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Govt making efforts to attract FDI in infrastructure to address liquidity crunch: Nitin Gadkari

29 Jul 2020 Evaluate

In order to address liquidity crunch faced by the COVID-19-hit economy, the Road Transport, Highways and MSME minister Nitin Gadkari has said the government is making efforts to attract foreign direct investment (FDI) in infrastructure sector. The minister stated ‘we are trying to get FDI (foreign direct investment) in Infrastructure as it is 100 per cent allowed. We are trying to bring Insurance Fund, Pension Fund etc, while talks are on with the World Bank, ADB... We are moving fast in that direction.’

Urging private players to join hands with the government, he said the economy - hit by coronavirus - is passing through a crucial phase and requires liquidity. At the same, COVID-19 crisis should be turned into an opportunity as the world is now recognising India as a good place for investment, he said, adding the government has taken a policy decision to offer projects only after 90 percent land acquisition and regulatory clearances like forest and environment.

Further, he said ‘in infrastructure, we are trying as to how we can get maximum investment. Today, there are huge opportunities in highways, power, transport, water, communciation and other sectors.’ He added industrial development and job creation was not possible without propelling infrastructure. He also stressed the need to bring down logistics costs and said that Rs 1 lakh crore Delhi-Mumbai Expressway will result in reducing the travel time between the two metropolises to barely 28 hours resulting in lesser logistics cost by way of enhanced cargo movement in lesser time.

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