Union Minister for Road Transport and Highways Nitin Gadkari on April 30 invited companies from the United States to invest in India's road sector and even assured them that their investment in India would yield double the return when compared to investing in the US.
"There is a huge potential (for investment in India) and India is the fastest growing economy, and the internal rate of return is very good and you will get good returns as compared to the US," Gadkari said, adding that he was confident that companies would get at least twice the return when investing in India as compared to investing in the US.
Gadkari, while speaking at the Indo-US Partnership Vision Summit, also said the country's road sector has already started attracting investment from Canadian and Australian companies.
He urged US companies to invest in the Indian road sector in Indian rupees and also hedge against the fluctuation in foreign exchange currency rates.
There is a huge potential for US companies to set up manufacturing facilities in India in the automobile industry, and renewable energy, like solar, hydro wind, and biogas, he observed.
Gadkari said US innovation can also help in the development of Indian industries and urged collaborations between the two countries in the field of electric vehicles, alternative fuels and renewable energy.
The minister also thanked the US for its support to India in the fight against the COVID-19 pandemic.
Earlier this week, Gadkari assured that the government is taking all measures to ensure a smooth supply of oxygen to hospitals in various parts of the country including in Maharashtra.
He had said that there is an urgent need to increase beds and warned that the third and fourth wave of COVID-19 may hit the country. He also said that ramping up the medical infrastructure will help in fighting the deadly virus efficiently.
