Govt. unveils Rs.10 trillion infra financing plans
In order to meet the severe scarcity of funds for the country’s infrastructure sector, Central government is exploring plan to generate Rs.10 trillion in tranches of Rs.10,000 crore by selling 10-year bonds at a coupon of 7.25-7.75% from Employee Provident Fund Organization. India plans to invest as much as Rs.3.96 trillion in the current financial year to bankroll its new integrated infrastructure program which involves building of roads, railways, waterways, and airports, Transport Minister Nitin Gadkari said that the government is actively exploring alternative mechanisms for funding large infrastructure projects. Companies including Power Finance Corp. Ltd (PFC) and Rural Electrification Corp. Ltd, have been selling tax-free bonds to raise low-cost and long-term funds to help finance infrastructure projects. Country needs funds for its ambitious plans such as Sagarmala (ports) and Bharatmala (roads) to improve its transport infrastructure. While the total investment for the Bharatmala plan is estimated at Rs.10 trillion—the largest ever outlay for a government road construction scheme—the country has envisaged Rs.8 trillion of investment until 2035 under the Sagarmala program. The total road length to be developed as expressways under Bharatmala will be around 51,000 km; the Sagarmala program envisages construction of new ports to harness the country’s 7,517 km coastline and setting up as many as 142 cargo terminals across major ports, he added.
📅Published on:
13 September 2017
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