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Government needs the support of private sector to fulfill all the infrastructure needs
Budget 2025: The government cannot fulfill all the infrastructure needs alone. For this, support from the private sector is necessary. There is a limit on budgetary expenditure, so it is necessary to encourage private investors. According to the Economic Survey, to develop like the rich countries of the world, the government needs the support of private investors. The capacity of private investors to think about projects should be increased.
A strong foundation structure is ready for developed India. However, this construction is not going to happen only with the support of the government. This foundation is the development of infrastructure. Despite a 3.3-fold increase in government expenditure in the last five years, private investors must come forward to achieve success like developed countries on the infrastructure front.
The survey recognizes that at a variety of government levels, budget restrictions apply, that is, government expenses cannot exceed that level. As per the survey conducted by the government, in an endeavor to make India develop in 2047, one will have to accelerate private investment in a variety of key sectors since it is realized that no one can depend exclusively on the government for everything.
The idea of such a survey is important in consideration of, out of a target of mobilizing Rs 4.30 lakh crore through private investment in 2022 to 2024, Rs 3.86 lakh crore could mobilize only. There will have to be a change in private investors' thinking regarding projects. There will have to be a change in their confidence in terms of taking a risk and, at the same time, in terms of profit sharing as well.
The survey also underlines the need for there should be a clear picture regarding contract management, resolution of disputes, and closure of the project, only then the confidence of private investors will be strengthened. The Modi government has given top priority to road construction, development of rail services and facilities, expansion of airports, and increasing their number as well as port development.
