In an effort to boost the Indian economy, the country’s finance minister Nirmala Sitharaman disclosed, she will unveil a series of infrastructure projects, later this month, as part of a plan to invest $1.39 trillion (100 trillion rupees) in the sector over the next five years.
The comments come in the wake of economic data, that was released last Friday, that showed that the growth of the Indian economic had cooled to 4.5% in the July-September period – its weakest since 2013.
“A set of officers are looking into the pipeline of projects that can be readied so that once the fund is ready, it could be front-loaded on these projects,” said Sitharaman at a business summit in Mumbai. “That task is nearly completed. Before December 15, we will be able to announce frontloading of at least ten projects”.
In 2014, the Modi government came to power on the back of promises to improve India’s economy and boost its foreign investments. He has struggled to meet his objectives due to lack of structural reforms.
Earlier this year in May, Modi won a second term in May and he has taken a wide variety of measures to spur growth, including cutting the corporate tax and speeding up privatization of state-run firms.
Boosting domestic consumption remains a challenge with economists forecasting that the current slowdown could persist for another two years following a cooling in the global economy.