Mansukh Mandaviya Calls for Rs 15 Lakh Crore Annual Infrastructure Investment to Achieve ‘Viksit Bharat by 2047’ Vision
Union Minister Mansukh Mandaviya has emphasized the necessity of significantly increasing India’s annual infrastructure budget to Rs 15 lakh crore, a crucial step to realizing the country’s vision of becoming a developed nation, ‘Viksit Bharat’, by 2047. Addressing the inaugural session of the ISSA-ESIC International Seminar, Mandaviya outlined how this enhanced investment in infrastructure will be critical to sustaining India’s robust economic growth and meeting the social security needs of its expanding workforce.
Currently, India’s infrastructure budget stands at Rs 11.5 lakh crore. However, Mandaviya urged that this needs to rise to Rs 15 lakh crore per year over the next 25 years to transform the country by its 100th year of independence. The minister highlighted India’s progress from 2012, when the infrastructure budget was only Rs 1.2 lakh crore, to Rs 2.4 lakh crore in 2014, and the current allocation of Rs 11.5 lakh crore in 2024. Despite these increases, Mandaviya stressed that greater investment is necessary to meet long-term development goals. The minister further discussed India’s rapidly growing economy, which is driving higher purchasing power and creating new employment opportunities in emerging sectors like gig and freelance work. This shift, according to Mandaviya, necessitates a broader social security coverage to support workers in these evolving industries. He also shared the government’s significant strides in social security, noting that the coverage has increased from 24% in 2014 to 48% today, and with food security included, it now reaches 68%. The expansion of healthcare benefits has ensured that 600 million people now have access to health security, offering free treatment up to Rs 5 lakh.
Food security measures have been similarly expanded, now covering 800 million people with a monthly allocation of 5 kg of free foodgrains per person. These social security initiatives have lifted 250 million people out of poverty in the last decade. In addition, the increase in female workforce participation, from 22% to 44%, highlights the government’s efforts to create an inclusive economy. Mandaviya also highlighted India’s progress as a global market, with rising Foreign Direct Investment (FDI) and improvements in the Ease of Doing Business rankings, which have improved from 140th place to 63rd over the past decade. India’s growing startup ecosystem is another testament to the country’s evolving economic potential. Reflecting on the teachings of ancient philosopher Chanakya, Mandaviya emphasized that India’s economy should ensure dignity for all, particularly the poorest sections of society. As such, he stressed the need for all workers, including those in informal sectors, to receive social security benefits, encompassing health, pensions, and livelihood support. Looking ahead, Mandaviya pointed out that achieving the ‘Viksit Bharat’ vision by 2047 depends on sustained infrastructure investment and expanded social security measures for India’s growing and evolving workforce. He concluded by reaffirming the government’s commitment to the infrastructure and social security sectors, ensuring that India will continue on its path toward becoming a developed nation, with inclusive growth benefiting all citizens, irrespective of their employment status or sector.
