New Delhi, August 10, 2018: Union Transport Minister Nitin Gadkari on Wednesday made a strong pitch for channelising small savings into the infrastructure sector, saying the bond issues being planned by the National Highways Authority of India will fetch much better interest rates to retail investors than bank savings.
Gadkari was addressing a gathering at an event in New Delhi that marked the 25th anniversary of the National Stock Exchange.
“We are looking at an 8 per cent kind of yield, but won’t mind making it even higher,” he asserted.
According to reports published in economictimes.indiatimes.com the NHAI is aiming to raise around Rs 62,000 crore through bonds this year. It raised about Rs 52,000 crore during 2017-18.
“Invest with us and we will give you a far better yield than bank savings,” Gadkari said, adding that his ministry has numerous avenues to invest the money and earn big profit for investors.
“More than the government budget, we run on people’s money… We will build roads using your funds and give you monthly returns,” Gadkari told the audience.
He made a special mention of India’s growing economic clout. “India is the fastest growing economy. Our other special feature is demography that offers a huge market for the world,” he added.
In this context, there is a need for higher economic growth, the transport minister stressed.
Courting foreign investors, he asked them to come in big numbers and invest in the road and infrastructure sector.
Highlighting the importance of doing more to create awareness on investment he specifically referred to an educational module prepared by the NSE for students of Nagpur.
Giving the credit where it’s due, Gadkari said the NSE has made a big contribution to the overall progress of the country. Honesty, transparency and credibility have been hallmarks of NSE’s success in the financial world, the minister said further economictimes.indiatimes.com
The minister made the point that his ministry has already invested Rs 10,000 crore in the road sector so far this year while 58 projects are waiting for financial closure.
The Rs 7.5 lakh crore Bharatmala project, Gadkari said, is ready for take-off while the inland water shipping project has started in 10 rivers.