Union Finance Minister Arun Jaitley on Monday announced a slew of measures to boost infrastructure and investment in the country, with a focus on roads and highways. He also announced steps to re-vitalise PPPs.
Here are the details:
INFRASTRUCTURE AND INVESTMENT
* Total investment in the road sector, including PMGSY allocation, would be Rs 97,000 crore during 2016-17.
* India’s highest ever kilometres of new highways were awarded in 2015.
* To approve nearly 10,000 kms of National Highways in 2016-17.
* Allocation of Rs 55,000 crore in the Budget for Roads.
* Additional Rs 15,000 crore to be raised by NHAI through bonds.
* Total outlay for infrastructure – Rs 2,21,246 crore.
- Government spending rises 27 per cent to Rs 6.5 lakh crore in Q1 FY18: Arun Jaitley
- Union Budget 2017-18: Income tax relief, political funding, highlights of Arun Jaitley's fourth budget
- Budget 2016: Rs 25K cr falls short of PSU banks’ hopes
- Budget 2016: Everything you need to know
- Budget 2016: Here's how Jaitley proposes to revive the transportation sector
- Budget 2016: Arun Jaitley tables pro-rural budget, tax sops for small income Indians
* Amendments to be made in Motor Vehicles Act to open up the road transport sector in the passenger segment
* Action plan for revival of unserved and underserved airports to be drawn up in partnership with State Governments.
* To provide calibrated marketing freedom in order to incentivise gas production from deep-water, ultra deep-water and high pressure-high temperature areas
* Comprehensive plan, spanning next 15 to 20 years, to augment the investment in nuclear power generation to be drawn up.
Steps to re-vitalise PPPs:
* Public Utility (Resolution of Disputes) Bill will be introduced during 2016-17
* Guidelines for renegotiation of PPP Concession Agreements will be issued
* New credit rating system for infrastructure projects to be introduced
* Reforms in FDI policy in the areas of Insurance and Pension, Asset Reconstruction Companies, Stock Exchanges.
* 100% FDI to be allowed through FIPB route in marketing of food products produced and manufactured in India.
* A new policy for management of Government investment in Public Sector Enterprises, including disinvestment and strategic sale 7 approved.