India needs to build a robust industry with a buoyant and resilient infrastructure to create a 10 trillion dollar economy by 2032, said the Economic Survey 2018-19 tabled by Finance Minister Nirmala Sitharaman in Parliament on Thursday.
A resilient infrastructure is fundamental and essential for budding industries. While India has invested in its infrastructure over the years, the challenge is to mobilise adequate investment in the infrastructure sector which runs into several trillions of dollars.
The investment gaps in infrastructure will have to be addressed through various innovative approaches with the collaboration of both the public and private sector. Private investment in infrastructure has come mainly in the form of public-private partnerships, said the survey.
During 2018-19, road construction grew at 30 km per day as compared to 12 km per day in 2014-15. Rail freight and passenger traffic grew by 5.33 per cent and 0.64 per cent respectively in 2018-19 as compared to 2017-18.
Total telephone connections touched 118.34 crore in 2018-19 while the installed capacity of electricity increased from 344,002 MW in 2018 to 3,56,100 MW in 2019.
The survey said the government is playing a proactive role in investment promotion through a liberal foreign direct investment policy.
The National Investment and Infrastructure Fund has been created with a capital of Rs 40,000 crore to provide investment opportunities to commercially viable projects.
On the other hand, the survey said, India's scheduled domestic air transport for passenger and goods rose by 14 per cent and 12 per cent respectively in 2018-19.
The country has a fleet of 1,405 ships with a deadweight tonnage of 19.22 million (12.74 million gross tonnage0. Ports handle 90 per cent of export-import cargo by volume and 70 per cent by value.
In telecom, 5G technologies are expected to contribute 2.2 trillion dollars to the global economy over the next 15 years, with key sectors such as manufacturing, utilities and professional/financial services benefiting the most from the new technology.
The government has constituted a high-level 5G India 2020 Forum to articulate the vision of 5G in the country.
In petroleum and natural gas, the Government has taken several decisions this year promote exploration, early monetisation, incentivise production, streamline procedures and promote ease of doing business.
In the power sector, the installed capacity has increased from 344,002 MW in 2018 to 356,100 MW in 2019. Total generation of energy during 2018-19 was 1,376 billion units (including imports and renewable sources of energy).
In the housing sector, the Real Estate Regulation and Development Act 2016 (RERA) was brought in to ensure regulation and promote real estate sector in an efficient and transparent manner and to protect the interest of home buyers.
"Public investment cannot fund the entire infrastructure investment requirements of the country," said the survey. "Therefore, the real challenge lies in bringing adequate private investment across the country with the collaboration of the public sector."
( With inputs from ANI )