In order to really improve overall economic growth and community well being, Niti Aayog CEO Amitabh Kant said India will need around $4.5 trillion till 2040 for development of infrastructure sector in the country. He further stated that there is an urgent need to restructure entire existing public private partnership (PPP) framework as there are delays in completion of infrastructure projects due to disputes.
Besides, he pointed out that the government has been focussing on the infrastructure sector. Track record of the last four years has shown that all spending in the infrastructure sector across railways, airports and road came from the government.
Additionally, Kant said India is growing at the rate of 7.5% per annum and challenge is to grow at higher rates. Therefore, the country needs to focus on building quality infrastructure. He also highlighted that the cost of transportation in India is very high. Besides, he noted that there is a pressing need of leveraging alternate and newer source of financing of infrastructure projects.