New Delhi: The Task Force on National Infrastructure Pipeline (NIP) submitted its final report for FY 2019-25 to Finance Minister Nirmala Sitharaman Wednesday.
The report contains recommendations on general and sector reforms relating to key Infrastructure sectors for implementation by the Centre and States in India. The task force has projected a total infrastructure investment of above Rs 111 lakh crore during the period FY 2019-25 to make India a $5 trillion economy.
“The NIP shall be helpful in providing quality and adequate infrastructure as well as economic growth,” ministry of finance said in a tweet.
The Task Force in its detailed report has given recommendations on changes required to several key sectoral policies and other reform initiatives to be initiated by the Central and State governments. A monitoring mechanism has also been suggested to ensure timely implementation.
In the past decade (FY 2008-17), India invested about $1.1 trillion on infra structure. 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.
The finance ministry had set up a task force headed by the Economic Affairs Secretary to draw up the NIP for each of the years from FY 2019-20 to FY 2024-25. The task force also includes CEO (NITI Aayog), Secretary (Expenditure), Secretary of the Administrative Ministries, and Additional Secretary (Investments), DEA as members and Joint Secretary (IPF), DEA as Member Secretary.
This exercise, the first of its kind, is expected to be followed up by a periodical review process. NIP will enable a forward outlook on infrastructure projects which will create jobs, improve ease of living, and provide equitable access to infrastructure for all, thereby making growth more inclusive. NIP includes economic and social infrastructure projects.
During the fiscals 2020 to 2025, sectors such as Energy (24 per cent), Roads (19per cent), Urban (16 per cent), and Railways (13 per cent) account for 70 per cent of the projected capital expenditure in infrastructure in India.
Out of the total expected capital expenditure, projects worth Rs 42.7 lakh crore (42 per cent) are under implementation, projects worth Rs 32.7 lakh crore (32 per cent) are in conceptualisation stage and rest are under development.
