The slow pace of economic growth stems from a stunted return on investment for large infrastructure projects, according to outgoing Power Secretary SC Garg.

In a letter posted on Twitter, Garg said that there is very little investment taking place currently in India’s infrastructure sector, despite this the huge opportunities in that area.

“There is an enormous unmet demand in housing, roads, airports, railways, energy, irrigation in almost every infrastructure segment. Yet investment in infrastructure has got almost stalled,” he said.

“Businesses do not see opportunities in several infrastructure sectors for the present,” he said.

Garg went on to highlight how there is a much lesser return on investments made in large infrastructure projects in the country.

“A lot of policy action is needed to energise the investors in making investments in the infrastructure sector,” he added.

Garg was shifted out of the Finance Ministry after the Union Budget 2019-20. Differences with the Finance Minister and complaints from the right wing policy lobbyists were said to be the reason for his transfer.

Garg went on to opt for an early retirement after he was handed the post of Power Secretary. His term came to a close on Thursday.

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