“I don’t have a financial problem,” said Union Transport Minister Nitin Gadkari.
New Delhi:
Union Transport Minister Nitin Gadkari on Tuesday said the government would raise funds from capital markets for road projects.
The minister added that despite concerns about a global recession, there is no problem in funding infrastructure projects.
“Now that I am in the capital market, I have no financial difficulties.
“But, I don’t want to use the wealth of the rich. I will share the market, and there I will take investments from the small – Rs 1 lakh, Rs 2 lakh, where I’m giving they are a guaranteed 8% profit,” Gadkari said while speaking at an event in Delhi.
So I will make a lot of money from the market,” he added.
The minister said the size of the construction equipment industry is Rs 50,000 crore, but due to rising crude oil prices, the industry is facing a problem.
He urged construction equipment manufacturers: “Because of the high price of diesel, we are facing an economic problem … as soon as possible, get rid of diesel, it is a fuel. hazardous.
The minister pointed out that the government policy is to encourage alternative fuels such as methanol, ethanol and green hydrogen.
Noting that electric mobility is the future, he said the market share of Indian auto companies has increased and the share of foreign car companies has decreased as some Indian companies have started manufacturing. electric vehicle production.
Pointing out that despite having enough coal reserves, India is having to import coal, Mr. Gadkari said the government has decided to privatize 60 coal mines to increase productivity.
When asked if rising crude oil prices are a threat to NHI’s hedge fund as it could increase the chances of a cut for gasoline this fiscal, Gadkari said, “The Ministry of Finance will consider”.
A large portion of the NHAI budget is estimated to come from the central road and infrastructure fund (CRIF) that gasoline and diesel fuel pour into.
Gadkari also said that without the economic viability, the technology would not be useful and required construction equipment manufacturers to focus on fuel efficiency.
The minister also emphasized skilled manpower, appropriate training and road safety for long-term planning.
The construction equipment industry is giving strength to the Indian economy, he noted.
(Except for the title, this story has not been edited by NDTV staff and is published from an aggregated feed.)
