Minister underlines the importance of National Hydrogen Mission
Minister for Road Transport and Highways Nitin Gadkari has urged US investors to come forward and invest in road and highway projects in India, calling it a “gold-mine for investors”.
Inaugurating virtually the 19th Indo-US Economic Summit of The Indo-American Chamber of Commerce, he said on 12 Sept 2022, “The United States of America and India are prominent democracies of the World with strong bilateral relations.
“We are natural partners and have lot to contribute for mutual growth. Both the countries have always shown mutual trust, respect and co-operation on the social, economic and strategic front.”
The Minister called on US-based companies can collaborate with Indian research and development efforts towards EV battery technologies and retrofitting industry.
“Our National Hydrogen Mission offers incentives for production and transportation of Green Hydrogen.”
The theme chosen this year: “The New Agenda for next 25 years”, will set the roadmap for strengthening US-India relationship, he added.
Gadkari said, “Our emphasis has been on creating a sustainable business ecosystem with an inclusive growth model.
“We need to encourage out-of-the-box thought process and promote creative agenda to weave new pathways.”
The Minister emphasized, “Today, India is one of the fastest growing economies and stands at fifth position in the World. A well-developed infrastructure enhances economic activity, creates new businesses and promotes job creation.
“The Government is investing US$1.4 trillion in infrastructure development through National Infrastructure Pipeline. The Road sector will account for 19% of this capital expenditure over period of 2019 to 2025.”
“We are bringing innovative and investor friendly products like InvIT to allow retail investors participate in the funding drive. We are designing the products so that retail investors can get good Annual Returns which are more than the Fixed Deposit rates.”
“The chamber should take a lead and identify areas where our talented human resources can contribute to design best Financial Instruments to enable investments in Indian Infra Space.
“We have well-developed framework for Public-Private-Partnerships (PPP) in the highway sector.
“The Asian Development Bank has ranked India at the first spot in PPP operational maturity and also designated India as a developed market for PPPs.
“All project documentation, contractual decisions and approvals are now being done through the digital portal,” he added.
Gadkari further elaborated on green initiatives, adding that India is becoming the largest EV market for electric two wheelers, three wheelers and cars.
“The Government is strongly encouraging solar and wind energy based charging mechanism for electric mobility.
“We are also working on development of Electric Highway which will be powered by solar. This will facilitate charging of heavy duty trucks and buses while running.”
He also called upon the chamber to contribute in the development of low-cost and reliable Electrolysers and Hydrogen Fuel Cell Technology. fiinews.com
