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Morgan Stanley: India’s PM Gati Shakti Scheme Boosts Infrastructure Development

Morgan Stanley has highlighted the significant impact of India’s PM Gati Shakti scheme on enhancing infrastructure development and multi-modal connectivity. This initiative, launched by Prime Minister Narendra Modi in October 2021, integrates 16 ministries under a digital platform to streamline planning and execution across various sectors like roads, railways, ports, airports, and logistics.

The scheme aims to propel economic growth through synchronized infrastructure expansion, positioning these sectors as pivotal engines driving India’s sustainable development.

India’s infrastructure investment has seen substantial progress, with projections indicating an increase from 5.3% of GDP in FY24 to 6.5% by FY29, driven by a strong 15.3% CAGR. This growth trajectory is anticipated to bolster productive capacity, contributing to a sustained period of robust economic expansion.

Contrary to common perceptions, India’s physical infrastructure scale already compares favorably to that of China when adjusted for GDP differentials, highlighting its competitive positioning globally.

Morgan Stanley India's PM Gati Shakti Scheme Boosts Infrastructure Development

Morgan Stanley India’s PM Gati Shakti Scheme Boosts Infrastructure Development

According to the World Bank’s Logistics Index Report for 2023, Indian ports have demonstrated notable efficiency improvements, with average Container Dwell Time lower than that of several developed countries, including the USA and Germany. This underscores advancements in operational efficiency critical for enhancing trade facilitation and economic competitiveness.

Under PM Gati Shakti, significant progress has been made, with 101 projects in ports and shipping sectors identified for implementation, totaling ₹60,900 crore.

As of April 2023, 26 projects worth ₹8,900 crore have been completed, while 42 projects worth ₹15,340 crore are currently under development, and 33 projects worth ₹36,640 crore are under active implementation. These efforts reflect a concerted push towards enhancing infrastructure capabilities across vital sectors.

Moreover, initiatives like the Sagarmala program have furthered connectivity by completing 220 projects worth ₹1.12 lakh crore, with an additional 231 projects worth ₹2.21 lakh crore underway and 351 projects worth ₹2.07 lakh crore in the evaluation stage.

This comprehensive approach underscores India’s commitment to bolstering its transport infrastructure, including national waterways, aimed at fostering efficient and eco-friendly modes of cargo and passenger transport.

The PM Gati Shakti scheme has emerged as a transformative initiative driving India’s infrastructure development agenda, enhancing connectivity across key sectors crucial for sustained economic growth. With substantial investments and coordinated efforts, India is poised to strengthen its infrastructure backbone, positioning itself as a formidable player in the global economic landscape.

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