India to spend big on green infrastructure
18 October 2023 17:21
Indians will spend Rs 143 lakh crore (€1.63 trillion) on infrastructure through 2030, an increase of more than 113 percent compared to similar investments in the period between 2017 and this year, according to CRISIL, a Mumbai-based credit agency. Around Rs 36.6 lakh crore (€420 billion) of that spending will fund green investments, a 500 percent increase in the same period.
The Mumbai-based company said the spending would run in parallel with India’s stellar growth. The country’s gross domestic product is expected to grow by 6.7 percent through 2031, becoming the world’s fastest-expanding large economy. Per capita income is expected to rise to $4,500 from $2,500 today.
“This growth will be underpinned by massive all-round infrastructure development, with sharp focus on integrating sustainability,” said CRISIL Managing Director and Chief Executive Officer Amish Mehta in a press release on October 17.
Government policies, entrepreneurs, and other factors have set the stage for this massive deployment of capital, added Mehta. Roads and highways, power transmission facilities, renewable energy generation, and ports are among the sectors that expect to expand.
Politicians, businesses, and others need to remain vigilant to make sure the company remains friendly to investors, researchers, and employees, Mehta stressed.
“The role of stakeholders cannot be overstated, and we need consistent policies, timely regulatory interventions, and relentless execution,” he said. “These are crucial to keep India’s infrastructure investment thesis compelling over the long term and draw in patient capital.” ce/jd