Union Minister for Road Transport & Highways (MoRTH) Nitin Gadkari said that the highway ministry has planned to execute infrastructure projects worth Rs 7 lakh crore in the next 2-3 years.
Addressing the National Conference on Investment Opportunities in Highways, Transport & Logistics in Mumbai today, the union minister urged investors to come forward and invest boldly in the infrastructure sector, including Highways, Multimodal Logistics Parks, Wayside Amenities, Ropeways, Warehousing Zones and more.
The Minister also said the automobile industry in India which is worth Rs 7.5 lakh crore in size will double to Rs 15 lakh crore in next 5 years. “We are issuing an advisory on Flex Engines, in two-three years, our vehicles will get converted into electric vehicles. Running cost of electric vehicles will be similar to or less than vehicles run on petrol," he added.
Moreover, Gadkari said, “The Internal Rate of Return in the road sector is very high and hence there is no need to worry about economic viability”.
He added that earlier, projects used to get stalled due to land acquisition issues. But we decided, project will not be awarded before 90% land acquisition is complete and environment clearance is obtained. Citing various other steps taken by his Ministry to speed up road infrastructure projects, the Minister said “Keep your confidence 110%’
“Encouragement to alternative fuels will ultimately help the scrapping industry as well”, the Minister added.
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