New Delhi: Nitin Gadkari, the Union Minister for Road Transport and Highways, urged US investors to participate in India's road and highway projects, which are a goldmine for capitalists.
The Union Minister also discussed the idea of a solar-powered electric highway that would allow buses and large trucks to be charged while operating.
He declared that the United States of America and India are notable democracies of the World with strong bilateral relations while virtually inaugurating the Indo-US Economic Summit of the Indo-American Chamber of Commerce. "We are natural partners and have a lot to contribute for mutual growth. Both countries have always shown mutual trust, respect and cooperation on the social, economic and strategic front. The theme chosen this year 'The New Agenda for next 25 years' will set the roadmap for strengthening our relationship," he added.
The Minister said that the government is bringing innovative and investor-friendly products like InvIT to allow retail investors to participate in the funding drive. "We are designing the products so that retail investors can get good annual returns which are more than the fixed deposit rates," he said adding that the Chamber should take a lead and identify areas where our talented human resources can contribute to designing the best Financial Instruments to enable investments in Indian infra space.
"We have a well-developed framework for Public-Private-Partnerships (PPP) in the highway sector. Asian Development Bank has ranked India at the first spot in PPP operational maturity and also designated India as a developed market for PPPs. All project documentation, contractual decisions and approvals are now being done through the digital portal," the minister added.
The minister said that the government is also working on the development of the Electric Highway which will be powered by solar, this will facilitate the charging of heavy-duty trucks and buses while running. "US-based companies can collaborate with our research and development efforts towards EV battery technologies and retrofitting industry," he said.
He said the government has launched the Prime Minister National Gati Shakti Master Plan for holistic and integrated infrastructure development in the country. With Gati-Shakti, all stakeholders will follow the rule of the 3 C's: Cooperation, Coordination & Communication.
With inputs from IANS