Millennium Post

Let’s have Exchange Protected Fund for core sector: Goyal

In an initiative aimed to create a pool of resources for funding the core sector, Union Minister of State (I/C) for Power, Coal and New & Renewable Energy Piyush Goyal on Saturday called for setting up of an exchange protected fund (EPF). He said that setting up of an EPF would help in pooling resources for funding core sector projects at interest rates between 7 to 8 per cent.

Addressing the 109th Annual Session of PHD Chamber of Commerce and Industry, Goyal emphasised that EPF could have the potential to pool together funds through which infrastructure projects could be financed at interest rates between 7 and 8 per cent to support the trillions of dollar of Indian economy so that its growth is sustained at the desired level and infrastructure put on to it on par with world standards.

Bouyed by the impressive coal production after the NDA government came into power on May 26, the Union power minister said that coal production in the month of June, July and August and even October rose by 21 per cent though the perception is that it was subsided due to ongoing confusion in the coal sector. Goyal also promised that the BJP-led NDA government would allocate the new coal blocks to suitable bidders with utmost transparency and efficiency.

On the issue of interest rates, Goyal said, “My personal view is that the RBI should share the common concern of the government of the day for reduced interests so that it is able to arrange finances for key infrastructure projects to fulfill one of its poll promises as also provide relief to developers engaged in building India’s power, port, roads and highways projects”.

He also said that by 2017, the government would make sure that Delhi was made 24x7 power served city on lines of Mumbai where power cuts were rear and feed all its street lights with LED electrification by June 2015 as also reduced the cost of power, savings on which would be utilised for alternate purposes.

On the occasion, Commerce Secretary Rajeev Kher said that the country will have to reorient its trade facilitation policies as well reform its existing rules of origin procedures to cement its global integration to make sure that Make in India succeeds.
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