Nitin Gadkari, minister for road transport and highways, said on Tuesday that the Indian government is expecting investments worth Rs. 25 lakh crore in the infrastructure sector in the next three years. A number of lined-up projects would create jobs for about four crore people, he said.
Additionally, this massive job creation may give the Indian economy a boost of approximately three percent in GDP by 2019. Gadkari said the first two years in the government were spent in restarting stalled projects and yet the ministry awarded projects worth Rs. 2.5 lakh crore, Press Trust of India reported.
"We expect investments worth Rs. 25 lakh crore in the sector in the next three years. We rolled out the majority of the 403 stuck projects worth Rs. 3.85 lakh crore. The developers who were shying away were brought back again and now the stage is set for an unprecedented work," Gadkari was quoted as saying by the agency.
As its future plans, the ministry plans to allocate projects worth Rs. 5 lakh crore by the end of financial year 2017. In addition, the ministry has set a target of constructing 41 kms of highways a day.
"There is no dearth of money in pursuing the dream of a world-class infrastructure. What I say, I do. We are spending only Rs. 12 lakh crore in the Sagarmala project of which projects worth Rs. 1,500 crore already have been rolled out," PTI cited Gadkari as saying.
Investments worth Rs. 50,000 crore has been planned in the port sector and massive work is underway to develop the waterways as well, the minister stated.
[1 lakh = 100,000 | 1 crore = 10 million | 100 crore = 1 billion]