Economic Infrastructure – 21st Century indispensable tool for the development of an Economic in India
Economic infrastructure is a significant part of the improvement of any country. It does not produce anything directly but provides facilities for all the economic activities. It is also true that the country’s economic development is directly interrelated to the economic process. Assuming we see the created nations have done a lot of development because of their amazing infrastructure. According to the World Development Report 2003, the position of India in infrastructure development among 47 industrialized countries of the world is that the lowest. The inflow of foreign capital to our country has been affected to a good extent by the deficiency of sufficient and quality infrastructure.
In the year 2003, World Development Report has ranked India at rock bottom among the 47 industrialized countries in terms of infrastructure development.
Economic Infrastructure Development in India
The development of Infrastructure could be a keen factor for the development of a country. In the year 1947 after we got Independence that point the Indian economy is in its worst condition. Within the first five-year plan the half of the whole expenditure was given for the infrastructure facilities. From that time till now in our, every one of the five years plans half of the cost was given to the Infrastructure which leads India among the foremost capable developing country within the world. Whenever we discuss the economic development of a country, agriculture and industry are sorts of a pillar of it. And if our infrastructure is nice definitely the agricultural and industrial production will increase.
For the production, whether it’s industrial or agricultural we require machinery, equipment, energy, banking, good transport services, and communication facilities.
Public and Private Sectors’ contribution to Economic Infrastructure
In the year 1991, the government has given more importance to the private sector in infrastructure development. the public and personal partnership help to encourage to return out from the price recovery, management, accountability to encourage the private sector in On infrastructure government has given tax exemption on dividend, an interest that was gained by the long-run capital gained by the companies who are indulged within the infrastructure facility. The government has also given tax rebate limits for investment within the shares offered by the infrastructure companies.
Infrastructure and Public-Private Partnership (PPP)
When it involves economic process and poverty reduction it’s the infrastructure that plays the key role it. PPP is a few things that help to decrease the gap between the public and the private sectors and it’ll also help to enhance the efficiency of the public sector. History shows that the work done by the private sector is higher in quality than the govt. one.
The government is trying hard for the event of infrastructure for the expansion of the economy and that they have succeeded in it also. What we are at the time of independence and now what quantity development was seen. Now Indian is among the foremost developed and advanced developing countries within the world. Thank you bye-bye!