Infrastructure development is a vital component in encouraging a country’s economic growth. Developing infrastructure enhances a country’s productivity, consequently making firms more competitive and boosting a region’s economy. Not only does infrastructure in itself enhance the efficiency of production, transportation, and communication, but it also helps provide economic incentives to public and private sector participants. The accessibility and quality of infrastructure in a region help shape domestic firms’ investment decisions and determines the region’s attractiveness to foreign investors.
India is considered as an emerging economic superpower. The Indian economy, which has weathered global economic crises better than most other countries, continues to boom. But there is still a pressing need to sustain the pace of growth and to achieve even higher rate of development so that the fruits of liberalization and economic progress percolate down to the poorest sections of the society. In order to create livelihood opportunities for the large unemployed population of the country, the need for double-digit growth of the economy as a target cannot be overemphasized.
As it has been noticed India’s manufacturing sector is held back by relatively inefficient and high-cost infrastructure—roads, railways, airports, ports, and electricity. The lack of adequate infrastructure is constraining not only foreign trade but domestic trade as well. For example, with little refrigeration available, 40 percent of India’s fruits and vegetables spoil before reaching markets. In my opinion, to become an economic superpower India needs to focus on:-
- Achieving long-term manufacturing growth
- Creating world class infrastructure
- Develop skills to boost employment
- Conducive labour policy to create employment
- Improving government delivery systems