The government has launched the National Infrastructure Gas Pipeline (NIP) under which it has planned to invest 111 crore lakhs in infrastructure projects by 2024-25, upholding Prime Minister Narendra Modi’s vision of making India an economy of $ 5 trillion in the next five years, Union road Transport and Highways Minister Nitin Gadkari said on Tuesday.
Gadkari spoke at a special session on the CII Association Summit 2020, organized by the Confederation of Indian Industry (CII) in collaboration with the Department of Promotion of Industry and Domestic Trade (DPIIT).
Stating that the Center is continuously working to improve infrastructure, Gadkari said: “The National Infrastructure Gas Pipeline (NIP) is the first exercise of its kind to provide world-class infrastructure across the country and improve the quality of life for all citizens “.
Gadkari announced that the government aims to invest Rs 25 million lakh in the road sector. He added that two major major road projects, Amritsar-Ajmer and Delhi-Amritsar-Katra, worth 65 billion rupees, were also being planned.
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Gadkari also stated that while the pandemic has negatively affected the MSMEs sector, the Government has undertaken appropriate policy interventions, including the change in the definition of MSMEs, the Credit Guarantee Scheme, the Capital Subsidy Scheme Linked to Credit and the MIPYMES cluster development program to make the sector self-sufficient.
“With the global realignment that is taking place, MSMEs would play a great role in redefining their contribution to the Indian economy. The Government has plans to expand the contribution of MSMEs from the current 30 percent to 40 percent of GDP, “added the minister.
Underlining the importance of aligning with global value chains (GVCs), Gadkari added that since 80 percent of world trade is carried out through global value chains, and most of the companies involved in GVCs are companies The government has taken several steps in this direction, including the adoption of technologies such as Artificial Intelligence and machine learning to strengthen the sector and also boost global exports.
Gadkari also pointed out that reforms such as lowering corporate tax rates, 100 percent tax exemption for investors, and the implementation of GST have positioned India as a competitive market in the world, particularly in terms of ease of paying. taxes.
The minister added that the government is committed to providing an enabling environment and transparent policy framework for investors and is confident that India will become a major global investment destination.
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