Republic Day 2023: 7 Mega Projects To Power Indian Economy!

7 Mega Projects To Power Indian Economy

This Republic day, let’s unveil the sector that contributed enormously to the country’s development. Also, let’s find out the star projects which will take India to the next level.

Today on the 74th Republic day, let’s unveil the sector which has contributed enormously to the country’s development.

Yes, we are talking about the infrastructure sector, a sector which has helped India reach new heights. Over the years, India has taken many commendable steps to rank among the top countries in terms of development.

  • India’s road network is the second largest after America. 
  • Indian Railways is the largest railway network in Asia and the second largest worldwide. 
  • India’s power generation capacity has become the third largest after China and America. 
  • Today, India has 13 major ports and 200 minor ports.

As we can see, the infrastructure sector has been a significant contributor to the Indian economy. Moreover, the sector is expected to grow at a CAGR of 8.2% by 2027. Indeed, India is moving fast towards the goal of becoming a $5 trillion economy by the year 2025.undefined

One such mega project is National Infrastructure Pipeline Project which is launched jointly with initiatives like ‘Make in India’ and the Production Linked Incentive (PLI) scheme for developing the infrastructure sector. Under this project, Rs 111 lakh crore will be invested in the infrastructure sector by 2025.

The Government of India is working on several such important projects for the development of infrastructure in the country. Today let’s look at some more mega projects that will give India a new identity worldwide.

  • Delhi Mumbai Industrial Corridor

Under the Delhi-Mumbai Industrial Corridor, the government will set up an industrial corridor between Delhi and Mumbai. It aims to connect the country’s capital Delhi with the financial capital Mumbai. 

The total sanctioned amount for the scheme is around US $2.4 billion (Rs 20,084 crore). 30 projects will be developed in four phases by 2024-25.

  • Bharatmala Project

The Bharatmala Project is the second-largest highway construction project in India. Its objective is to improve connectivity, especially in economic corridors and around borders of other countries and remote areas. This project has an estimated budget of US $130 billion. The project will cover the construction of national highways, bridges, flyovers, bypasses, ring roads, elevated corridors, tunnels and overpasses across the country.

About 65,000 km of national highways will be constructed in two phases under the Bharatmala project. A total of 34,800 km of roads are to be developed in the first phase.

  • Gati Shakti and Industrial Corridor

The main objective of Gati Shakti and Industrial Corridor is to ensure integrated planning and implementation of infrastructure projects in the next four years. Under the scheme, 16 ministries of the government have been brought under one roof.

With this scheme, connectivity is being increased, and infrastructure is given a boost. This project will help boost business from foreign companies. Apart from this, the cost of transportation of goods will come down.

  • Chenab Railway Bridge

The Chenab River Railway Bridge is a part of the Udhampur-Srinagar-Baramulla rail link project. The 1.3 KM long project with a US $92 million budget will connect the Kashmir Valley with the rest of India. The Chenab Rail Bridge will be the world’s highest rail bridge in the arch bridge category.

  • Narmada Valley Development Project

The estimated cost of the Narmada Valley Development Project is approximately US $30 billion. Under this project, canals and dams will be constructed along the Narmada river basin, where electricity will be generated and will also have a facility of a water system for drinking and irrigation.

  • Navi Mumbai International Airport

Navi Mumbai International Airport is expected to be completed in the year 2024. Mumbai Airport is the second busiest airport in India in terms of both passenger and cargo traffic. With the opening of Navi Mumbai International Airport, the pressure on Mumbai airport will be reduced, and passengers will get better facilities.

  • Inland Waterways Development

Under this scheme, the government aims to build 111 National Waterways in India. This will enable easy movement of ships and cargo. With technical assistance from the World Bank, the US $600 million project is expected to be completed by 2023.

What’s in it for Investors?

Power, bridges, dams, national highways, ports, railways, etc., account for about 70% of the estimated capital expenditure for infrastructure in India during FY2020-FY2025, according to IBEF. 

Hence, the infrastructure sector will be largely responsible for the overall development of India in the upcoming times.

Hope you find this information interesting. Don’t forget to share it with your friends.

We Wish You a Happy Republic Day!

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