Govt gave high importance to infrastructure development: Gadkari
The Dollar Business Bureau
Road Transport, Highways and Shipping Minister Nitin Gadkari said on Friday that the government is planning to build an integrated system of railways, roads, airports and sea ports and also working on port-led industrialisation.
He described the integrated logistics and inland waterways development as a game changer for the economy.
The government gave highest prominence to infrastructure development and the Ministry is dedicated to achieve this objective, Gadkari said while addressing the FICCI’s 89th Annual General Meeting in New Delhi.
The government has laid out Rs.4.5 lakh crore for the road sector and Rs.3.60 lakh crore for the shipping sector, he informed.
Gadkari further said that there were Rs.3.85 lakh crore worth of stalled projects, when the present government came to power and currently about 95% of projects are in the operational stage, thus saving the banks from the creation of non-performing assets.
While encouraging the self-sustained model, the minister said that in order to tackle the rising NPAs problem in the road sector, the government has come out with the Highway Annuity model that has created confidence among banks and infrastructure firms.
One of the most vital initiatives by the government was the proposed development of 12 express highways all over India and plans to construct 36 ring roads in the mega cities across the country, he added.
Highlighting the huge potential of the port sector, he said that the performance of government ports are exceptionally well and they have recorded a profit of Rs.6000 crore in the current year and estimated a profit of Rs.7000 crore in the next year.
Gadkari also mentioned that the target of his ministry is to implement projects worth Rs.25 lakh crore in the next five years, out of which Rs.15 lakh crore will be in road sector only with the remaining Rs.10 lakh crore projects in the shipping sector.