Govt asks investors from US to invest in road, highway sector
New Delhi: Terming road and highway projects in India "gold mine", Union Minister Nitin Gadkari on Tuesday asked investors from the US to invest in the sector.
Stating the India's road network is doing excellently, the Road Transport and Highways Minister said the country is developing industrial clusters, roadside amenities and therefore the income from the sector would also increase.
"I sincerely hope more and more investors from the US will come and invest in the road and highways projects in India which is the gold mine for all the stakeholders," Gadkari said while addressing Indo US Economic Summit.
"I will request you particularly for insurance, pension funds. They have really a tremendous opportunity for investment in road infrastructure in India," he said.
The toll income, which is Rs 40,000 crore per year, is expected to shoot up to Rs 1.4 lakh crore annually in the next three years, the minister said.
"For insurance, pension funds there are lot of offers...My suggestion to all respectable dignitaries is if you plan for making investment in India road infrastructure, I will give you 100 per cent guarantee by making escrow account where you will get return ...as per your choice. It is a win-win situation for both stakeholders," he said.
The bilateral trade between India and the US is projected to reach over $500 billion by 2025, Gadkari said adding that both the nations have an important role to play in the post-COVID economic recovery.
"There should be an informed discussion on this subject at various levels since the recovery needs ideas and approaches," he explained.
In the post-COVID situation, a revival of economic activity is very important to normalise the lives of people, he said. India and the US have always shown mutual trust, respect and cooperation on social, economic and strategic front, he added.