Nitin Gadkari bats for more investment in infrastructure, reveals Rs 7 lakh crore plan

Union Minister for Road Transport and Highways (MoRTH) Nitin Gadkari spoke at a national conference in Mumbai on Friday to encourage investment in the infrastructure sector, saying that such investments will undoubtedly yield "excellent returns."

"I once rejected a tender from Reliance for Mumbai-Pune Expressway in 1995. Everyone was upset with me including Balasaheb Thackeray. But then, we set up Maharashtra State Road Development Corporation Limited (MSRDC)," Gadkari stated on Friday in Mumbai at the National Conference on 'Investment Opportunities in Highways, Transport, and Logistics'.

The minister cited the MSRDC project as an example, claiming that it was built for nearly half the cost.

"We were able to set up the MSRDC project at almost half the cost. Reliance had quoted Rs 3,600 crore, but we finished the project in just Rs 1,600 crore and saved Rs 2,000 crore," he informed.

MoRTH plans infrastructure projects worth ₹7 lakh crore

The government has monetised the road twice, according to Gadkari. "It was monetised for Rs 3,000 crore in 1996, and it was recently monetised for Rs 8,000 crore. So a project that cost Rs 1,600 crore to build has earned Rs 11,000 crore so far," he remarked, adding, "I gave you this example just to make you understand the importance of investment in roads and infrastructure. It will definitely give you good returns."

Previously, initiatives were halted owing to land acquisition concerns, according to the minister. However, the Ministry has decided that no project will be given until 90% of land acquisition has been completed and environmental clearance has been acquired. "Keep your confidence 110%," the Union Minister stated, citing many other initiatives done by his Ministry to expedite road-building projects.

Gadkari also discussed the numerous advantages of impending Bharatmala Project projects. "Within a year, the road travel time from Mumbai to Delhi will be reduced from 48 to 12 hours; road and multimodal infrastructure improvements will decrease logistics costs, promote manufacturing, raise exports, and assist the economy to thrive," he stated.

The conference notified investors and other stakeholders that the Union Ministry of Road Transport and Highways intends to complete infrastructure projects worth Rs. 7 lakh crore in the next 2-3 years.

(With inputs from ANI, Image: PTI)