Government to tap capital markets to finance road projects (Nitin Gadkari)

Union Transport Minister Nitin Gadkari said on Tuesday that the central government will raise funds from the capital markets for road projects.

Despite fears of a global recession, funding for infrastructure sector projects is not a problem, Nitin Gadkari was quoted as saying by the PTI news agency.

“Now I’m going to the capital market. I don’t have problems with financial resources. But, I don’t want to use the finances of the rich. I’m going to share the market, and there I’m going to take investments from Little people — 1,000,000, 2 lakh, where I give them a guaranteed return of 8%,” Gadkari said at an event.

So, Nitin gadkari said, “I will make a huge profit from the market.

He also said that while the size of the construction equipment industry is 50,000 crore rising crude oil prices is why the sector is facing a problem.

“GET AWAY FROM DIESEL”

Nitin Gadkari also urged construction equipment manufacturers to “get rid of diesel”.

He said: “Due to high diesel prices, we are faced with an economically viable problem…as soon as, get rid of diesel, it’s a dangerous fuel.”

The Union minister pointed out that it is government policy to encourage alternative fuels like methanol, ethanol and green hydrogen.

Noting that electric mobility is the future, he said the market share of Indian automakers has increased and the share of foreign automakers has declined because some Indian companies have started manufacturing electric vehicles.

Pointing out that despite having sufficient coal reserves, India imports coal, Nitin Gadkari said the government has decided to privatize 60 coal mines to increase productivity.

(With PTI entries)

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