During (1999-2004), the NDA Government-led by Atal Bihari Vajpayee, as part of its emphasis on the infrastructural development of the country, launched Golden Quadrilateral project and Pradhan Mantri Gram Sadak Yojana.
The Narendra Modi Government has taken several steps to keep its commitment made in its poll manifesto to give the infrastructure sector the required boost.
Apart from proposing to attract private domestic investment and FDI in infrastructure. The Railway Budget 2014 has proposed to start bullet trains and set up a Diamond Quadrilateral rail network connecting major metros.
Finance Minister Arun Jaitley, in the Union Budget, announced a series of measures to push the infrastructure sector. He launched 'Shyama Prasad Mookerjee Rurban Mission' that aims at urbanisation of rural areas and creation of civic infrastructure and associate services.
Jaitley announced Deendayal Upadhyaya Gram Jyoti Yojana with an outlay of Rs 500 crore for rural electrification. He allocated `14,389 crore for Pradhan Mantri Gram Sadak Yojna (PMGSY).
The Budget aims to set up Rural Infrastructure Development Fund (RIDF) by an additional Rs 5,000 crore. Besides this, the government has earmarked Rs 100 crore for Agri-tech infrastructural funds.
The Budget has set aside Rs 2250 crore to modernise boarder infrastructure and `5,000 crore for scientific warehousing infrastructure.
Jaitley stressed upon strengthening the Special Economic Zones (SEZs) to develop better infrastructure, and make the SEZs effective instruments for employment generation, industrial production and export promotion.
Another highlight of the Union Budget is its proposal to set up Infrastructural Investment Trusts (InvITs) and Real Estate Investments (REITs). REITS are already being used as instruments to attract investment in the real estate sector abroad.
Recognising the importance of PPP (Public Private Partnership) in infrastructural development, the Budget has proposed an institution called 3P and earmarked Rs 500 crore.
Last updated On: 25th July 2014
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