India’s US$1.3 trillion infrastructure plan

Construction in India

Indian Prime Minister Narendra Modi has renewed a pledge to spend 100 trillion rupee (US$1.3 trillion) on infrastructure. Modi made his speech at an event celebrating India’s 75th Independence Day in the country’s capital, New Delhi.

Modi said that the investment would boost the productivity of industries and the economy and create job opportunities for, “hundreds of thousands,” of people. 

He added that it would help make, “local manufacturers globally competitive,” and “Reduce the travel time for the common man and the productivity of our industry will also increase.”

During his speech Modi did not give details about a time frame for the plan and critics have noted that the Prime Minister has made similar pledges in the past.

The Indian government has been investing heavily in infrastructure in recent years - in July a new report, Construction in India, by India Infrastructure Research, estimated a pipeline of around US$1.5 trillion would be spent by 2024 on infrastructure. Over 70% of this was for four infrastructure sectors: energy (24%), roads (19%), urban infrastructure (16%) and railways (13%).

India’s economy contracted by 7.3% in its last fiscal year as the country suffered badly due to the Covid-19 pandemic. Infrastructure investment is seen as a way of stimulating the economy.

In his speech Modi also pledged to make India energy independent by 2047 and said that he wanted Indian railways to reach net zero carbon emissions by 2030.

MAGAZINE
NEWSLETTER
Delivered directly to your inbox, International Rental Newsletter features the pick of the breaking news stories, product launches, show reports and more from KHL's world-class editorial team.
Latest News
Canadian rental leader takes ambitious stance on growth
Cooper Equipment Rentals has grown its footprint from two locations to 71 over the past 13 years, thanks to an aggressive strategy and a goal to be ‘Canada’s renntal company’
Hy-Brid Lifts reveals further details on new product ranges
Some specifications are now available on move into mast lifts, boom lifts and telehandlers 
Mateco raises €250,000 for children’s fund in 50th year
Rental company makes ‘dreams come true’ as part of landmark celebrations 
CONNECT WITH THE TEAM
Ollie Hodges Publisher Tel: +44 (0)1892 786253 E-mail: ollie.hodges@khl.com
Lewis Tyler
Lewis Tyler Editor Tel: 44 (0)1892 786285 E-mail: lewis.tyler@khl.com
CONNECT WITH SOCIAL MEDIA