Saturday, 18 September, 2021

India plans $1.83tn investment in infra to boost growth

NEW DELHI: India aims to invest 100 trillion rupees (S$1.83 trillion) in infrastructure to boost economic growth and create jobs, Prime Minister Narendra Modi said on Sunday, laying out national priorities on the country’s 75th Independence Day.

The investments will be made in India’s logistics sector to help integrate the country’s varied modes of transport, Mr Modi said in a national address from the historic Red Fort in capital New Delhi. “This will cut travel time and increase industry productivity. It will help make Indian industry globally competitive and develop future economic zones.”

India plans to attract manufacturing investments to support its post-pandemic economy as it competes for global supply chains looking to move out of China, report agencies.

Mr Modi last week called for a target of US$400 billion in exports this financial year after last year’s numbers fell 7.2 per cent to US$290.6 billion. The government has also pushed for a rationalisation of labour laws, sought to reform agriculture and to amend tax laws amid rising risks to growth, including inflation.