Prime Minister Narendra Modi on Tuesday pitched the global investors with 1000 km of Metro Rail projects to be completed by 2022. Speaking at the 3rd Annual Bloomberg New Economy Forum, PM Modi invited investors to invest in India’s urban centres.
“If you are looking to invest in urbanisation, India has exciting opportunities for you. If you are looking to invest in mobility, India has exciting opportunities for you. If you are looking to invest in innovation, India has exciting opportunities for you. If you are looking to invest in sustainable solutions, India has exciting opportunities for you. These opportunities come along-with a vibrant democracy. A business-friendly climate and a huge market. And a government which shall leave no stones unturned to make India a preferred global investment destination,” he said while talking via video conferencing.
Mentioning the ramification of COVID-19 he said, “It has shown us that cities, which were our growth engines are also our vulnerable zone. Thus the post-COVID-19 world will need a restart.”
He informed the forum that Metro Rail systems are under construction in 27 cities. 100 more cities have also been selected through a two-stage process. These cities have prepared projects worth ₹ 3 lakh crore or $ 30 billion.
Modi government has plans to do massive infrastructure spending in the next 3-4 years to achieve the target of $ 5 trillion economy. Over ₹ 100-lakh crore were planned to be pumped into the infrastructure department to achieve the goal. However, the lockdown-induced economic slowdown put a halt to Modi government’s plans.
Of the ₹ 100-lakh crore, 39 per cent was supposed to come from the Centre and the States while the remaining 22 per cent from the private sector. However, the cash strapped Central and state governments are now not in a position to fund such massive spending plans at all.