Govt will tap capital markets to fund road projects: Nitin Gadkari
Premium- Union minister Nitin Gadkari said that the Centre will raise funds from capital markets for road projects
Union Transport Minister Nitin Gadkari said on Tuesday that the central government will raise funds from capital markets for road projects.
Despite fears of global recession, there is no problem in funding infrastructure sector projects, Nitin Gadkari was quoted as saying by news agency PTI.
"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 share market, and there I am going to take investments from small people -- ₹1 lakh, ₹2 lakh, where I am giving them a guaranteed return of 8 per cent," Gadkari said while addressing an event.
Thus, Nitin gadkari said, "I will get tremendous money from the market."
He also said while the construction equipment industry's size is ₹50,000 crore, the rise in crude oil prices is why the sector is facing a problem.
‘GET RID OF DIESEL’
Nitin Gadkari also urged the construction equipment manufacturers to "get rid of diesel".
He said, "Because of high diesel prices, we are facing an economic viable problem...as early as, get rid of diesel, it is a hazardous fuel."
The Union minister stressed that the government's policy is to encourage alternative fuels like methanol, ethanol and green hydrogen.
Noting that electric mobility is the future, he said the market share of Indian automobile companies has increased and the share of foreign automobile companies has decreased because some Indian firms have started making electric vehicles.
Pointing out that despite having sufficient coal reserves, India is importing coal, Nitin Gadkari said the government has decided to privatise 60 coal mines to increase productivity.
(With inputs from PTI)
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less