New Delhi: Morgan Stanley has praised India’s PM Gati Shakti scheme, highlighting its success in boosting infrastructure and multi-modal connectivity across highways, railways, and ports. This has spurred economic growth and given India an edge over China.
Key Points from the Report:
- Infrastructure Investment: India’s infrastructure investment is projected to increase from 5.3% of GDP in FY24 to 6.5% by FY29. This translates to a robust 15.3% CAGR, resulting in $1.45 trillion in cumulative spending over the next five years.
- Global Comparison: Contrary to popular belief, India’s physical infrastructure already compares favorably to China’s when considering GDP differential.
- Logistics Excellence: The World Bank’s Logistics Index Report, 2023, shows India’s average container dwell time at ports is three days, better than countries like the USA and Germany.
- Ports Turnaround: Indian ports have a turnaround time of 0.9 days, outperforming the USA (1.5 days), Australia (1.7 days), and even Singapore (1.0 days).
- Growth in Cargo Handling: In FY24, ports saw a 7% cargo growth, with major ports handling 53% of the total cargo.
PM Gati Shakti Highlights:
- Launched by PM Modi in October 2021, it integrates 16 ministries for coordinated implementation of connectivity projects.
- 101 projects worth ₹60,900 crore identified in the ports and shipping sectors.
- As of April 2023, 26 projects worth ₹8,900 crore completed, 42 projects worth ₹15,340 crore under development, and 33 projects worth ₹36,640 crore under implementation.
- The Ministry of Ports, Shipping, and Waterways is implementing a comprehensive port connectivity plan in collaboration with highways and railways ministries.
Sagarmala Programme:
- 220 projects worth ₹1.12 lakh crore completed.
- 231 projects worth ₹2.21 lakh crore under implementation.
- 351 projects worth ₹2.07 lakh crore under evaluation.
National Waterways: Development of efficient and eco-friendly transport for cargo and passengers is also underway.
Bottom Line: The PM Gati Shakti scheme is transforming India’s infrastructure landscape, positioning it favorably against global benchmarks and boosting economic growth.
