Vision 2047: Infra to be biggest driver for growth push
Live MintNew Delhi: India’s infrastructure sector is set to become the biggest driver for the country that aspires to become a $5 trillion economy soon and a developed nation by 2047. The newly adopted Vision 2047 document also lays emphasis entirely on infrastructure growth scaling up the pace of development of railways, roads, and ports surpassing most developed countries. Instruments like InvIT, ToT or asset backed securitisation are already there, and I strongly believe if we can create a strong ‘funding’ narrative, private capital will find its way into ‘financing’," said Sharma adding that there is also a need internationalise Indian infrastructure firms so that have access to more sophisticated practices, that private capital finds more comfort in. According to a recent report by American Investment Bank Morgan Stanley, India has transformed itself in less than a decade due to key policy choices like supply-side reforms, formalization of the economy, real estate regulation, digitizing social transfers, insolvency and bankruptcy reforms, flexible inflation targeting, focus on FDI, reforms in equity markets and government support for corporate profits among other measures.