New Delhi: A bouquet of well-prepared projects in roads, rail and housing amongst others will attract investments in the infrastructure sector, the Economic Survey 2019-20 said on Friday.
The survey was tabled in Parliament by Union Finance Minister Nirmala Sitharaman.
Accordingly, the survey suggested that a bouquet of projects in road, railways, civil aviation, telecom and housing will be able to attract local as well as foreign investments.
"To achieve GDP of $5 trillion by 2024-2025, India needs to spend about $1.4 trillion (Rs 100 lakh crore) over these years on infrastructure so that lack of infrastructure does not become a constraint to the growth of the Indian economy," the survey said.
"NIP (National Infrastructure Pipeline) is expected to enable well prepared infrastructure projects that will create jobs, improve ease of living and provide equitable access for infrastructure for all thereby making growth more inclusive...."
India recently launched the NIP for the period FY2020-2025. As per the NIP, central and state governments are expected to have an equal share of funding of the projects followed by the private sector.
"Projects worth Rs 42.7 lakh crore are under implementation," the survey said
The survey noted that financing of NIP will be a challenge, however, a bouquet of well prepared projects will attract investments from central and state governments, urban local governments, banks and financial institutions, PE funds and private investors, both at the local and foreign level.