Nearly Rs 5 trillion can be raised from capital markets, most of which could in fact come from small investors, Nitin Gadkari said while reiterating that funds are not a constraint for undertaking large developmental projects, Union minister.
“We have undertaken various developmental projects for which we need funds. I’ve always been saying there is no dearth of funds in the system. We are going to capital markets to raise funds through bonds. I expect small investors to participate in this. We can raise nearly Rs 5 trillion from domestic investors,” the Roads and Highways Minister reportedly said at a D&B award function in Mumbai.
Gadkari also urged banks, financial institutions and private players to help develop infra projects and pointed out that his ministry has already undertaken massive infra projects and has set a target of Rs 25 trillion investments in highways and shipping over the next five years. This can create one crore jobs and contribute 2-3 per cent to GDP, reported PTI.
“We will be rolling out nearly Rs 7 trillion worth of projects which were recently announced before December 2018. This is the biggest infra programme and include the Bharatmala programme,” Gadkari reportedly said, adding that he expects to award nearly 25,000 km of road projects this financial year.
“Financial year 2012-13 saw awarding of 1,916 km, in 2013-14 it was 3,620 km, in 2014-15 it rose to 7,972 km, while in 2015-16, the quantum grew to 10,098 km. Last fiscal, it touched 15,948 km and this year I have kept a target of 25,000 km,” Gadkari was quoted as saying.
Apart from building corridors at a cost of Rs 1.2 trillion, lane expansion will be done at 34 places, logistics parks at 35 locations. In addition, wayside amenities will be created at 180 sites over the next two years with each having job potential for many, he reportedly said.
On the ambitious Bharatmala project, he said under the first phase, 550 districts will be linked with the NHS. The ministry will also be undertaking trial-runs of two seaplanes, one each from Japan and Russia, next month.
“We are taking various initiatives to boost tourism. We will conduct trial runs of sea-planes next month. We are awaiting Cabinet approval for amphibious buses. Besides, we are also taking steps to promote cruise tourism,” he reportedly said.
