To fuel the large infrastructural development projects that India needs, Union minister Nitin Gadkari has a new plan of raising funds from small investors. Gadkari has said that it is possible to raise nearly Rs 5 trillion from the capital markets. “I expect small investors to participate in this so that we can raise nearly Rs 5 trillion from domestic investors,” he said, as per PTI. Gadkari also reiterated that funds are not a constraint for undertaking developmental projects. “I’ve always been saying there is no dearth of funds in the system, ” he added. The union minister said that the government will go to the capital markets to raise funds through bonds.
Gadkari said that his ministry has undertaken massive infra projects and urged for the participation of financial institutions, banks and private players. The Ministry of Shipping, Road Transport and Highways has set a target of Rs 25 trillion investments over the next five years. Gadkari said this projects can create 1 crore jobs and contribute 2-3 per cent to GDP.
Speaking about the Bharatmala, the biggest highway development programme, Gadkari said, “We will be rolling out nearly Rs 7 trillion worth of projects which were recently announced before December 2018.” Bharatmala project, he said, under the first phase, 550 districts will be linked with the National Highways. The minister said he is hoping to award 25,000 km of road projects this financial year, the report said.
“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,” he added.