The nation’s basic infrastructural facilities serve as the building blocks for growth. The economy functions below ideal levels and continues to lag behind its potential and trajectory of frontier growth in the absence of suitable infrastructure.
Infrastructure spending is necessary for more rapid and inclusive economic growth
1) Construction of infrastructure, such as roads, buildings, railroads, etc., requires a lot of labor, which increases job prospects in both the formal and informal sectors while also boosting domestic demand.
2) By concentrating on improved irrigation infrastructure and storage, processing, and marketing infrastructure, infrastructure investment would be essential to ensuring a doubling of farmers’ income.
3) Improvements to basic healthcare infrastructure, including computerized health records and better-equipped institutions. (Telemedicine)
4) Building top-notch roads, railways, ports, and inland waterways will reduce logistic costs, boost competitiveness, and encourage exports. This could encourage socio-economic growth and increase government revenue.
The government is making progress in promoting world-class infrastructure with initiatives like the NIP and PM Gati Shakti Master Plan.