New Delhi: International Road Federation (IRF) a global road safety body working for better and safer roads worldwide has welcomed the stepped-up investment on highways and infrastructure projects in the union budget for the year 2022-23 has welcomed the mammoth budgetary support of Rs 20,000 crore for expansion of 25,000 km of National highways during 2022-23.
IRF also welcomed the thrust of the budget on seven growth engines of PM Gati Shakti including roads, railways, airports, ports, mass transport, waterways, and logistics.
“The Union government in its budget has emphasized on providing a massive push to all kinds of mobile connectivity by taking forward programs across various key sub-sectors such as roads, rail, inland waterways, air connectivity. There was a dire need to give impetus to the infrastructure sector in view of its capital-intensive nature and long gestation period for infrastructure projects. Hence, augmented budgetary allocation, would ensure time-bound creation of world-class infrastructure and propel India’s overall development.” Said Mr. K K Kapila, President, Emeritus, International Road Federation (IRF) and former co-chairman, FICCI Infra committee reacting to the Union budget presented by Union Finance Minister Mrs. Nirmala Sitharaman.
“From highway construction to expansion in other mobility infra sectors will work as key drivers for the Indian economy and the most tangible evidence of the nation’s progress. Investment in the infrastructure and mobility sector has a cascading impact on all sectors such as the banking and financial sector, logistics, power sector. The infrastructure sector also aids in the employment generation and socio-economic development of the country. “ Mr. Kapila said.
“The government reiterated its commitment towards infrastructure development over the medium term which will result in long-term benefit to the economy. This will give a boost to the logistics sector and overall manufacturing sector by reducing transportation costs. Stepping up capital expenditure will help boost economic growth while strengthening infrastructure and creating enormous employment “ said Mr. Satish Parakh, President, IRF India chapter.