Fast Tracking Infrastructural Projects suggested for Better Growth Rate
Industrialist Prakash Hinduja commented on the process of India’s economic recovery saying that infrastructure is the key element and efforts must be taken by the government to fast track the various projects in this sector. This will send positive signals to investors for more projects in the future.
India’s lumbering economy requires a much needed boost through the fast tracking of projects due in the infrastructural sector. India’s economic recovery depends on this to a great extent and can only prove to be a positive message to investors in future if it’s acted upon. An estimated 250 billion dollars’ worth of investments is needed to fulfil basic urban infrastructural needs thereby making the economy progress faster.
Prakash Hinduja, who pointed this out is the Chairman of the Hinduja Group of Companies in Europe. He also mentions the need of concentrating on the enhancement of India’s technological and manufacturing processes which have been stuck for many years. Unless the government completes projects, it will not encourage foreign investors to invest further in infrastructural projects in the future.
He has also observed the considerable progress made by Prime Minister Narendra Modi in his first few months of term that has helped generate a positive sentiment among the global business community. Revamping of the infrastructure sector has become one of the topmost priorities of the government and the progress being made is being reviewed from time to time with Modi Chairing High-level meetings for the same.
Positive Results:
- The stock market has gone up.
- Various new projects have been coming up in recent months.
- Foreign investments are being made
Chairman Prakash Hinduja observes these changes and stated the positive impact it has had on the Indian Economy.
Sectors being focused on: the connectivity linked infrastructure sectors are being given priority over the others with Prime Minister Modi emphasising on the need for fast inter-ministerial coordination and resolution of issues. Such efforts, he believes can help in achieving visible results in definite time frames.
Technology and manufacturing potential too needs to be tapped for a better future.
The Urban Development Minister, M Venkaiah Naidu provided an estimated sum of $250 billion which he believes needs to be invested over a span of 20 years that can help scale up various basic urban infrastructural facilities such as roads, water supply, transport etc. Analysts too believe that such infrastructure improvement can help prepare Indian economy for an explosive growth.
Source: The Economic Times
Fast Tracking Infrastructural Projects, Foreign investors, Industrialist Prakash Hinduja, infrastructural sector, M Venkaiah Naidu
