Budget 2019: PPP to help faster development of Indian Railways, says Nirmala Sitharaman

Finance Minister Nirmala Sitharaman revealed Modi government's plan to bet on Public Private Partnership model for faster development of the Indian Railways during her Budget 2019 speech. "Railway infra would need an investment of 50 lakh crores between 2018 and 2030; PPP to be used to unleash faster development and delivery of passenger freight services," she said. Budget focuses on leveraging Public Private Partnerships to unleash progress on infrastructure creation in India including in Railways Rolling stock and passenger & freight services, said Amit Gupta, Director, Deloitte Touche Tohmatsu India LLP, while reacting to the announcement.

The finance minister also believes that schemes such as BharatMala, Sagarmala and UDAN are bridging rural urban divide and improving our transport infrastructure. She said that the government plans to use rivers for cargo transportation, which will also decongest roads and railways. 

"Budget focus on improving logistics infrastructure in the country and reducing the cost of transportation and bridging rural and urban divide by pushing for all forms of physical connectivity through Dedicated Freight Corridor, Bharatmala, Jalmarg Vikas Project and Sagarmala," Gupta said.

Sitharaman was full of praises for the Modi government. Hailing the efforts of the NDA governemnt, the Finance Minister said, "It took us over 55 years to reach $1 trillion dollar economy. But when the hearts are filled with hope, trust & aspiration, we in just 5 years, added $1 trillion."Sitharaman said that the recent election was charged with brimming home and desire for a bright and stable 'New India'. "Voter turnout was highest; every section came to stamp their approval for performing Government," she said. 

While addressing the Lok Sabha, the finance minister said, "Finance Minister Nirmala Sitharaman at Lok Sabha: The first term of PM Narendra Modi led NDA govt stood out as a performing govt. Between 2014-2019 he provided a rejuvenated centre-state dynamics, cooperative federalism, GST council and strident commitment to fiscal discipline."

She also quoted an Urdu couplet 'Yakeen ho to koi raasta niklata hai, hawa ki ot(protection) bhi le kar charagh jalta hai'. The Finance Minister praised the efforts of the Modi government by saying that the Indian economy will grow to become a $3 trillion economy in the current year itself. "It is now the sixth largest in the world. 5 years ago it was at the 11th position," she said.

The former Defence Minister quoted a Chanakya Neeti sutra which says 'Kaarya purusha kare na lakshyam sampa dayate'. This means with determined human efforts the task will surely be completed.

"When we aspire to reach 5 trillion dollars, many wonder whether it is possible; the target is eminently achievable, given our citizens' desire and the leadership of the Government," the finance minister said while adding that India Inc, our job creators, are the nation's wealth creators; together, we can prosper. "I wish to propose no. of reforms to kickstart virtuous cycle of growth," she said.