In countries like South Korea and China, the economic condition has changed significantly due to the development of the infrastructure and establishment of multi-modal corridors. India is also on a similar economic path and efforts are being made to improve multi-modal connectivity through the Gati Shakti programme. Initiatives were taken to develop railways, roads, ports and waterways. These multi-modal corridors ensure seamless movement, making movement of people, goods and services easy. Recently, the National Highway Authority of India (NHAI) created a record by laying 75 km road within five days and entered the Guinness Book of World Records. It has developed 10,457 km in the first quarter of FY 2022.
Despite the adverse conditions, the Indian economy has withstood the financial crisis and is projected to grow by 7.5 percent in fiscal 2022-23 and 7.1 percent in 2023-24, according to the World Bank. The inherent strength of the economy and the favourable environment are likely to sustain growth. Industrial and warehousing sector will grow due to major focus on infrastructure.
- India’s e-commerce segment which is $38 billion in 2021, is expected to reach $120 billion by 2026.
- One hundred percent FDI has been allowed in cash and carry and single brand retail segments.
- With the Central government permitting 51 per cent FDI in the e-commerce segment, it is estimated to grow from 46 billion dollars in 2020 to 350 billion dollars by 2030.
- Warehousing and logistics sector play a key role in the growth of e-commerce and retail sectors. This sector which is valued at $705 billion in 2020, will reach $1.8 trillion by 2030.
1.4 trillion dollars
- India is spending $1.4 trillion under Gati Shakti programme.
- Between 2020-25, $1.5 trillion are being spent to develop world-class infrastructure across the country.
- 6,835 projects started under the National Infrastructure Pipeline (NIP) and expanded to 9,335 projects.
