Urban development paving the path of Viksit Bharat
The Budget Session 2024 stands as a pivotal moment, steering the economic course of the nation. Capital expenditure planned in the interim budget uncovers a tapestry of infrastructure development that can shape the trajectory of India's economic landscape.
One of the major highlights of the budget is the noteworthy increase in funding in the road sector as the Union Budget has allotted approximately Rs 2.78 lakh crore for 2024-25, representing a 2.8 percent rise from the previous year. MoRTH now is the ministry with the 2nd highest budget- just after defence. This increase in budgetary allocations is crucial as interest expenses continue to rise and the costs of acquiring land escalate. By injecting these funds, the government demonstrates their dedication to improving infrastructure and promoting sustainable growth within the transportation industry.
Three economic railway corridors under the PM Gati Shakti Scheme are poised to revolutionize multi-modal connectivity. The corridors, designed to optimize logistics efficiency and reduce costs, include energy, mineral, and cement corridors, port connectivity corridors, and high traffic density corridors. The joint impact of railway corridor programmes and the enhancement of the Vande Bharat carriages is set to transform India's transportation landscape, with profound effects on economic progress, logistical efficiency, and passenger satisfaction. To meet the growing enthusiasm for domestic tourism, Interim Budget embarks on initiatives to enhance port connectivity, develop tourism infrastructure, and improve amenities across our islands, including the Lakshadweep.
In nutshell, this interim is designed to pave the path for a Viksit Bharat by 2047.