New Delhi: Chasing the target of turning India into a $5-trillion economy, the government said on Saturday that it has constituted a high-level task force to give a boost to infrastructure projects in India. The task force will identify infrastructure projects for Rs 100 trillion investment by 2024-25.
It will be headed by the economic affairs secretary. The primary responsibility of the task force would be to draw up a 'National Infrastructure Pipeline' of Rs 100 trillion, the finance ministry said in a statement. This would include greenfield and brownfield projects costing above Rs 100 crore each.
The task force will comprise secretaries from different ministries, other senior officials and Niti Aayog CEO. It will identify technically feasible and financially/ economically viable infrastructure projects that can be initiated in 2019-20, the statement said. It has been asked to list the projects that can be included in the pipeline for each of the remaining five years between fiscals 2021-25.
The task force will have to submit its report on the list of projects that can be undertaken by October 31 and on the indicative pipeline for 2021-25 by December-end, the ministry said.
To achieve the target of scaling India's GDP to $5 trillion by 2024-25, the country needs to spend about $1.4 trillion (Rs 100 trillion) from fiscal 2019-20 to 2024-25 on infrastructure, it added.
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India spent around $1.1 trillion on infrastructure in the past decade (2008-17).
The challenge is to step-up annual infrastructure investment so that lack of infrastructure does not become a binding constraint on the growth of the Indian economy, the ministry said. Prime Minister Narendra Modi had said in his Independence Day speech that Rs 100 trillion would be invested in infrastructure over the next five years. These will include social and economic infrastructure projects.
"To implement an infrastructure program of this scale, it is important that projects are adequately prepared and launched," the ministry said, adding that in pursuance of this an annual infrastructure pipeline would be developed.