Putting the onus for poor development of the sector on the previous UPA regime, Nitin Gadkari said the sector was hit hard during the last decade owing to faulty policies.
The government today said it is creating a shelf of 500 ready-to-bid projects worth Rs three lakh crore to propel growth in the infrastructure sector.
This is in addition to rolling out Rs 1.8 lakh crore worth of projects out of Rs 2.8 lakh crore stuck projects. "In our shelf, we are going to have 500 projects worth more than Rs 3 lakh crore ready with processes like land acquisition, forest clearance and other clearances," Trasnport minister Nitin Gadkari said addressing an Infrastructure summit, organised by Indo American Chamber of Commerce (IACC) here.
A separate section has been created in the Ministry to prepare detailed project reports (DPR) to keep a vigil on the progress of all onging projects, he said.
Putting the onus for poor development of the sector on the previous UPA regime, Gadkari said the sector was hit hard during the last decade owing to faulty policies.
"But corrective measures are on, resulting in launch of Rs 1.8 lakh crore of projects out of Rs 2.8 lakh crore stuck due to regulatory hurdles and delays in land acquisition," he said. Out of the remaining Rs one lakh crore projects, the contractors wanted golden handshake for Rs 50,000 crore projects, he said.
"Not only a mechanism to solve all discrepancies are in place but a justified model concession agreement will be in place soon," he said.
Steps for building of long-durable concrete roads was also on while the government has already notified use of iron ore slags in road construction, which would be cost-effective, he said. The Minister exuded confidence that his Ministry will achieve 30-km a day road building target and would contribute two per cent to the GDP in coming years.
Gadkari said electronic toll system would be installed pan-India which is expected to result in a saving of Rs 86,000 crore annually including Rs 60,000 crore due to fuel loss as a result of delays.
At the same time, he added his government was according highest priority to waterways and that a new Bill which will vest power to Shipping Ministry for converting any river into waterway was ready. Gadkari said his government was committed to building waterports, seaports and busports and was extending full cooperation to states.
"We want to encourage the production of seaplanes ... hovercrafts. Already I have discussed the proposal with a British company. They have a joint venture with defence and our Goa Shipyard. They are making 70 hovercrafts," he said.
The Minister said the department has taken a decision to build two dry ports - one in Aurangabad and the other in Vidarbha and is is contemplating to form a rail corporation for transportation of goods from ports.The Great Diwali Discount!
Unlock 75% more savings this festive season. Get Moneycontrol Pro for a year for Rs 289 only.
Coupon code: DIWALI. Offer valid till 10th November, 2019 .