To promote the expansion of the infrastructure sector, the Government of India (GoI) has introduced programmes like Make in India and Production-Linked Incentives (PLI) schemes.
The Indian economy is poised for expansion as a result of the Central Government’s strategic emphasis on the infrastructure sector. This will be more effective and significantly contribute to the development of the nation. The Union Budget for 2023–24, presented by Nirmala Sitharaman, the Union Finance Minister, placed a strong emphasis on enhancing the nation’s infrastructure environment, whether by building a strong road network, railroads, or airports, or by just innovating new projects. A commendable job has been done by the central government in concentrating its resources on the infrastructure sector. The National Infrastructure Pipeline projects have a five-year budget for infrastructure spending of more than $ 1.4 trillion.
India’s target of $ 5 trillion can be reached by 2025, allowing for the timely completion of a development plan. To promote the expansion of the infrastructure sector, the Government of India (GoI) has introduced programmes like Make in India and Production-Linked Incentives (PLI) schemes.
First off, government capital expenditures in the transportation and logistics industries have climbed to Rs 10 lakh crore, or nearly 3 per cent of our GDP. This action would have an impact on a number of industries, including the textile industry, which might gain from a seamless and long-lasting infrastructure model.
The government has also allocated a sizable amount of funding to modernise our nation’s overall transportation infrastructure, which will significantly raise the bar for our supply chain infrastructure. For the textile sector to empower SMEs, MSMEs, and retail as well, this is crucial.
Particularly, the textile industry is well positioned to benefit from the substantial infrastructural growth that will assist this industry further overcome its issues. The sector would benefit from the ‘ease of doing business’ improvements made to programmes like the PM Mitra Park Program, which can assist India transition from just a conventional textile industry to a global MMF (man-made fibre) hub and technical textile powerhouse.
Author: Dr SN Modani | News source: Financial Express