- Infrastructure related issues.
National Infrastructure Pipeline
What to study?
For Prelims: Features of NIP.
For Mains: Funding, need for and significance.
Context: A task force to draw up a National Infrastructure Pipeline for each of the financial years from 2019-20 to 2024-25 has been constituted.
The Task Force is chaired by the Secretary, Department of Economic Affairs, Ministry of Finance.
About the National Infrastructure Pipeline and it’s significance:
- National Infrastructure Pipeline will ensure that infrastructure projects are adequately prepared and launched.
- It would include greenfield and brownfield projectscosting above Rs 100 crore each.
- Each Ministry/ Department would be responsible for the monitoring of projects so as to ensure their timely and within-cost implementation.
- It will help in stepping-up annual infrastructure investmentto achieve the Gross Domestic Product (GDP) of $5 trillion by 2024-25.
Need for infrastructure funding:
- In the past decade (2008-17), India invested about $1.1 trillion on infrastructure.
- Availability of quality infrastructure is a pre-requisite to achieve broad-based and inclusive growth on a sustainable basis.
- Investment in infrastructure is also necessary for sustaining the high growth rate of India.
- To achieve the GDP of $5 trillion by 2024-25, India needs to spend about $1.4 trillion (Rs. 100 lakh crore) over these years on infrastructure.