New Delhi, Feb 1 (PTI) Global road safety body IRF on Tuesday welcomed the Budget and said there was a need to give impetus to the infrastructure sector in view of its capital-intensive nature.

During her Budget Speech in Parliament, Finance Minister Nirmala Sitharaman made various infrastructure sector-related announcements, including expanding the network of highways by 25,000 km in 2022-23 and mobilising Rs 20,000 crore through innovative ways of financing to complement the public resources.

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The International Road Federation (IRF) welcomes the stepped-up investment on highways and infrastructure projects in the Union Budget for 2022-23, it said in a statement.

"The government has emphasised on providing a massive push to all kinds of mobile connectivity by taking forward programmes across various key sub-sectors, such as roads, rail, inland waterways and air connectivity.

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"There was a dire need to give impetus to the infrastructure sector in view of its capital-intensive nature and a long-gestation period for infrastructure projects," IRF President Emeritus K K Kapila said.

Kapila, who is also the former co-chairman of industry body FICCI's Committee on Infrastructure, said the augmented budgetary allocation Rs 20,000 crore for the expansion of 25,000 km of national highways would ensure time-bound creation of world-class infrastructure and propel India's overall development. HRS hrs

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)