New Delhi (IANS) The government has set up an inter-ministerial Task Force headed by Department of Economic Affairs (DEA) Secretary Atanu Chakraborty to draw up plans for building infrastructure worth Rs 100 lakh crore ($1.4 trillion) over the next five years.
The plan termed as National Infrastructure Pipeline would include greenfield and brownfield projects costing above Rs 100 crore each.
“The Task Force will submit its report on the pipeline for FY 2019-20 by October 31, 2019 and on the indicative pipeline for FY 2021-25 by 31st December 2019,” a Finance Ministry statement said.
The Task Force would identify technically feasible and financially viable infrastructure projects that can be initiated in FY 2019-20. It will list the projects that can be included in the pipeline for each of the remaining 5 years between FY2021-25.
The panel that comprises senior officials of Niti Aayog, Finance Ministry and Secretaries of administrative Ministries would estimate annual infrastructure investment/capital costs and guide the Ministries in identifying appropriate sources of financing.
“Each Ministry/Department would be responsible for monitoring of projects so as to ensure their timely and within-cost implementation. The Task Force will also enable robust marketing of the pipeline of projects requiring private investment through the India Investment Grid (IIG), National Investment & Infrastructure Fund (NIIF) etc., ” the statement said.
The move is part of the government’s plan to achieve the GDP of $5 trillion by 2024-25. It has been underlined that India needs to spend about Rs 100 lakh crore over these years on infrastructure.
In the past decade (FY 2008-17), India invested about $1.1 trillion on infrastructure. The challenge now 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.