Question 1 · 10 marks · 162 words written
Opening
Investments in infrastructure has potential to set in motion virtuous cycle of investment, employment and GDP growth thereby helping in the goal of Viksit Bharat by 2047 (Eco. Survey).
Body · points and prose
Challenges faced by India
- Financing: long gestation period of infra projects require long term finance
- Planning in silos as infra is handled by multiple ministries such as Road, Railways, Shipping etc.
- Poor quality of construction reflected in falling of bridges in Bihar (4) Lack of capacity in undertaking project management at large scale (5) Time & cost overruns due to slow clearances, land acquisition, litigation, protests
Various Initiatives undertaken are:
(1) PM Gati Shakti National master plan to break silos, ensure last mile connectivity (2) For long term financing => NIIF, NaBFID have been set up (3) National Logistics Policy to ensure seamless flow of goods (4) Liberalization of Capital bonds market.
Close · a way forward
UK Infrastructure Authority is the right model to follow to build capacity for large scale infra projects management.