The Minister for Road Transport & Highways (MoRTH), Nitin Gadkari has announced that the government will raise funds from capital markets to fund its upcoming road projects.
The government will welcome small-scale investors to invest minimal amounts such as Rs 1 lakh and Rs 2 lakh with a guaranteed 8 per cent return on investments.
“Now I am going to the capital market. I don’t have financial resources problems. But, I don’t want to use the finances of rich people. I am going to the share market, and there I am going to take investments from small people – Rs 1 lakh, Rs 2 lakh, where I am giving them a guaranteed return of 8 per cent. Thus, I will get tremendous money from the market,” Gadkari said while addressing an event.
Gadkari further affirmed that there is no problem in funding infrastructure sector projects despite the fears of the global recession.
He also said that the rising prices of crude oil has affected the Rs 50,000 crore construction equipment (CE) industry, as he urged the CE makers to get rid of diesel engines citing the fuel as ‘hazardous’.
The Ministry of Road Transport and Highways (MoRTH) has been encouraging the use of alternative fuels such as methanol, ethanol, and green hydrogen in its bid to reduce tailpipe emissions and achieve India’s net-zero target.
Speaking on the country’s continued push towards EV adoption, Gadkari said that the market share of Indian OEMs has been surging while the same has decreased for foreign automobile manufacturers. He attributed this growth to the Indian automakers who have started manufacturing electric vehicles indigenously.
The minister recently announced that the government is planning to construct the world’s longest electric highway between Mumbai and Delhi as the country focuses to adopt green mobility.