Nitin Gadkari on Raising Funds For Road Projects: “Going To Share Market”
Nitin Gadkari, the union’s minister of transport, stated on Tuesday that the government would raise money for road projects through the financial markets. The minister added that despite concerns about a worldwide recession, financing infrastructure projects is not a problem.
“I’m heading to the capital market right now. Financial difficulties are not a concern for me. But I don’t want to borrow money from the wealthy. Gadkari stated in a speech in Delhi, “I am going to the stock market, and there I am going to collect investments from little people — 1 lakh, 2 lakh — where I am guaranteeing them a guaranteed return of 8%.
As a result, he continued, I will profit greatly from the market.The size of the construction equipment business, according to the minister, is 50,000 crore, but there are issues with the sector as a result of the increase in crude oil prices.
He urged the builders of construction equipment, saying, “As soon as, get rid of diesel, it is a hazardous fuel. Because of high diesel prices, we are facing an economically viable dilemma.”
The minister emphasised that it is government policy to support alternative fuels including methanol, ethanol, and green hydrogen.
He noted that electric mobility is the future and claimed that as a result of some Indian companies starting to produce electric vehicles, their market share has climbed and that of international automakers has fallen.
Gadkari said that India imports coal even though it has ample coal reserves and claimed that the government has planned to privatise 60 coal mines to boost productivity.
Gadkari responded, “The finance ministry will look into it,” when asked if the elevated crude price poses a danger to the NHAI’s capex funding because it may enhance the likelihood that the cess on gasoline will be reduced this fiscal year.
Gadkari also stated that technology is useless without commercial viability and urged construction equipment producers to prioritise fuel efficiency. For long-term planning, the minister also emphasised the need for competent labour, suitable training, and road safety.
Picture Courtesy: Google/images are subject to copyright
