Infrastructure is pivotal to economic growth. The government's focus on the country's infrastructural needs through various schemes and policies is key to achieving the 2047 vision of reclassifying from a developing economy to a developed economy. In the aftermath of the pandemic, the focus rests not only on physical infrastructure but on digital and social infrastructure as well.
Looking to cash in on the opportunity, Gujarat-based infra major Shashijit Infraprojects has announced that it has secured a Letter of Intent (LOI) from Hari Developers for the construction of a commercial building.
Notably, the government's focus on India's infrastructural needs and increasing capital expenditure have paved the way for many businesses to play their part in achieving the target of becoming a developed nation when India celebrates 100 years of independence.
The upcoming project will be based in the Union Territory of Daman and will cost Rs 120 million. The project will not only contribute to the growth and advancement of the construction sector in the state but also create several employment opportunities.
"This underscores the steadfast commitment to excellence and delivering outstanding results. The project will transform into a resounding success and an exemplary representation of innovation and excellence," Ajit Jain, MD, said.
In the past few years, the government has developed various schemes and policies, including the National Infrastructure Pipeline (NIP), which emphasises social and infrastructure projects, including energy, roads, railways, and urban development projects worth Rs 102 lakh crore.
Notably, in the Budget 2023–24, the government emphasised the need for increased spending in the infrastructure sector. It tripled infrastructure spending to 3.3 per cent of GDP as compared to its spending in the financial year 2019–20.
The outcomes of government spending in the last few years on infrastructure projects have been striking. The country has been adding 20,000 km of highways annually. Since 2014, the total number of airports has doubled, and an upgraded train system is taking shape with high efficiency.