(New)Delhi’s Pride (he being an out-n-out Delhiite) , Gujarat’s MP, Bureucrats-of-all-hues loving Union Finance Minister Arun Jaitley says $ 1.5 Trillion is required for the ongoing infrastructure in India. “India needs over $1.5 trillion in investment in the next 10 years to bridge infrastructure gap as the government intends to connect seven hundred thousand villages with roads by 2019 as part of a massive modernisation plan,” Finance Minister Arun Jaitley matter-of-factly.
“We have been able to sustain growth in the phase of global slowdown essentially on the strength of the infrastructure creation in India where the gap is huge,” Jaitley in conversation with JUST IN PRINT.
Further, Jaitley :”We also use additional resource. Over the next decade, we require over $1.5 trillion in India alone to fill up the infrastructure gap. We also use the additional resource which is available with us as a result of falling prices because that regime helps us. …In investing large public finance into infrastructure, for instance, we have seven hundred thousand villages in India. We intend to connect each of them by 2019.”
Jaitley also spoke of massive rural sanitation programme as part of India’s current infrastructure programme.
“In terms of highway construction this year alone our target is 10,000 km. Our railway system is over 100 years old. We are going in for a massive modernisation,” he said.
Jaitley said the government is seeking private sector participation in converting railway stations into commercial hubs.
“More airports, more sea ports, more power. The government plans to build more airports, sea ports and generate more power, particularly renewable energy which is ecologically also better from all points view”, he said. “These are all the emphasis areas we have under taken.”
About arranging funding for the massive development, he said: “We realise that starting point is public finances. It is only when the public finances are put into it, you start attracting and the activity begins a lot of private funds. … At the same time, there are large number of developmental institutions like World Bank, ADB which put in lot of money because infrastructure funding also brings in long-time returns on a sustainable basisd. The government has set up India infrastructure investment fund where the government holds minority stake.”
“This a new experiment we have undertaken which we hope will be a success,” Jaitley said. “The emphasis of the India in the next decade is to fill up the infrastructure gap which would also generate growth, employment, pulling up number people out of poverty.”
Calling it ‘It is vital for India’, Jaitley says : “In our bid as emerging economy graduating into developed economy category, we feel that this is extremely vital for a country with a large population like India.”
He is strongly supported by his Chinese counterpart Lou Jiwei, those who took part in the seminar were Pierre Egide Gramegna, Minister of Finance, Luxembourg, Imad Najib Fakhoury, Minister of Planning and International Cooperation, Jordan, Jin Liqun, AIIB President and Chris Heathcote, CEO, Global Infrastructure Hub, Thomas Maier, Managing Director, EBRD and Chair of the WEF Global Agenda Council on Infrastructure.
– “We have been able to sustain growth in the phase of global slowdown essentially on the strength of the infrastructure creation in India where the gap is huge,” says Jaitley.
“Over the next decade, we require over $1.5 trillion in India alone to fill up the infrastructure gap. We also use the additional resource which is available with us as a result of falling prices because that regime helps us.
As world including United States of America has strongly declared that “Kashmir is the integral part of India”, Pakistan should clearly understand the message.