Goal from $3.5 Trillion Economy to $5 Trillion Economy

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Goal from $3.5 Trillion Economy to $5 Trillion Economy

India has set a goal of allocating 1.7% of its GDP for infrastructure related to transportation in the next budget. This number is approximately two times higher than in the US and much of Europe. The Indian economy is currently worth 3.5 trillion dollars. The unique aspect is that India will easily reach its goal of a $5 trillion GDP with this. The capital budget for the infrastructure sector has been enhanced by the administration of Prime Minister Narendra Modi to $122 billion for the fiscal year 2023–2024. Investing in transportation infrastructure will enable a $5 trillion economy.

For the improvement of the Railways’ infrastructure, the Modi administration has set out  ₹  2.4 lakh crore, nine times more than it did in the fiscal year 2013–2014. Also, the budgetary allotment for road development has been raised by 36% to  ₹ 2.7 lakh crore. Throughout the past eight years (2014-2022), national roads totalling 50,000 km have been constructed. By 2023, rural roads will be longer than they are now, at 7,29,000 km. Its distance was 3,81,000 kilometres in 2014. Also, money will be spent on the construction of airports, heliports, and enhanced landing fields. To offer last-mile connectivity for the ports, coal, steel, fertilisers, and food grains industries, the government has identified 100 significant transportation infrastructure projects. Domestic air travel surged from 60 million passengers in 2013 to 141 million passengers in 2019, and the number of airports has doubled to 148. It is predicted that there will be 400 million passengers during the next ten years. If the infrastructure sector were a separate ministry, it would rank third after the ministries of finance and defence in terms of funding. The capacity for generating electricity has increased by 22%. In 2014, there were 6.1 crore broadband connections; by 2022, there will be 81.6 crores.

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