall multimodal logistics infrastructure, the budget has allotted INR 75000 crores. For FY24, the Indian Railways anticipates generating a total of Rs. 2,64,600 crore (US$ 32.17 billion) in income from traffic. India's logistics market is predicted to develop at a CAGR of 6.28% to reach US$ 410.75 billion in 2022 and US$ 556.97 billion by 2027.

Within the next five years, India wants to drop its logistics cost from 14% of GDP to 8% of GDP, or a reduction of around 40%, and move up to the 25th position on the Logistics Performance Index. The federal government has extended the 50-year interest-free loan period to state governments to facilitate infrastructure investments and encourage complementing policy actions in infrastructure development.

This will improve coordination between the federal and state governments. The government said that an Urban Infrastructure Development Fund (UIDF) will be established with an annual expenditure of INR 10,000 crore to build urban infrastructure in Tier 2 and Tier 3 cities using the shortfall in priority sector financing. The federal government has urged state governments to establish reasonable user fees when using the UIDF by using tools provided by the 15th Finance Commission as well as current programs.

In December 2022, AAI and other airport developers set a capital outlay goal for the airport industry of roughly Rs. 98,000 crore (US$ 11.8 billion) over the following five years for, among other things, the enlargement and renovation of current terminals, the construction of new terminals, and the strengthening of runways. India presently boasts the fifth-largest metro network in the world, and it will soon surpass developed nations like South Korea and Japan to take over third place.

As of September 2022, the 810 km metro rail network was in operation in 20 cities. After China's 98 km and Japan's 28 km, the Mumbai monorail is the third-longest route in the world at approximately 20 kilometers. For the entire development of society, infrastructure development involves the participation of many parties. As a result, the Public-Private Partnership (PPP) method is primarily used in the Indian infrastructure industry.

The Department of Economic Affairs claims that India has adopted a methodical strategy to develop a strong PPP program for the "delivery of high-priority public utilities and infrastructure." According to the World Bank, India's program is one of the largest in the world, with "close to 2000 PPP projects in various stages of implementation."

In a public-private partnership (PPP), infrastructure is built under the "Build-Operate-Transfer (BOT)" model, and the private sector is rewarded for efficiently constructing and maintaining the infrastructure to increase its use and generate money.

Over the next ten years, hundreds of new cities will be created. The demand for urban freight is expected to rise by 140% during the following ten years. India's growing e-commerce supply chains spend 50% of their entire logistics budget on final-mile freight transit in their cities. By 2022, India is anticipated to overtake China as the third-largest building market in the world. By 2025, the Indian logistics market is anticipated to reach US$ 320 billion.

Government Strategies And Their Initiatives

The capital investment budget for infrastructure is being boosted by 33% to Rs. 10 lakh crore (US$ 122 billion), which is 3.3% of GDP and nearly three times the budget for 2019-20.

A capital outlay of Rs. 2.40 lakh crore (US$ 29 billion) has been allocated for the Railways in the Union Budget 2023-24, which is the greatest outlay ever and nearly 9 times the amount made in 2013-14.

The creation of the Infrastructure Finance Secretariat will increase opportunities for private investment in infrastructure and will benefit all stakeholders by encouraging more private investment in power, roads, trains, and other types of infrastructure.

To encourage infrastructure investment and to provide incentives for complementary policy initiatives, the government has decided to extend the 50-year interest-free loan to state governments by one more year at a significantly increased cost of Rs. 1.3 lakh crore (US$ 16 billion).

With an investment of Rs. 75,000 crores (US$ 9 billion), including Rs. 15,000 crores (US$ 1.8 billion) from private sources, 100 critical transport infrastructure projects for last and first-mile connectivity for ports, coal, steel, fertilizer, and food grains sectors have been identified and will be taken up on a priority basis.

To increase regional air connectivity, 50 more airports, heliports, water aerodromes, and advanced landing grounds will be revived.

Three centers of excellence for artificial intelligence will be established in prestigious educational institutions to help realize the aim of "Make AI in India and Make AI work for India."

With the aid of pertinent information services for crop planning and health, improved access to farm inputs, credit, and insurance, assistance for crop estimation, market intelligence, and support for the growth of the Agri-tech industry and start-ups, the Digital Public Infrastructure for Agriculture will be developed as an open source, open standard, and interoperable public good.

Alongside the 157 medical colleges that have already been operating since 2014, 157 new nursing colleges will also be founded.

Between April 2000 and September 2022, FDI in the sectors of construction development (townships, housing, built-up infrastructure, and construction development projects) and construction (infrastructure) activity was at US$ 26.23 billion and US$ 28.95 billion, respectively.

In January 2023, the construction division of Larsen & Toubro received orders for the establishment of a 112.5 MW solar power plant in West Bengal and the construction of a 600-bed super specialty hospital in Mumbai, respectively, for its power transmission & distribution and buildings & factories businesses.

As one of five companies that submitted a bid for the $7 billion (Rs. 58,000 crore) contract to build 200 Vande Bharat trains and maintain them for the next 35 years, BHEL formed a cooperation with Titagarh Wagons in December 2022.

Through different programs like the Telecom Technology Development Fund and the Digital India program, the government has also made significant headway in implementing improvements in digital infrastructure. Between 2015 and 2021, there has been a 200% growth in rural internet subscriptions compared to a 158% increase in urban areas. This shows that the connection between metropolitan areas and rural areas is catching up. Between 2019 and 2021, rural areas added 95.76 million new internet subscribers compared to 92.81 million in metropolitan areas.

Conclusions
India's economic growth is fueled by the cumulative development of its infrastructure. Industrial growth is accelerated by rising demands for labor, goods, and capital investments in infrastructure. According to research from the Reserve Bank of India and the National Institute of Public Finance and Policy, the GDP increases by 2.5 to 3.5 rupees for every rupee spent on infrastructure.

Trade gains from improved logistics and connectivity, and the general public benefits from improved vital infrastructure and an overall rise in per capita income. Thus, India can achieve its goal of being a developed country by 2047.

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