Nagpur:- Exuding confidence, union road transport and MSME minister Nitin Gadkari said there could be no dearth of funds in his department, though this may not be the case for the rest of the government departments.
Addressing members of the CEOs’ group, Hyderabad, via a video call, Gadkari said he’ll set an Rs10 lakh crore target for road building and money won’t be a constraint. “Companies can be collected via the stock market, insurance companies, and banks,” Gadkari said, adding that this is limited to his own department, however.
“We are moving a cabinet note to acquire land along the highways to create smart cities, smart villages, manufacturing clusters, and smart homes. The land is purchased by way of joint ventures with private investors. We’re also open to overseas investments. I continue to tell my colleagues to come up with new ideas, “Gadkari said as he approached the CEOs.
“An investor interested in constructing a railway line from one point to the other, for example, maybe charged 25 to 30% as an advance on the railways. The remainder can be issued in annual installments with bank interest added to the sum. The same can also be said for electrification, “he said.
India’s National Highways Authorities (NHAI) will raise its target from building 30 km a day to 60-90 km. Plans exist to improve competition in the road sector by settling conflicts as early as possible. Both arbitrators were asked to conduct their hearings through video conferencing. Tax refund problems will be dealt with too, he said.
Gadkari said a proposal has been mooted for MSMEs to have an Rs1 lakh crore insurance guarantee fund. This will ensure duties of the MSMEs that are pending from government undertakings, he said.
