GUJARAT NATIОNAL LAW UNIVЕRSITY

INFRASTRUCTURE LAW
Intеrnal Cоntinuоus Еvaluatiоn
Sеmеstеr 10 (2018– 2023 Batch)

Infrastructure Investments in India

Research Project

Namе: Suryansh Singh

Rеgistratiоn Numbеr: 18B123
Еmail: suryansh.nayyar@gmail.cоm
Submittеd tо: Dr. Hardik. H. Parikh (Assistant Professor of Law)

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 ACKNOWLEDGMENTS

It is my utmost privilege to present this research on this very pertinent topic of “Infrastructure
investments in India‟. There are a number of people who have provided with their valuable
input and opinion without whom this endeavour would not have been completed. At the
outset, I would like to express my gratitude towards Dr. Hardik H. Parekh, for thoroughly
guiding me with this research and assisting me in understanding the complex and technical
issues in the paper.

This paper was possible because of the able staff of GNLU Library which constantly
endeavours to ensure the comfort of students, and make the maximum number of resources
available. My colleagues at GNLU have also been really helpful in supporting me and
guiding me on this topic. I most humbly acknowledge the contribution of everyone
mentioned above, and all others who have helped me in any remotest way in successfully
completing this Seminar paper.

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 Table of Contents

Sr. No. Chapter Page No.

1. Introduction 4-5
2. Indian Ports 5-7
3. Investments in Railways 7
4. Highways and Roads 8
5. Airports Investments 8-10
6. Telecom 10
7. Power 10-11
8. Renewable energy 11
9. Revolutionizing India's Industrial Landscape through 12-13
Infrastructure and Investment
10. Conclusion 14
11. Bibliography 15

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Introduction

India, being an emerging economy with over a billion people, relies on infrastructure to
provide necessary services and demonstrate reliability, assurance, low-cost production, and
competitiveness in the market. However, public investment in infrastructure has been
insufficient for sustained growth. The 11th Five Year Plan aims to invest about US$ 345
billion in infrastructure sectors, creating potential investment opportunities. The country faces
significant challenges such as a lack of power and potable water in many areas, poor road
conditions, and delays in cargo handling at government-managed airports and ports. In
contrast, the telecommunication sector has experienced remarkable growth, largely due to
private sector involvement. This paper provides an overview of the regulatory environment
and analyses important infrastructure sectors.

Since India's adoption of measures to liberalize its economy and encourage Foreign Direct
Investment (FDI) in 1991, efforts have been made to enhance the country's infrastructure.
Historically, most infrastructure was owned and managed by the government. However, to
avoid relying solely on state funds and inhibit growth in infrastructure, the Indian government
has started involving the private sector in infrastructure development and marketing through
concession agreements.1 These agreements allow private entities to build, own, and/or
operate an infrastructure service, generating revenue while the government retains ownership
of assets.

The Indian government provides a range of investment opportunities, with power being
divided between the central and state governments. However, the system seems to lack
coherence, with some areas exclusively under central government control and others jointly
governed. The current framework of laws, policies, and regulations appears to be a result of
an ad-hoc approach, made more complicated by the overlapping power of the central and
state governments. The regulatory landscape for different sectors has been established
without coordination, and some areas lack regulatory bodies to oversee their development
and operations.2 For instance, the transport sector has no single regulatory authority, and the
National Highways Authority of India serves as both regulator and operator of national
1
Pravakar Sahoo and Ranjan Kumar Dash, ‘Infrastructure Development and Economic Growth in India’ (2009)
14(4) Journal of the Asia Pacific Economy 351, <http://dx.doi.org/10.1080/13547860903169340> accessed 30
April 2023.
2
‘Infrastructure Development in India: Market Size, Investments, Govt Initiatives | IBEF’ (India Brand Equity
Foundation) <www.ibef.org/industry/infrastructure-sector-india> accessed 15 April 2023.

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highways. Additionally, state highways are often under the control of individual state
corporations or agencies. As a result, investors lack access to a single, independent regulator.
To make matters worse, the same entity has the power to create laws, enforce them, and settle
disputes, which creates complicated problems as there are vested interests and no separation
of power, despite the Indian Constitution mandating it. Disputes between states and the
central government may arise regarding regulatory authority. For example, when the state of
Gujarat passed the Gujarat Gas (Regulation of Transmission, Supply and Distribution) Act in
2001, a dispute arose that was resolved by the Supreme Court of India. The court determined
that the central government has exclusive authority to regulate the transmission, supply, and
distribution of natural gas and LNG, while states can only enact laws to regulate gas and gas-
works for industrial, medical, or similar purposes.3

In India, regulatory agencies have been established since 1991 to oversee specific sectors of
the economy, either by the central government or by state governments. However, the
fragmented nature of the regulatory bodies has resulted in bureaucratic barriers, making it
difficult to implement policies effectively. Infrastructure is a crucial component of economic
growth, but it faces numerous challenges, both simple and complex. For instance, there is no
clear definition of what constitutes infrastructure in India, according to the Committee on
Infrastructure. Although the committee compiled a list of sectors that could be considered
infrastructure, including telecom and power, it does not include critical social infrastructure
like healthcare and education, which are essential for the country's overall development.

Indian Ports

India's extensive coastline features 12 major ports and 187 minor ports, with the former
accounting for around three-quarters of all traffic handled. Last year, these major ports
witnessed the movement of over 463 million tonnes of cargo, marking a significant 9.5%
increase over the previous year. Traditionally, governments have played a central role in port
development, and the Indian government has been no exception. However, the situation is
changing as the government now welcomes private and foreign investments in the
development and operation of ports. Ports are critical to India's international trade by sea, as

3
Siraj Saiyed, ‘Infrastructure and Investment: A Step Towards the Industrial Revolution in India’ ( Times of
India Blog, 11 March 2023) <https://timesofindia.indiatimes.com/blogs/voices/infrastructure-and-investment-a-
step-towards-the-industrial-revolution-in-india/> accessed 17 April 2023.

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they handle over 90% of all foreign trade. As port projects typically involve high costs, long
development periods, and budget constraints, the Indian government is promoting flexible
funding schemes to establish public-private partnerships (PPPs). To attract global players,
major ports now function as landlord ports, and international players such as Maersk, P&O
Ports, and Dubai Ports International have entered revenue-sharing BOT terminals.
Meanwhile, Indian firms such as the Adani Group are also involved in the development of
minor ports.

The Indian government has opened the door to Foreign Direct Investment (FDI) in port
development and privatization projects, but with specific conditions in place. FDI within this
category is permitted under the automatic route, with foreign equity of up to 51% allowed in
projects that offer supporting services to water transport. For the construction and
maintenance of ports and harbors, foreign equity of up to 74% is allowed. Additionally,
100% FDI is permitted for port development projects under the automatic route, and investors
are not required to pay taxes on such investments for a decade. This has caught the attention
of a variety of maritime and non-maritime firms looking to invest in the sector. The major
ports, which handle over 90% of all foreign trade, are governed by the Central Authority for
Ports in India. State governments of the respective states where the ports are located govern
the other ports. The Indian government has been encouraging private sector and foreign
investments in port development activities and operations, moving away from its traditional
dominance in this area. Ports play a vital role as gateways for India's international trade by
sea, with the major ports handling more than 463 million tonnes of cargo in the previous
fiscal year, representing a 9.5% increase over the previous year.

India's major ports and their operators are governed by the Tariff Authority for Major Ports,
which was established in 1997. This authority is responsible for overseeing revenue-related
matters for all major ports, except minor ports. Its primary goal is to ensure that tariffs, cargo
traffic, and lease rates for properties under the Major Port Trusts' jurisdiction are governed
independently. However, the Tariff Authority for Major Ports has limited authority in
regulating other aspects of the industry. The Government of India is currently working on a
National Maritime Development Policy that seeks to increase private investment, enhance
service quality, and promote competitiveness in the maritime sector. The focus of this policy
is to attract more investment in port projects to meet long-term goals.

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Overall, the Indian government has been working hard to attract foreign and domestic
investment in the maritime sector. It has been allowing FDI in port development and
privatization projects under certain conditions. The government has also been promoting
flexible funding schemes to establish public-private partnerships to improve infrastructure,
and PPP projects are being monitored by the Rail Land Development Authority. Major ports
are now operating as landlord ports, with international players like Maersk, P&O Ports, and
Dubai Ports International participating in revenue-sharing BOT terminals. Indian firms such
as the Adani Group are also involved in developing minor ports.

Investments in Railways

India boasts one of the world's most extensive railway systems, operating more than 63,000
km of tracks managed under a single authority. The budget for the Indian Railway is so
substantial that it stands apart from the national budget. The Railway Board, headed by the
Chairman and Financial Commissioner, along with other functional members, is responsible
for policy development and overall supervision of the railways under the Ministry of
Railways. Despite the emergence of low-cost airlines in recent years, railways remain an
efficient and affordable mode of long-distance travel, favoured by many. However, airlines
have faced decreased competition due to rising aviation fuel costs. 4 The current network of
rail tracks in India is under tremendous strain, with the Indian Railway holding a monopoly
on both passenger and freight trains. Thus, the Indian government has allocated around $5
billion to enhance rail routes across the nation. Furthermore, the Indian Railway has devised a
well-crafted plan to eliminate bottlenecks and increase capacity to meet demand.

In addition, the government has initiated several schemes, focusing on affordable yet
profitable investments that prioritize port connectivity, signal and telecom infrastructure,
gauge conversion, asset renovation, and the modernization of passenger terminals. The
increase in cargo containerization has resulted in a greater demand for rail transport, with
private companies now allowed to compete with the public sector monopoly to improve
infrastructure and encourage public-private partnerships. To oversee and facilitate PPP
projects, the Rail Land Development Authority was recently established. Private developers
4
Manu Balachandran, ‘Railways, Airports and More Roads: How Budget 2023 Is Gearing Up for Increased
Infrastructure Spending - Forbes India’ (Forbes India, 1 February 2023) <www.forbesindia.com/article/budget-
2023-special/railways-airports-and-more-roads-how-budget-2023-is-gearing-up-for-increased-infrastructure-
spending/82909/1> accessed 18 April 2023.

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have been granted access to more than 500 acres of land nationwide by the Indian Railway
for railway station, freight terminal, and rail link development. The Indian Railway has also
selected 22 railway stations for PPP-based upgrade plans.

Highways and Roads

India's extensive road network is the second largest in the world, stretching over 3.3 million
km. Despite roads being the primary mode of transportation for over 80% of passenger traffic
and 65% of freight, their quality and coverage remain inadequate, making road infrastructure
a crucial area for improvement. As such, the Indian government invests close to $4 billion
annually towards road development and encourages private and foreign investment in this
sector. Private participation is on the rise, with construction contracts or BOT models making
up around 36% of overall investment, determined by competitive bidding or the lowest total
government expenditure. Toll collection may be done by road developers or owners on roads
included in the National Highway Development Plan, India's largest road project to date.

The National Highways Authority of India (NHAI) is the primary government organization
responsible for overseeing road construction in India under the federal government's
jurisdiction. The NHAI awards all contracts, either for construction or BOT, through
competitive bidding. As an incentive to attract investment in highways and roads, the
government offers a ten-year 100% tax exemption for all road construction projects. 5
Moreover, the NHAI provides grants and viability gap financing for marginal projects. The
government has also created model concession agreements to support this sector.

Airports Investments
Indian airports have seen a significant increase in passenger and cargo traffic in recent years.
According to statistics, the airports carried around 95 million passengers and 1.5 million
tonnes of cargo in the previous fiscal year, which is more than a 30% increase compared to
2005-2006. Cargo traffic has also seen a year-on-year increase of approximately 11%.

5
Anshuman Sinha, Sriram Ananthapadmanabhan and Akash Singh, ‘How India Can Build Superior Quality and
Truly World-Class Infrastructure in the Next 25-Years’ (The Economic Times, 20 February 2022)
<https://economictimes.indiatimes.com/small-biz/sme-sector/how-india-can-build-superior-quality-and-truly-
world-class-infrastructure-in-the-next-25-years/articleshow/98082477.cms?from=mdr> accessed 18 April 2023.

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Between 2003 and 2007, the aviation traffic in India witnessed an annual increase of 21.75%,
and a record rise of 37.74% in the first three quarters of 2007, which is predicted to attract a
significant investment of US $30 billion by 2020. Previously, the Indian government was
responsible for the creation and operation of airports until 1994 when the Airports Authority
of India took over. In 2003, the Airports Authority of India Act, 1994 was revised to
encourage private sector involvement in airport development.6 The private sector can now be
involved in all aspects of airport development, and airports are usually built through contracts
for concessions or through the Build-Own-Operate-Transfer (BOOT) concept. Typically, the
government has a 26% stake in joint ventures with the commercial sector, although it has
recently built two fully owned enterprises in Kolkatta and Chennai.

The Airports Authority of India holds ownership and management responsibilities for 126
airports situated throughout India. These include five airports located in major metropolitan
areas that see high levels of traffic. The government is currently looking into the prospect of
involving the private sector in 25 city airports. Moreover, India's government is working
towards establishing a new civil aviation policy that involves the privatisation of the air
traffic control system. With air travel costs now lower, the Indian government intends to
showcase the country's rich culture and stunning landscapes to foreign travellers. This will
require significant investment in aviation infrastructure, with estimates suggesting a need for
over US$ 9 billion in the next five years. Greenfield airports refer to facilities constructed and
operated by private companies or public-private partnerships under Build-Own-Transfer
(BOT) or Build-Own-Operate (BOO) contracts. However, Greenfield airports, whether public
or private, must first receive approval from the government. They may be established as
alternatives to existing airports or for concurrent operation. The government allows 100%
FDI in Greenfield airports through the automatic route. Investments exceeding 74% in other
airport development initiatives require permission from the Foreign Investment Promotion
Board (FIPB). Incentives for airport development initiatives include tax exemptions for up to
ten years.7

6
Poorvi Chothani and Madhooja Mulay, ‘Infrastructure Investments in India’ (Legal Service India - Law,
Lawyers and Legal Resources) <www.legalserviceindia.com/article/l306-Infrastructure-Investments-in-
India.html> accessed 18 April 2023.
7
Manu Balachandran, ‘Railways, Airports and More Roads: How Budget 2023 Is Gearing Up for Increased
Infrastructure Spending - Forbes India’ (Forbes India, 1 February 2023) <www.forbesindia.com/article/budget-
2023-special/railways-airports-and-more-roads-how-budget-2023-is-gearing-up-for-increased-infrastructure-
spending/82909/1> accessed 18 April 2023.

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The government is placing greater emphasis on improving passenger experience and
amenities at airports, prioritizing them over cargo facilities. However, officials estimate that
there will be a significant increase in aviation freight, from 1,020 tonnes in 2006-2007 to
1,745 tonnes in 2011-2012, due to increased economic activity and growth in sectors such as
perishable goods. This has prompted the government to mandate that all new Greenfield
airports must include dedicated cargo facilities, equipped with preservation, ground handling,
and loading capabilities, to address the demand for efficient and reliable transportation of
goods.

Telecom
The Indian telecom industry is regulated by the Telecom Regulatory Authority of India Act,
1997. This means that the Telecom Regulatory Authority of India (TRAI) is in charge of
overseeing both telecom and web services in India. Interestingly, unlike some other
industries, both public and private companies are equally involved in the telecom sector. The
Indian government is quite open to foreign investment, allowing for 100% FDI in telecom
equipment manufacturing and 74% to 100% FDI in other telecom services. However, the
industry is currently weighed down by numerous taxes, levies, and fees. In an effort to
streamline the environment and make it more efficient, the government has created a
committee to propose a consolidated levy for the telecom sector. 8 The telecom sector is
expected to grow by 150%, so the Indian government is making significant investment
opportunities available to foreign and private companies. In total, these investment
opportunities amount to roughly $22 billion.

Power
India has the globe's fifth-largest capacity for power generating. Regardless of this, and
notwithstanding massive growth in power sector investments, India continues to experience
power outages in majority of rural as well as urban areas throughout the country. The public
sector or state energy boards own the bulk of electricity transmission and distribution in
India, nevertheless the private sector's involvement in generating and distribution is

8
Poorvi Chothani and Madhooja Mulay, ‘Infrastructure Investments in India’ (Legal Service India - Law,
Lawyers and Legal Resources) <www.legalserviceindia.com/article/l306-Infrastructure-Investments-in-
India.html> accessed 18 April 2023.

10 | P a g e
increasing.9 Large-scale power production initiatives have been developed with private sector
participation.

The electricity industry in India is governed by two important laws - the Electricity Act of
2003 and the National Electricity Policy of 2005. Technical and economic matters related to
electricity are handled by the Central Electricity Authority, which assists the Ministry of
Power. The central sector power corporations are responsible for setting up and running the
electricity generating and transmission infrastructure in the central sector. The Power Grid is
in charge of all transmission projects, including the establishment of the National Power
Grid. The Ministry of Power's Rural Electrification Corporation provides financial support
for rural electricity generation, while the Power Finance Corporation offers term financing to
power sector projects. Any disputes among central public sector organizations and states are
resolved by the Central Electricity Regulatory Commission.10

The Indian government is keen on attracting private investment in the electricity sector and
allows 100% foreign direct investment in power generation, transmission, and distribution.
They also provide incentives like income tax exemption for the first 10 years of operation, a
waiver of capital goods imports taxes on mega power initiatives (capacity greater than 1,000
MW), and more. This has led to greater participation from the private sector in electricity
generation and distribution. Furthermore, almost 150,000 MW of hydroelectric power
remains untapped in India, and possibilities in distributing energy through bidding for
distribution privatisation are expected to materialise over the coming 2-3 years. The
Government of India intends to complete its ambitious "Power for All" initiative by 2012,
with an estimated investment potential of around US$ 200 billion over the following seven
years.

Renewable energy

9
Niles M Hansen, ‘UNBALANCED GROWTH and REGIONAL DEVELOPMENT’ (1965) 4(1) Economic
Inquiry 3, <http://dx.doi.org/10.1111/j.1465-7295.1965.tb00931.x> accessed 30 April 2023.
10
Dipankar Dasgupta and Koji Shimomura, ‘Public Infrastructure, Employment and Sustainable Growth in a
Small Open Economy With and Without Foreign Direct Investment’ (2006) 15(3) The Journal of International
Trade & Economic Development 257, <http://dx.doi.org/10.1080/09638190600871586> accessed 30 April
2023.

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Recognising the significance of alternative energy sources, the Government of India created
an independent Ministry of Renewable Energy that creates and executes policies pertaining to
rural electricity, solar power, wind energy generation, energy from waste development, along
with rural town electricity, among other things. The ministry's overarching goal is to create
and implement novel energies that are renewable in order to augment the country's energy
needs that cannot be fulfilled by traditional power sources. The Government of India has also
launched several programmes and projects for the betterment of rural and metropolitan or
semi-urban areas, making India's efforts the largest worldwide energy from renewable
sources programme. The Ministry of New and Renewable Energy has established a variety of
investment possibilities in this industry.
Revolutionizing India's Industrial Landscape through Infrastructure and
Investment

The Union Budget 2023-24 has proven to be a thorough budget that tries to support
development and infrastructure activities while also concentrating on critical factors such as
property ownership, the industrial age, and increased public expenditure. For the first time,
10 trillion rupees have been earmarked to building infrastructure. This amounts to five times
what was spent in the preceding nine years. This year's budget emphasises spending more
cash to improve city connections and create infrastructure developments while upholding a
balance amongst budgetary austerity and growth in the economy. 11 The budget for this year
emphasises the execution of responsible and effective policies, the extension of budgetary
allocations, socioeconomic growth drivers, and efforts to improve the ease of doing business
in India. It will not only open the path for more investment, job growth, and improved urban
and rural connections, but it will also improve access to decent housing and socioeconomic
services.

Extending the PM Awas Yojana and lowering taxation on income are two instances of
budgetary initiatives that would increase the supply of low-cost housing, but focusing more
on strengthening the country's fundamental infrastructure will truly help the building sector
grow. In addition, the government has made "Green Growth" a budgetary priority. Several
Indian organisations promoting green living presently prioritise sustainable development, and
this change will only help their attempts. Given the country's pressing environmental
11
Rishabh Sharma, ‘Infrastructure Investment for a New Era of Connectivity’ (Investment Promotion and
Facilitation Agency | Invest India, 15 February 2023) <www.investindia.gov.in/team-india-blogs/infrastructure-
investment-new-era-connectivity> accessed 17 April 2023.

12 | P a g e
problems, this move has an opportunity of paving the way for a positive future when it comes
to sustainable infrastructure. Many Indian cities may see major advances in their standard
living conditions and delivery of combined infrastructure, accessibility, and urban
sustainability as a result of a new initiative with a vital investment of Rs 16,000 crores to
build "sustainable cities of tomorrow." As a result, the long-term worth of properties in
specific places will increase. The Urban Infrastructure Development Fund's higher budget
allotment will help to accelerate the nation's building of urban infrastructure. 12 Because the
new financing networks consist of infrastructure in Tier-2 as well as Tier-3 cities, they
present hope for the overall enhancement of the country's infrastructure. The budget
revitalises infrastructure and promotes prospective infrastructure development in the areas of
metropolitan and mass rapid transit network initiatives, hygiene, and urban dwellings, all of
which contribute considerably to the economy's development and efficiency.

Many more states are working to incentivize production in key Tier 2 cities as a component
of the Make in India initiative. Analysts expect Tier 2 cities in India, that may also be part of
industrial corridors, to emerge as economic and commercial property hotspots in the future.
Publicly supported infrastructure including as highways, railways, urban infrastructure,
including energy were given special emphasis in the Union Budget in the aim of encouraging
private investment. It is advised that states and cities adjust their planning and take other
efforts to become the sustainable societies of the future. In India, there has been a significant
surge in demand for logistics centres and warehouse infrastructure. The growth of it is not
limited to big cities, but also encompasses several Tier 2 as well as Tier 3 cities. 13 It has
pushed to the foreground a number of industrial centres and consumer hubs that are critical to
the free movement of products and services throughout India, resulting in an industrial
revolution.

India is emerging as a global economic powerhouse. It is expected to become the world's

third-largest economy in approximately ten years. In addition to increasing the effectiveness
and efficacy of the industrial sector, the growth of rural as well as urban infrastructure helps
considerably to the abolition of poverty. Investment in the construction of superior
12
Abhishek Dangra, ‘The Missing Piece in India's Economic Growth Story: Robust Infrastructure’ (S&P Global
Homepage | S&P Global, 2 August 2016) <www.spglobal.com/en/research-insights/articles/the-missing-piece-
in-indias-economic-growth-story-robust-infrastructure> accessed 17 April 2023.
13
Siraj Saiyed, ‘Infrastructure and Investment: A Step Towards the Industrial Revolution in India’ (Times of
India Blog, 11 March 2023) <https://timesofindia.indiatimes.com/blogs/voices/infrastructure-and-investment-a-
step-towards-the-industrial-revolution-in-india/> accessed 17 April 2023.

13 | P a g e
infrastructure is critical to attaining these goals. This year, the government has offered a
significant incentive for the construction of both conventional physical infrastructure and new
digital infrastructure.

Conclusion
In recent years, the majority of Indian infrastructure was held by the government;
nevertheless, private engagement in public infrastructure has brought a fresh thrust to this
sector. Concessions contracts or agreements involving the government and/or public bodies
and private firms control a number of infrastructure-related services as well as projects. These
agreements also handle tariff setting and performance requirements, which are generally the
topic of separate regulation. In locations where there are no Model Concessions Agreements,
and in light of a dynamic legislative framework, investors might be able to reach agreements
on favourable investment structures. In the future, the government should aim to build
regulatory institutions that are undisturbed by political shifts and work independently. To
administer the different regulatory authorities, a supreme regulatory affairs division, maybe
under the auspices of the Ministry of Personnel and Administrative Reforms, would aid in the
creation of efficiencies. Throughout the procedure of creating this framework for regulation,
it is critical that regulators understand the importance of protecting consumer rights by
ensuring high quality service on affordable terms. To reduce bureaucratic authoritarianism,
which leads to additional obstacles, regulators and the supreme regulatory agency must
function publicly and be held politically as well as financially answerable to the government
as well as lawfully answerable to the public via judicial review.

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IBEF’ (India Brand Equity Foundation) <www.ibef.org/industry/infrastructure-
sector-india> accessed 15 April 2023.

 Balachandran M, ‘Railways, Airports and More Roads: How Budget 2023 Is Gearing
Up for Increased Infrastructure Spending - Forbes India’ (Forbes India, 1 February
2023) <www.forbesindia.com/article/budget-2023-special/railways-airports-and-
more-roads-how-budget-2023-is-gearing-up-for-increased-infrastructure-spending/
82909/1> accessed 18 April 2023.

 Chothani P and Mulay M, ‘Infrastructure Investments in India’ (Legal Service India -

Law, Lawyers and Legal Resources) <www.legalserviceindia.com/article/l306-
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 Dangra A, ‘The Missing Piece in India's Economic Growth Story: Robust

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<www.spglobal.com/en/research-insights/articles/the-missing-piece-in-indias-
economic-growth-story-robust-infrastructure> accessed 17 April 2023.

15 | P a g e
  Dasgupta D and Shimomura K, ‘Public Infrastructure, Employment and Sustainable
Growth in a Small Open Economy With and Without Foreign Direct Investment’
(2006) 15(3) The Journal of International Trade & Economic Development 257
<http://dx.doi.org/10.1080/09638190600871586> accessed 30 April 2023.

 Hansen NM, ‘UNBALANCED GROWTH and REGIONAL DEVELOPMENT’

(1965) 4(1) Economic Inquiry 3 <http://dx.doi.org/10.1111/j.1465-
7295.1965.tb00931.x> accessed 30 April 2023.

 Sahoo P and Dash RK, ‘Infrastructure Development and Economic Growth in India’
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 Saiyed S, ‘Infrastructure and Investment: A Step Towards the Industrial Revolution in

India’ (Times of India Blog, 11 March 2023)
<https://timesofindia.indiatimes.com/blogs/voices/infrastructure-and-investment-a-
step-towards-the-industrial-revolution-in-india/> accessed 17 April 2023.

 Sharma R, ‘Infrastructure Investment for a New Era of Connectivity’ (Investment

Promotion and Facilitation Agency | Invest India, 15 February 2023)
<www.investindia.gov.in/team-india-blogs/infrastructure-investment-new-era-
connectivity> accessed 17 April 2023.

 Sinha A, Ananthapadmanabhan S and Singh A, ‘How India Can Build Superior

Quality and Truly World-Class Infrastructure in the Next 25-Years’ (The Economic
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16 | P a g e