CARGOCONNECT-AUGUST2024 - Flipbook - Page 8
FRONTLINE
NARENDRA MODI
Prime Minister of India
PIYUSH GOYAL
Union Minister for Commerce
and Industry
ASHWINI
VAISHNAW
Union Minister for Railways,
I&B, Electronics and IT
RAJESH KUMAR
SINGH
Secretary, Department for
Promotion of Industry and
Internal Trade (DPIIT)
Viksit Bharat @ 2047 is ambition of every
Indian. States can play an active role to achieve this
aim as they are directly connected with the people.
Achieving Viksit Bharat requires development at
every district, block, and village level. This decade
offers numerous opportunities across different
fields. States must utilise these opportunities by
making policies conducive to development through
innovative approaches. States need to create an
investor-friendly environment. However, incentives
alone are not sufficient to draw investors. It is
essential to also ensure robust law and order,
uphold good governance, and develop strong
infrastructure. Skilling and training youth has
to be a priority to make them employmentready as global demand for skilled human
resources rises.
NRI deposits saw a US$3 billion inflow between
April and May of the current year. It was four times
what it was last year. India will continue to lead the
world economy as the most preferred destination
for investment, most favoured destination for
manufacturing. We are now the 5th largest
economy. In the next three years by 2027-28, we
will be the third largest GDP economy in the world.
India-US relations as the golden era and stated that
the current relationships have resulted in an
opportunity for synergies for the business
ecosystem between both countries. The
government is looking for collaboration with
the US in the area of semiconductors and
associated components. Both countries are also
looking to work together for the responsible
use of AI.
The Railways plans to add 250 new suburban
services in Mumbai over the next five years, redesign rail network and build new mega terminals.
The Railways is also planning to introduce new
technologies. New terminals are also being built at
Hadapsar, Uruli, Khadki and Shivajinagar to ease
the pressure on Pune railway station. Projects
worth `81,000 crore were being implemented in
Maharashtra, where the rail network has been
completely electrified. The Railways is also redeveloping 128 stations in Maharashtra under the
Amrit Bharat station initiative. `15,940 crore have
been allocated to railway projects in Maharashtra
in the Union Budget. `1,112.57 crore has been
allocated for the installation of the Automatic
Train Protection (ATP) system Kavach in the
FY2024-25.
DPIIT will formulate strict timelines for
different government agencies and departments
for clearance of FDI proposals from prioritised
sectors. Though there is a standard operating
procedure (SOP) for these clearances, still there
are delays as the SOPs are not being followed. The
concerned ministries and departments will be
nudged to prioritise applications and speed up the
process of approvals. The idea is to cut short that
(clearance and approval) process. We have not yet
determined which sectors might be eligible for
liberalisation. However, there is a consensus within
the government that the approval processes
involving government routes, including those
managed by ministries such as DPIIT and
other relevant departments, need to be
expedited.
8 | CARGOCONNECT AUGUST 2024
NITIN GADKARI
Union Minister for Road
Transport and Highways
SARBANANDA
SONOWAL
Union Minister for Ports,
Shipping & Waterways
JITIN PRASADA
Union Minister of State for
Commerce and Industry,
Electronics and IT
S KRISHNAN
Secretary, Ministry of
Electronics and Information
Technology (MeitY)
Bengaluru will see the inauguration of two
major infrastructure projects by the end of the
year. The `17,000 crore Satellite Township Ring
Road (STRR) project, launched in June 2022, will
be completed a year ahead of schedule. The STRR
project aims to connect the city's peripheries and
reduce inner-city traffic by 30%. Karnataka has
received `3.5 lakh crore worth of road transport
works in the last decade, with every MP from the
state getting funding for their projects. However,
road projects are being delayed due to
environmental and forest clearances. I urge
the state government to expedite these
processes, assuring that the Centre is ready to
undertake `2 lakh crore worth of road
projects in Karnataka, pending necessary
approvals.
Under the Maritime Amrit Kaal Vision (MAKV)
2047 targets, our ministry will work to propel India
from currently rank 18 in global ship tonnage to
top 5 by 2047, thereby creating jobs for Indian
seafarers. Similarly, the aim is to push India from
Rank 22 in shipbuilding to top 5 by 2047, which will
attract foreign capital in shipyards and offer
various jobs in manufacturing sector. The current
budget proposals on skilling and support to MSMEs
will be beneficial to develop the entire ecosystem
for shipbuilding and repair. Our ministry sets a
transformative path for India's maritime sector.
With strategic reforms, innovative policies, and a
strong focus on sustainability, the ministry aims to
enhance infrastructure, boost employment, and
position India as a global leader in maritime
innovation.
DPIIT has recognised 1,40,803 entities as
startups as on 30th June 2024. Under the Startup
India Seed Fund Scheme, `90.52 crore was
approved to startups by incubators as on June 30 as
against `186.19 crore in 2023. The total number of
startups selected by the incubators under this
scheme was 592 as against 1025 in 2023. Under
Fund of Funds for Startups, `805.86 crore was
invested in the startups by supported AIFs
(Alternate Investment Funds) as on June 30 as
against `3,366.48 crore in 2023. The total number
of startups selected by the incubators under this
scheme was 592 as against 1025 in 2023. Under the
Credit Guarantee Scheme for Startups, `154.60
crore loan was guaranteed by the member
institutions as on June 30 this year as against
`271.49 crore in 2023.
India's ambitious semiconductor plan is making
significant strides, with four specific projects
receiving clearance and construction progressing
rapidly. One project is moving swiftly, while
construction on the other three has just started.
They should be completed within the next two to
three years. Nearly `60,000 crore of the allocated
`76,000 crore has been committed to these
projects. India’s has a glorious future in
semiconductor manufacturing, and full-scale
commercial operations will commence by
December 2025. The Budget provision for R&D has
almost doubled, from `900 crore last year to
almost `1,200 crore this year. I think all policy
relating to electronics, in terms of manufacture,
needs to be linked to export simply because
that keeps us competent.
