Infrastructure Opportunities Aplenty
As the country looks to grow faster than ever, the need for high quality infrastructure cannot be ignored
India’s economy is big and getting bigger by the day. Experts estimate that come 2050, India will become the world’s third largest economy. Ergo, it becomes imperative that in order to unlock the full potential of the economy we must have the infrastructure to back it all up.
Indeed, very nearly all of the infrastructure sectors present excellent opportunities for investment and focus, with roads and highways, ports and airports, railways and power standing out as particular bright spots. It is little surprise then to see staggering sums of investment planned. Public private partnerships (PPPs) are gaining in importance, and are benefiting from government support as well. It is a symbiotic relationships with much to be gained for both sides.
However, it must be said that the link betweeninfrastructure and economic development is not a one-time affair. Progress in infrastructure is vital if we are to realize our dreams of generating a self-accelerating process of economic development. Even though economic growth has slowed down, the expansion of infrastructure is vital if we are to further the prospects of economic growth.
The dream is clear; the nation is looking to build 100 Smart Cities across the country and Rs 7,060 crore was set aside in the 2014 Budget. But the question remains, is this an idea whose time has come, and why should we pursue it?
As India’s urban populace explodes, smart cities can be a magnet for greater investment since they use the transformative power of technology. Technology is a powerful enabler, and its use in diverse areas such as monitoring traffic, improving energy provision, collating health care information, predict traffic patterns and much more will create a ripple effect in terms of how our cities will operate in the years to come.
Make no mistake, there is a genuine need for this. By 2050, the world’s population is projected to be more than 9 billion, with roughly 70% of them residing in urban areas. As more people flock to cities, there is an urgent demand for smarter, more sustainable cities. However, while shifting investment toward technology-savvy infrastructure in cities can be seen as a positive step, regulating how this technology is leveraged will be key in creating meaningful, long-lasting change.
While leveraging the latest technologies can result in safer, more efficient cities with a higher quality of life, for their full potential to be unlocked we will need more effective governance that responds rapidly to citizen needs. Many Indian cities see inadequate cooperation among different sectors of government, and this can manifest itself in ineffective spending that fails to create the desired impact. For instance, data shouldn’t be kept in silos and instead shared, for it can help in better decision making.
Smart cities should also be evaluated based on their ability to provide equitable economic opportunity and access to basic infrastructure for all residents. If done right, smart cities can deliver improved services and a better quality of life.
The 3rd edition of the Economic Times Infra Focus Annual Summit will look to bring together key stakeholders to discuss issues critical to the sector including unification of various industry verticals for stronger development, environmental and regulatory clearances, newer models of PPP and securing finances that will help the industry move to the next level.The Economic Times Infrastructure Summit in its 3rd edition promises to bring revolution in the field of urbanization in the country.
About the Author
The author of this article is associated with Times Conferences Ltd., an organization that empowers industries and segments by sharing critical business knowledge through strategic conferences and summits.
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