India will achieve the target of becoming developed nation by 2047:PM

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India will achieve the target of becoming developed nation by 2047:PM

  Prime Minister Narendra Modi said infrastructure development is the driving force of the country's economy and asserted that India will achieve the target of becoming a developed nation by 2047 by following this path.

    "Now we have to improve our speed and move in top gear," the PM said in post budget webinar.Noting that PM Gati Shakti Master plan is a critical tool that integrates economic and infrastructural planning with development, Modi said it is going a change the face of India's infrastructure and it's multimodal logistics.

     The PM said results of the PM Gati Shakti Master plan are becoming visible."We have identified the gaps that we're impacting logistics efficiency.That is why,in this year's Budget, 100 critical projects have been prioritized and Rs 75,000 crore have been allocated."

     "With quality and multi-modal infrastructure,our logistic cost is going to reduce further in the days to come.This will have a positive impact on the goods made in India,on the competence of our products.Along with the logistics sector; there will be a lot of improvement in ease of living and ease of doing business," he added, inviting participation of the private sector.

   Modi said this year's Budget will provide a new energy to infrastructure.He said India's capital expenditure has increased five times compared to 2013-14 and the government is moving with target of investing Rs 110 lakh crore under the National infrastructure pipeline."This is a time of new responsibilities,new possibilities and bold decisions for every stakeholder," said the PM.

   Noting the obstacles that came in the way of investments in infrastructural development in the past,the PM highlighted the prevailing mentality that poverty is a virtue .

    He underlined that the present government has not only been successful in eliminating this mentality but also in making record investments in modern Infrastructure.

      Modi said the average construction of national highways has nearly doubled compared to what it was before 2014.Similarly, only 600 route km of railway track was electrified per years before 2014 which is now reaching 4000 km per year.He said the number of airports and seaport capacity have doubled as well.Elaborating on the role of states,the PM deferred to interest-free loans up to 50 year and budgetary expenditure for this being increased to the tune of 30%.