Nearly half of Narendra Modi's $1.4 trillion ‘new’ infrastructure promise may be already approved projects
Existing promises
25% of the $650 billion is likely to go into the power sector -- mostly renewable energy-- in the next five years based on the estimates from the Central Electricity Authority (CEA), according to a Citi report. The CEA had estimated in 2017 that ₹2.6 trillion ($40 billion) will be spent on building and improving power transmission by March 2022, half of which will be invested by state-owned Power Grid Corporation.
The government has already promised to spend $109 billion on the Bharatmala project, a pan-India centrally-funded scheme for roads and highways, by 2022.
Over 1450 kilometres of metro rail projects are in different stages of progress, according to a Ministry of Housing and Urban Affairs report released in March 2019. Citi estimates that each kilometre would cost about ₹5 billion, and therefore, the total project cost there would be about ₹7.3 trillion ($109 billion).
The Narendra Modi government unveiled a project to build 100 smart cities in India in 2015. In February 2018, Finance Minister Arun Jaitley told the Parliament that 99 cities have been selected and about ₹2.04 lakh crore ($32 billion) has already been allocated.
The Minister of Civil Aviation, Suresh Prabhu, said in September 2018 that the government would invest about $60 billion in new airports and modernising existing airports in the next ten years. According to the government, another $21 billion worth port development projects have been identified under the Sagarmala project, which aims to build 12 major and 200 non-major ports located along the country’s 7,500-kilometre coastline.
The Indian Railways spent about $130 billion in capital expenditure between 2015 and 2019. Citi estimates a 15% growth in the next five years based on the institution’s past track record, and that would be about $147 billion.
Next Story
I tutor the children of some of Dubai's richest people. One of them paid me $3,000 to do his homework.
John Jacob Astor IV was one of the richest men in the world when he died on the Titanic. Here's a look at his life.
A 13-year-old girl helped unearth an ancient Roman town. She's finally getting credit for it over 90 years later.
Sell-off in Indian stocks continues for the third session
Samsung Galaxy M55 Review — The quintessential Samsung experience
The ageing of nasal tissues may explain why older people are more affected by COVID-19: research
Amitabh Bachchan set to return with season 16 of 'Kaun Banega Crorepati', deets inside
Top 10 places to visit in Manali in 2024
