Union Minister Nitin Gadkari on September 2 said the ₹100 lakh crore-Gatishakti scheme will provide a framework for the National Infrastructure Pipeline programme and make Indian products more competitive by cutting down logistic costs and improving supply chains.
Addressing the American Chamber of Commerce’s (AMCHAM) 29th AGM, Mr. Gadkari also sought investments in the road sector from insurance and pension funds of the U.S.
“Our government is soon going to launch the national master plan of [the] Prime Minister — Gatishakti scheme of more than ₹100 lakh crore for holistic and integrated infrastructure development in India,” he said.
The Gatishakti scheme was announced by Prime Minister Narendra Modi during his Independence Day speech on August 15. The initiative is set to be launched this month.
“The Gatishakti master plan will provide the framework for the NIP programme and is aimed at making Indian products more competitive by cutting down logistic costs and improving supply chains,” the Road Transport and Highways Minister said.
According to the Minister, infrastructure development will play an important role in India’s aim to become a $5 trillion economy.
“India’s supply chain infrastructure is getting momentum. The government is investing $1.4 trillion in infrastructure development through NIP,” he said.
Mr. Gadkari also said that his ministry through NHAI is planning to raise $15 billion through the monetisation of highways in the next five years.
Noting that India has got huge economic potential and viability available for pension and insurance funds in Indian road infrastructure, he said, “We can offer you good returns, [and] huge potential of economically viable projects”.
The Minister pointed out that India is allowing 100% FDI in the road sector, and there is a huge opportunity for joint ventures.
Mr. Gadkari also noted that India is also ready to welcome investments in solar energy and green hydrogen.
“We are looking for prospects of green hydrogen as a potential source of energy. You can invest in technology for green hydrogen,” he added.
Mr. Gadkari said he is working for a more sustainable transport system like ropeways and hyperloops.
“Investment in mobility technology is welcome... I request you to participate financially on the technological front,” he said.
The Minister also said that India is seeking the use of innovative technology and materials in road construction, and is open to adopting guidelines for use of new materials and technology.