IBEF: February 23, 2015
New Delhi: India’s basic infrastructure will be changed in five years, highlighted Mr Nitin Gadkari, Union Minister for Road Transport and Highways, Shipping, Government of India, while unveiling plans for Rs 10 trillion (US$ 160.81 billion) investment in highways and shipping sectors by 2019.
My endeavour is to do work worth over Rs 5 trillion (US$ 80.38 billion) in highways sector during my present tenure. Another Rs 5 trillion (US$ 80.38 billion) will be invested in the shipping sector taking the investments in both the crucial infrastructure ministries to Rs 10 trillion (US$ 160.81 billion), said Mr Gadkari.
The investment will change the face of the basic infrastructure in the five years as projects have already been fast-tracked while concerted efforts are on to remove all bottlenecks,” added Mr Gadkari.
“It is my commitment to overhaul infrastructure. My first duty is to build 30 km of roads a day and by the March 2015, we will achieve the target of 15 km a day from 2 km a day in the previous regime. By March 2016, we will touch the target,” said Mr Gadkari.
The annual toll collection from the sector is Rs 10,000 crore (US$ 1.61 billion) and in two to three years it is expected to increase to Rs 13,000 crore (US$ 2.09 billion) and in 15 years, it will be about Rs 1.5 trillion (US$ 24.11 billion).
We have income from ports and shipping corporation in dollar terms. We are trying to get pension fund. National Highway Authority of India (NHAI) and can raise tax exempted bonds worth Rs 50,000 crore (US$ 8.03 billion).
In addition, the Government has approved a ring road project for Delhi entailing investments worth Rs 6,000 crore (US$ 964.74 million). The government is also conceptualising plans to build a road network on the pattern of those in advanced nations like US where people can drive 1,000 km in six hours.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.