Nitin Gadkari, the union's minister of transport, stated on Tuesday that the government will raise money for road projects through the financial markets. The minister added that despite concerns about a worldwide recession, financing infrastructure projects is not an issue.
I'm heading to the capital market right now. Financial difficulties are not a concern for me. But I don't want to borrow money from the wealthy. Gadkari stated at an event here, I am going to the stock market, and there I am going to collect investments from little people Rs 1 lakh, Rs 2 lakh- where I am providing them a guaranteed return of 8%.
As a result, he said, I will profit greatly from the market. According to the minister, the construction equipment market is worth Rs 50,000 crore, but because of the surge in crude oil prices, there are issues in the sector.
He urged the builders of construction equipment, saying, "As soon as, get rid of diesel, it is a harmful fuel. Because of high diesel prices, we are facing an economically feasible dilemma."
The minister emphasized that it is government policy to support alternative fuels including methanol, ethanol, and green hydrogen.
He noted that electric mobility is the future and said that as a result of some Indian companies starting to produce electric vehicles, their market share has climbed and that of international automakers has fallen.
Gadkari said that India imports coal even though it has ample coal reserves and claimed that the government has planned to privatise 60 coal mines to boost productivity.
When asked if the rising price of crude will endanger the NHAI's capex funds since it would make a cess reduction on gasoline this fiscal year more likely, Gadkari responded, "The finance ministry will look into it."
According to estimates, a sizable portion of the National Highways Authority of India (NHAI) budget would come from the Central Road and Infrastructure Fund (CRIF), which receives money from the fuel and diesel cess.