Government has launched the National Infrastructure Pipeline (NIP) under which it plans to invest 111 lakhs in infrastructure projects by 2024-25, keeping Prime Minister Narendra Modi’s vision of India becoming a US $ 5 billion economy in the next five years, Union road. Minister of Transport and Roads Nitin Gadkari said on Tuesday.
Gadkari spoke at a special session on the CII Partner Summit 2020, organized by the Confederation of Indian Industry (CII) in collaboration with the Department of Industry and Internal Trade Promotion (DPIIT).
Stating that the Center is continuously working to improve infrastructure, Gadkari said, “The National Infrastructure Pipeline (NIP) is a first-of-its-kind to provide world-class infrastructure across the country and improve the quality of life for all citizens.”
Gadkari announced that the government aims to invest 25 lakhs in the road sector. He added two major highway projects – Amritsar-Ajmer and Delhi-Amritsar-Katra – worth Rs 65,000 were also planned.
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Gadkari also stated that while the pandemic affected the MSME sector, the Government undertook the right policy interventions, including the change in definition of MSME, the Credit Guarantee Scheme, Credit Union Subsidy Scheme and the MSME cluster development program. . self-confidence.
“With the global harmonization taking place, the MSMEs would play a major role in redefining their contribution to the Indian economy. The Government plans to increase the MSME’s contribution from the current 30 per cent to 40 per cent of GDP,” the minister added.
Emphasizing the importance of alignment with Global Value Chains (GVCs), Gadkari added that since 80 percent of global trade takes place through the GVC, and most businesses involved in GVC are medium-sized enterprises, the government has taken several steps in this direction, including the adoption of technologies such as Artificial Intelligence and machine learning to strengthen the sector as well as accelerate global exports.
Gadkari also noted that reforms such as tax cuts, a 100 percent tax cut on investors and implementation of GST have positioned India as a competitive market in the world, especially on ease of paying taxes.
The minister added that the government is committed to providing a favorable environment and a transparent policy framework for investors and that he is confident that India will become a major global investment destination.