Mandaviya Stresses Need for Rs 15 Lakh Crore Annual Infra Budget to Achieve ‘Viksit Bharat’ Target
Mandaviya Urges Rs 15 Lakh Crore Annual Infra Investment to Realise ‘Viksit Bharat’ Vision. Union Minister Mansukh Mandaviya has made a compelling case for increasing India’s annual infrastructure investment to Rs 15 lakh crore to achieve the ambitious ‘Viksit Bharat by 2047’ vision. Speaking at the inaugural session of the ISSA-ESIC International Seminar on “Formalization & Social Security Coverage for Workers in the Informal Sector,” Mandaviya stressed that this increase in the infrastructure budget is critical to sustaining India’s rapid economic growth and meeting the social security needs of its citizens.
Currently, the country’s infrastructure investment stands at Rs 11.5 lakh crore. However, the minister believes that a significant ramp-up to Rs 15 lakh crore per annum is required over the next 25 years to transform India into a developed nation by its 100th year of independence in 2047. Reflecting on the government’s progress, Mandaviya pointed out that in 2012, India’s infrastructure budget was just Rs 1.2 lakh crore, which increased to Rs 2.4 lakh crore in 2014 under the Narendra Modi-led government. In 2024, the government is investing Rs 11.5 lakh crore, but Mandaviya emphasised that this amount must grow further to meet long-term development goals. Mandaviya also discussed India’s rapidly expanding economy, which is increasing purchasing power and creating new jobs, particularly in emerging sectors like gig and freelance work. This shift necessitates expanded social security coverage for workers in these new industries. The minister noted that the government is committed to providing social security benefits, including health, pension, livelihood, and food security, to all workers.
In a notable achievement, Mandaviya revealed that social security coverage in India has risen from 24% in 2014 to 48% today, not including food security. When food security is factored in, the figure jumps to 68%, marking a significant improvement. Today, 600 million people in India have access to health security, with free treatment of up to Rs 5 lakh. The government has also extended food security to 800 million people, providing 5 kg of free foodgrains per person every month. Mandaviya highlighted that these social security measures have been pivotal in lifting 250 million people above the poverty line in the last decade. Moreover, the number of women participating in the workforce has increased dramatically from 22% to 44%, reflecting the government’s successful focus on creating an inclusive economy.
Mandaviya also spoke about the strides India is making in becoming a major global market, with increased foreign direct investment (FDI) and improved ease of doing business. India’s ranking in the Ease of Doing Business index has risen from 140th a decade ago to 63rd today. The country’s growing startup ecosystem is a testament to this progress, with Indian companies now poised to become global players. The minister further quoted the teachings of Chanakya, an ancient Indian philosopher, who advocated for an economy that ensures dignity for the poorest sections of society. Mandaviya stressed that every worker, whether in the formal or informal sector, must be entitled to social security. This includes not only employees but also self-employed individuals who should benefit from government schemes aimed at providing health, pension, and livelihood support.
Looking ahead, Mandaviya stressed the importance of the next 25 years in realising the vision of a ‘Viksit Bharat’ by 2047. Achieving this goal requires significant infrastructure investment and social security measures to support the expanding workforce in emerging sectors. With the right policies and continued progress, India is on track to become a developed nation and a global economic powerhouse, offering social security for all workers, both formal and informal. The government’s focus on infrastructure development and social security is central to India’s journey toward inclusive growth, where all citizens—regardless of sector or employment status—can benefit from the fruits of the country’s economic progress. With the minister’s call for a substantial increase in the infrastructure budget, India is poised for an era of transformative change, with the goal of achieving sustainable and equitable development for all its citizens by 2047.
