Government Infrastructure Expenditure Reaches Rs 11 Lakh Crore in 2024, Up from Rs 2 Lakh Crore in 2014: Scindia
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Synopsis
Union Minister Jyotiraditya Scindia announced that government infrastructure spending reached Rs 11 lakh crore in 2024, a significant rise from Rs 2 lakh crore in 2014, under the Modi government. He discussed the budget's focus on empowering key demographics and the country's strong economic growth.
Key Takeaways
- Government infrastructure spending increased to Rs 11 lakh crore in 2024.
- Focus on empowering poor, farmers, women, and youth in the budget.
- 6,000 km of national highways and 2,031 km of railway lines constructed.
- India's GDP growth at 6.5%, with agriculture at 3.5%.
- Banking NPAs reduced from 11.5% to 2.6%.
- Indian Postal Department's transformation into logistics centers.
New Delhi, Feb 10 (NationPress) Union Minister Jyotiraditya Scindia emphasized that government spending on infrastructure projects, including highways, railways, and ports, has dramatically increased to Rs 11 lakh crore in the past year under the Modi administration, contrasting sharply with the mere Rs 2 lakh crore allocated annually during the previous UPA government.
While discussing the budget's objectives, the Communications Minister informed reporters that Prime Minister Narendra Modi views the poor, farmers, women, and youth as the four main categories in India. The Budget for 2025-26 aims to empower these groups.
The minister reported that a total of 6,000 km of national highways have been built, and new railway lines have been established over 2,031 km within the last year.
In addition, 10,700 villages have seen the installation of telecom towers to enhance connectivity in rural areas.
Scindia pointed out that India has become the fastest-growing economy, with a GDP growth rate of 6.5 percent, while the global average stands at 3.2 percent.
The agriculture sector has also achieved a notable growth rate of 3.5 percent, he added.
"Our goal is for India to become the third-largest economy by 2027, surpassing Germany and Japan in the next two years. We aim for India to achieve a $5 trillion economy by 2028 and $6 trillion by 2030," the minister stated.
Scindia noted that the banking sector was burdened with a significant non-performing assets (NPA) ratio of 11.5 percent in 2014, a remnant of the former UPA government.
However, the Modi government has revitalized the banking system, reducing NPAs to 2.6 percent, which has facilitated credit expansion and economic growth.
Emphasizing the inclusive development occurring in India, Scindia mentioned that the Indian Postal Department, with its 1.64 lakh post offices and four lakh postmen, will be transformed into logistics centers.
These centers will provide services like parcels and e-commerce across the nation, particularly in rural areas.
Moreover, 2.12 lakh gram panchayats have been connected via BharatNet, with efforts ongoing to expand broadband connectivity to all village panchayats in the country, the minister added.
