Source: Seeking Alpha
Apr. 3, 2018 6:15 PM ET | By: Omer I., SA News Editor
- India is rushing to complete its ambitious infrastructure plan before the next elections, and is spending a record $18B this year to build highways and improve roads across the nation.
- With elections a year away, Prime Minister Narendra Modi and his administration are increasing government spending and had promised 10M new jobs a year to accelerate economic growth.
- Spending on roads is up 44% Y/Y, with the government planning to construct 52,000 miles of roads under a five-year $106B development plan.
- “The renewed focus on road building will continue to improve connectivity thereby enhancing the overall efficiency in the economy,” said Shubhada M Rao, chief economist at Yes Bank Ltd. “Focus on road building will also help employment generation.”
