Infrastructure sector key driver for Indian economy: Sarbananda Sonowal
The infrastructure sector will be a key driver for the Indian economy, says Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal, the chief guest at Fortune India's The Next 500: Breaking New Frontiers event.
Infrastructure development and upgrade will play a better role in realising the vision of India becoming a $5 trillion economy by 2025, he further adds.
"There's a 35% increase in the allocation of funds with an aim to propel infrastructure in the country. The government's intent towards creating world-class infrastructure emanates from the fact that about 4.1% of GDP, i.e. ₹10.68 lakh crore under effective capital expenditure. The idea is to put the economy on a higher growth trajectory with the multiplier effect of infra investment boost in the economy," Sonowal says.
The funds allocated for infrastructure development also open up huge business opportunities, noted the minister.