New Delhi, Sep 10: India is shifting its policy focus to fast-tracking approvals for large-scale infrastructure projects under the ‘Viksit Bharat 2047’ plan after pushing the Goods and Services Tax (GST) reforms.
The government has asked ministries to fast-track approvals for projects of national importance, prioritising projects that touch multiple states or transform entire sectors, according to government officials. Further, the road transport ministry has set a target of 50,000 kms of access-controlled highways to be built over the next 10 to 12 years at an estimated cost of Rs 20 lakh crore, reports said.
The Union Budget for FY26 earmarked Rs 11.21 lakh crore for infrastructure spending, but officials said the public-private partnerships (PPP) will be aggressively promoted in projects with strong return potential to ease pressure on state finances.
“Bundling of projects is being done to move them quickly for approvals. PPP will be the key to financing high-return ventures,” as per the officials. The goal is to sustain India’s 7.8 per cent GDP growth in Q1 FY26 amid global tariff pressures and geopolitical risks.
The World Bank has highlighted that India should raise its real investment rate from 33.5 per cent of GDP to 40 per cent by 2035 to sustain long-term growth. India’s rising infrastructure needs underpin the nation’s urbanisation, climate commitments, and economic growth aspirations.
Capital expenditure shot up to a robust Rs 2.75 lakh crore during the April-June period, amounting to 24.5 per cent of the full-year target, reflecting the government’s investments in big-ticket infrastructure projects to push growth and create more jobs.
Meanwhile, on the back of the robust performance in Q2 2025 (7.8 per cent growth), global rating agency Fitch has revised up its forecast for the fiscal year ending March 2026 (FY26) to 6.9 per cent in its latest outlook, from 6.5 per cent in the June report.
IANS