Indian Economy News

Infrastructure projects worth Rs. 7 Lakh crore planned by Road Transport Ministry in the next 2-3 years

Mr. Nitin Gadkari, Union Minister for Road Transport & Highways (MoRTH), stated that investors should have confidence in India’s infrastructure sector and invest boldly as “the economic viability is intact since the internal rate of return in the road sector is very high.” 

It has been decided that projects will not be awarded before 90% of land acquisition is complete and environment clearance is obtained.

He even discussed the various benefits the Bharmatmala programme would bring to the Indian economy. These included –

  • Mumbai to Delhi road travel time reducing to 12 hours from the current 48 hours.
  • Reduce logistics costs and boost manufacturing.
  • Increase exports.

The Union Ministry of Road Transport and Highways has planned to carry out infrastructure projects worth Rs 7,00,000 crore (US$ 91 billion) in the next 2-3 years.

The Minister also spoke about India’s automobile industry while talking about the Vehicle Scrapping Policy and said that the Indian automobile industry could double in size to Rs 15,00,000 crore (US$ 195 billion) in the next five years.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.