02-09-2017, 12:06 PM
Given that the growth of the economy in general and of the manufacturing sector in particular depends to a large extent on the creation of adequate infrastructure, the focus of policy in India has been on investment in infrastructure. This investment has multiplied over time and has increased the participation of the private sector in the country. The Twelfth Five-Year Plan has also placed special emphasis on infrastructure development, since quality infrastructure is important not only to maintain high growth, but also to ensure that growth is inclusive. Large infrastructure investment over the last decade has helped India emerge as one of the fastest growing economies in the world. However, in recent years there has been a need to launch stagnant infrastructure projects, intensifying investment in infrastructure, improving productivity and quality of infrastructure spending, eliminating procedural bottlenecks and improving governance. In the current perspective, the real challenge is not only to identify a basic set of projects that are crucial for accelerating overall economic growth, but also to ensure the channeling of investments for viable infrastructure projects and to streamline their implementation by addressing issues such as delays in regulatory approvals, acquisition and rehabilitation of land in fast-track mode