Union Power and New and Renewable Energy Minister R K Singh has stated that the swift modernisation of India’s infrastructure, encompassing roads, telecommunications, and electricity, will facilitate India’s transformation into a developed nation by 2047. The minister made this announcement during a press conference intended to spotlight the country’s infrastructure growth under the current Bharatiya Janata Party (BJP) -led government.
“The Budgetary Allocation for Capital Expenditure has nearly quintupled since 2014 and tripled in the past four years. Not only has capital expenditure seen an uptick, but the efficiency of capital utilisation has also shown improvement. This is largely due to superior planning via the Prime Minister GatiShakti National Master Plan, following a ‘whole of Government’ approach,” Singh stated, highlighting India’s journey towards becoming a developed nation.
Singh further mentioned that project monitoring mechanisms such as the Pro-Active Governance and Timely Implementation (PRAGATI) meeting, presided over by the Prime Minister, and the Project Monitoring Group (PMG) have helped address numerous infrastructural development challenges, leading to a reduction in the number of stalled projects.
He presented an overview of the achievements of various ministries, including the Ministry of Road Transport and Highways, the Ministry of Rural Development, the Ministry of Railways, the Department of Telecommunications, the Ministry of Civil Aviation, and the Ministry of Ports, Shipping, and Waterways.
During the briefing, Singh also revealed that the Central Government is contemplating the initiation of the recently outlined carbon credit trading system for those countries that agree to purchase green hydrogen produced in India. Officials from the ministry clarified that this scheme would be restricted exclusively to the regulated carbon credit market, and not extend to the voluntary one.
“We are engaged in discussions for bilateral agreements with several nations on these grounds, with Japan being one such nation,” Singh said.
In June, the Union Government, through a gazette notification, gave its approval for the establishment of India’s first domestic regulated carbon market. The ‘Carbon Credit Trading Scheme, 2023’, which was initially announced under the Energy Conservation Act, is designed to set up a carbon credit trading market within the country.