In a bid to fund large infrastructure projects in India, Union Minister of Road Transport & Highways and Shipping Nitin Gadkari has said that nearly Rs 5 trillion can be raised from capital markets, most of which could in fact come from domestic investors. He noted that the government will go to the capital markets to raise funds through bonds. To help develop infra projects, he also urged banks, financial institutions and private players. He pointed out that the ministry has already undertaken massive infra projects and has set a target of Rs 25 trillion investments in highways and shipping over the next five years. He believes that this will contribute 2-3% to the country’s economic growth, will create over 1 crore jobs.
The minister has stated that they will be rolling out most of the Rs 7 trillion projects which recently announced by the government, before December 2018. He also said that this programme is the biggest infrastructure programme, including Bharatmala and expects to award nearly 25,000 km of road projects this financial year. He indicated that financial year 2012-13 saw awarding of 1,916 km, in 2013-14 it was 3,620 km, in 2014-15 it rose to 7,972 km, while in 2015-16, the quantum grew to 10,098 km. It also noted that previous fiscal, it touched 15,948 km and this year they have kept a target of 25,000 km.
Apart from building corridors at a cost of Rs 1.2 trillion, Gadkari said that lane expansion will be done at 34 places, logistics parks at 35 locations. In addition to this, he said that wayside amenities will be created at 180 sites over the next two years with each having job potential for many. Talking on the ambitious Bharatmala project, he said that under the first phase, 550 districts will be linked with the NHs.