Union Finance Minister Nirmala Sitharaman on Tuesday said that PM GatiShakti is a transformative approach for economic growth and sustainable development.
"PM GatiShakti is a transformative approach for economic growth and sustainable development. The approach is driven by seven engines, namely, Roads, Railways, Airports, Ports, Mass Transport, Waterways, and Logistics Infrastructure. All seven engines will pull forward the economy in unison," Sitharaman said while presenting the Union Budget 2022-23 in Parliament today.
These engines are supported by the complementary roles of Energy Transmission, IT Communication, Bulk Water and Sewerage, and Social Infrastructure. She said finally, the approach is powered by Clean Energy and Sabka Prayas - the efforts of the Central Government, the state governments, and the private sector together - leading to huge job and entrepreneurial opportunities for all, especially the youth.
The Finance Minister said the scope of PM GatiShakti National Master Plan will encompass the seven engines for economic transformation, seamless multimodal connectivity and logistics efficiency. It will also include the infrastructure developed by the state governments as per the GatiShakti Master Plan. The focus will be on planning, financing including through innovative ways, use of technology, and speedier implementation.
Sitharaman said the projects pertaining to these seven engines in the National Infrastructure Pipeline will be aligned with PM GatiShakti framework. The touchstone of the Master Plan will be world-class modern infrastructure and logistics synergy among different modes of movement - both of people and goods - and location of projects. She said this will help raise productivity and accelerate economic growth and development.
Sitharaman said that Union Budget 2022-23 seeks to lay the foundation and give a blueprint of the economy over the next 25 years.
"This Union Budget seeks to lay the foundation and give a blueprint to steer the economy over 'Amrit Kal' of the next 25 years - from India at 75 to India at 100," Sitharaman said while presenting the Union Budget 2022-23 in the Parliament.
India is celebrating 75 years of independence this year.
"It continues to build on the vision drawn in the Budget of 2021-22. Its fundamental tenets which included transparency of financial statement and fiscal position reflect the government's intent, strengths and challenges," the Union minister while presenting her fourth Budget said.
She further said that initiatives of the last year's Union Budget have seen significant progress and have been provided with adequate allocations in this Budget as well.
Sitharaman began her presentation of Budget 2022 by expressing empathy with those who were affected by the adverse health and economic effects of the COVID-19 pandemic. The Finance Minister said that India's economic growth in the current year is estimated to be 9.2 per cent, the highest among all large economies.
The budget session of Parliament began on Monday with the address by President Ram Nath Kovind to both Houses in the Central Hall.
The first part of the Union Budget Session of Parliament will be held from January 31 to February 11 and the second part of the Budget Session will take place from March 14 to April 8.
( With inputs from ANI )
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