Budget 2013 gives big push to infrastructure with Rs 50,000 cr tax-free bonds, two new ports
"While every sector can absorb new investment, it is the infrastructure sector that needs large volumes of investment," Chidambaram said emphasising on the need to create "new and innovative instruments to mobilise funds" for meeting infra investments targets of Rs 55,00,000 crore in 12th Plan.
The private sector will share 47 per cent of the investment, he said.
"The key to restart the growth engine is to attract more investment, both from domestic investors and foreign investors.... We will improve communication of our policies to remove any apprehension or distrust in the minds of investors," the Minister said.
Debt funds for infrastructure would be encouraged and tax-free bonds up to Rs 50,000 crore will be allowed in 2013-14, Chidambaram said in his Budget speech.
Government would seek funds from multilateral agencies like World Bank and Asian Development Bank to build roads in North East, linking it to neighbouring Myanmar.
To give a big push to the highways sector, he said a road regulatory authority has been proposed that will address issues adversely impacting the sector like financial stress, enhanced construction risk and contract management.
The bottlenecks stalling road projects have been addressed and 3,000 kilometres of road projects in Gujarat, Madhya Pradesh, Maharashtra, Rajasthan and Uttar Pradesh will be awarded in the first six months of
Be the first to comment.