Union Budget 2024-25: $133 Billion For Infrastructure Development

The Union budget 2024–25 has raised the capital expenditure for the fourth consecutive year by 11.1% to USD 133 billion (INR 11 lakh crore), which is 3.4% of the GDP. The capital expenditure will be used to develop, expand, and execute projects like Bharatmala and Sagarmala at a faster pace. Additionally, the government will expand Metro Rail and Namo Bharat Rail facilities in large cities.

The finance minister announced that the government will improve port connectivity and infrastructure in the Lakshwadeep and Andaman island groups. Furthermore, the interim budget also laid out a plan for rail infrastructure development by establishing major rail economic corridors. In the aviation sector, the government will expand the existing airports and further establish new airports.

Railway Infrastructure

In the Interim Budget 2024–25, the government announced major railway economic corridors. the energy, minerals, and cement corridor, the port connectivity corridors, and the high traffic density corridor. The rail corridor projects will be identified via the PM Gathi Shakti scheme. The projects will enable multi-modal connectivity and ensure logistic efficiency.

40,000 normal rail bogies will be converted to Vande Bharat standards. Metro rail and Namo Bharat railway facilities will be expanded in large cities.

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About PM GatiShakti Scheme

On October 13, 2021, the Government of India unveiled PM Gati Shakti, a national master plan for multi-modal connectivity. It is a transformative approach to economic growth and sustainable development. The scheme is expected to invest over USD 1.3 trillion over the next five years. It is expected to create millions of jobs and boost economic growth.

About Bharat Mala Pariyojana

Bharatmala Pariyojna, meaning "India's Garland Project," is an ambitious and ongoing infrastructure project in India that aims to create a network of interconnected highways across the country. The Ministry of Road Transport and Highways launched it in 2015 with the intention of enhancing connectivity, lowering logistics costs, and fostering economic growth.

The project covers a total of 83,677 kilometers of new highways, including 50 new corridors, 24 logistics parks, 66 inter-corridors, and 116 feeder routes. The project is expected to create millions of jobs, reduce travel time and logistics costs, improve access to markets, and boost economic growth.

About Sagar Mala Project

The Sagarmala Programme, also known as the Sagarmala Project, is a flagship initiative by the Government of India to boost port-led development in the country by harnessing the potential of its waterways and coastline. The Union Cabinet approved it in 2015, and it aims to lower logistics costs for domestic and export-import (EXIM) trade with little infrastructure investment.

The project involves modernization and expansion of existing ports, the development of new ports, coastal berths, and terminals.

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