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.
Frequently Asked Questions
A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.
There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.
Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.
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.