India to Invest Rs 143 Lakh Crore in Infrastructure Between 2024 and 2030: Crisil

India to Invest Rs 143 Lakh Crore in Infrastructure Between 2024 and 2030: Crisil

VoM News Desk | October 17, 2023 | 06:52 PM IST | Breaking News | Follow on Google News

India to Invest Rs 143 Lakh Crore in Infrastructure Between 2024 and 2030: Crisil

India to Invest Rs 143 Lakh Crore in Infrastructure Between 2024 and 2030: Crisil

India is set to invest nearly Rs 143 lakh crore in infrastructure between fiscal years 2024 and 2030, more than double the Rs 67 lakh crore spent over the past seven fiscal years, according to rating agency Crisil.

This expenditure includes Rs 36.6 lakh crore in green investments, marking a five-fold increase compared to the period between fiscal years 2017 and 2023. The surge in infrastructure spending is expected to drive India’s gross domestic product growth, making it one of the fastest-growing large economies.

The increased focus on sustainability and policy interventions have contributed to this infrastructure development.

Crisil anticipates that prominent sectors like roads and power will remain significant contributors, while emerging sectors such as electric vehicles (EVs), solar, wind, and hydrogen will gain momentum.

The share of EVs in India’s total automobile sales is projected to reach 30% by 2030, with two-wheeler EV sales outpacing other segments.

The renewable energy sector is also expected to experience substantial growth, with the share of renewable energy in total capacity estimated to increase fourfold between fiscal years 2023 and 2030.

Crisil believes that India’s first sovereign green bond issuance will stimulate the domestic bond market for green issuances.

Massive Infrastructure Investment Projected for India

India is expected to invest Rs 143 lakh crore in infrastructure between fiscal years 2024 and 2030, more than double the amount spent in the preceding seven fiscal years.

Sustainability and Policy Interventions to Drive Growth

India’s focus on sustainability and policy interventions is likely to result in increased infrastructure development and economic growth.

Renewable Energy and Electric Vehicles on the Rise

The renewable energy sector is set to grow significantly, and electric vehicles will gain traction, with a projected 30% share of India’s overall automobile sales by 2030.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.