The Minister of Road Transport and Highways (MoRTH), Nitin Gadkari, has announced that the government will raise funds from the capital markets to finance its upcoming road projects.
The government will welcome small investors to invest minimal amounts such as Rs 1 lakh and Rs 2 lakh with a guaranteed return on investment of 8%.
“Now I go to the capital market. I have no financial resource problems. But, I don’t want to use the finances of the rich. I go to the stock market, and there I will receive investments from small people – Rs 1 lakh, Rs 2 lakh, where I give them a guaranteed return of 8%. So, I will get huge amount of money from the market,” Gadkari said at an event.
Gadkari further asserted that there was no problem in funding infrastructure sector projects despite fears of global recession.
He also said rising crude oil prices had hit the construction equipment (CE) industry by Rs 50,000 crore as he urged CE manufacturers to get rid of diesel engines citing the fuel as ” dangerous”.
The Ministry of Road Transport and Highways (MoRTH) is promoting the use of alternative fuels such as methanol, ethanol and green hydrogen in its bid to reduce tailpipe emissions and reach the goal of zero Net of India.
Speaking about the country’s continued push for electric vehicle adoption, Gadkari said the market share of Indian OEMs had increased while it had fallen for foreign automakers. He attributed the growth to Indian automakers starting to manufacture electric vehicles locally.
The minister recently announced that the government plans to build the world’s longest electric highway between Mumbai and Delhi as the country shifts its focus to adopting green mobility.