Union Budget 2024: Major Boost for Infrastructure Development

New Delhi, 23 July 2024: In presenting the Union Budget 2024-25 in the Lok Sabha, Finance Minister Nirmala Sitharaman outlined a comprehensive plan to bolster India’s infrastructure, reinforcing the government’s commitment to sustainable growth and development. This budget marks a significant stride in the nation’s roadmap towards achieving ‘Viksit Bharat’ by 2047, with substantial fiscal support allocated to infrastructure projects across the country.

Key Infrastructure Announcements:

1. Robust Fiscal Support for Infrastructure:
– The government has pledged to maintain strong fiscal support for infrastructure over the next five years. This sustained investment underscores the importance of infrastructure in driving economic growth and improving the quality of life for citizens.

2. Capital Expenditure Allocation:
– A record capital expenditure of ₹11,11,111 crore has been earmarked for infrastructure, constituting 3.4% of the GDP. This significant allocation is aimed at accelerating the development of critical infrastructure projects, enhancing connectivity, and fostering economic resilience.

3. Interest-Free Loans for States:
– To support infrastructure investment by state governments, a provision of ₹1.5 lakh crore has been made for long-term interest-free loans. This initiative is designed to empower states to undertake major infrastructure projects, contributing to regional development and balanced economic growth.

Specific Development Projects:

1. Industrial Node at Gaya:
– An industrial node at Gaya will be developed on the Amritsar-Kolkata Industrial Corridor. This project is expected to boost industrial growth in the region, create employment opportunities, and enhance the area’s economic landscape. The development of this node will also improve logistics and supply chain efficiencies, benefiting businesses and industries.

2. Road Connectivity Projects:
– The budget allocates ₹26,000 crore for road connectivity projects. These projects aim to enhance the transportation network, reduce travel time, and improve accessibility to remote areas. Better road connectivity is essential for economic integration, facilitating trade, and ensuring the smooth movement of goods and people across the country.