Infrastructural development plays a pivotal role in driving the overall growth of the economy. India made a crucial development in the field of infrastructure during 2022. Integrating with ‘Make in India’ and the production-linked incentives (PLI) scheme, the ruling establishment at the Centre launched the National Infrastructure Pipeline to boost the development of the infrastructure sector.
The country has been investing heavily in transportation, energy, and telecommunications sectors, and has made significant improvements in the availability and quality of these services. In order to achieve its target of USD 5 trillion economy by 2025, the country has zeroed in on investing in the development of power plants, dams, bridges, highways, railways and urban infrastructure.
India needs a good amount of investment for the development of the infrastructure sector to ensure its perpetual growth at a fast pace. India’s infrastructure sector will be looking eagerly at the annual Budget 2023 to be presented by Union Finance Minister Nirmala Sitharaman on February 1.
Here are some major infrastructure development projects in 2023 to watch out for:
Chenab River Railway Bridge
Chenab River Railway Bridge is a part of the Udhampur-Srinagar-Baramulla Rail Link project. With a budget of USD 92 million, the 1.3-km long project will connect Kashmir valley with the rest of India. Chenab River Railway Bridge is a joint venture of Afcons Infrastructure (India), VSL India and Ultra Construction and Engineering company from South Korea.
The Delhi-Mumbai Expressway is billed to be one of the most significant government projects. The Delhi-Mumbai motorway will shorten the distance between the two major cities. The first quarter of 2023 could witness the completion of the project.
Narmada Valley Development Project
Narmada Valley Development Project, estimated to cost around USD 30 billion, will execute the water resource management in the Narmada Valley river. Under this project, canals and dams will be constructed along the river basin, which will generate electricity and facilitate the water system for the purpose of drinking and irrigation.
Navi Mumbai International Airport
To cater to the needs of air passengers in the Mumbai Metropolitan Region, City and Industrial Development Corporation is working on the Navi Mumbai International Airport Project. Once completed, it could accommodate around 60 million people as well as 1.5 million tonnes of cargo annually.
The Bharatmala Project will improve road connectivity by constructing 34,800 kilometres of national highways and border roads. The project, with estimated budget of USD 130 billion, will cover the constructions of national highways, bridges, flyovers, bypasses, ring roads, elevated corridors, tunnels and overpasses across the country.
Inland Waterways Development
tUnder The development of Inland Waterways, the government aims to construct 111 National Waterways in India, which will enable easier movement of ships and cargo. With technical assistance from the World Bank, the project, costing USD 600 million, is expected to be finished by March 2023 .
Mumbai Trans Harbour Link
The Mumbai Trans Harbour Link (MTHL) aims to connect the Mumbai-Pune Expressway on the eastern side and Coastal Road. With a budget of USD 2.2 billion, the Mumbai Trans Harbour Link project is 21.8 kilometres long, which will have 6 lanes with a holding capacity of 70,000-80,000 vehicles annually.