Wednesday, Oct 19, 2016
Dubai: Indian minister Nitin Gadkari on Wednesday said his country has opportunities worth more than $500 billion (Dh1.8 trillion) in infrastructure projects, and they want the UAE to invest.
Just in the road sector, the country has finalised contracts worth more than $52 billion, and plans to invest another $180 billion over the next two and a half years, said Gadkari, who is the roads transport and highways and shipping minister. That’s not it, either. To boost its infrastructure, the country is planning to invest in express roads, shipping, inland waterways, logistics parks, roadside amenities, highways, tunnels, conversion of rivers into waterways, even working on cruise tourism, and developing bus ports among others.
“We are giving the highest priority for development of infrastructure,” Gadkari told Gulf News in an exclusive interview, adding, “we have a good historical relationship with the UAE. We are very much interested in UAE investments, and they are welcome in India.”
India, which allows 100 per cent FDI for investments in infrastructure and is also the world’s fastest-growing major economy, is planning to invest $120 billion in port-led development, developing industrial clusters relating to automobile, petroleum, chemical and other industries along with the ports. The country has also started to reduce the logistics cost by making use of waterways. The logistics cost in India is near 18 per cent compared to over 12 per cent in China.
At Sagar Mala port modernisation project, for example, “we are expecting an investment of $180 billion, out of which $60 billion is for port rail connectivity and port road connectivity of $45 billion, and other $15 billion for modernisation and mechanisation of ports,” Gadkari said.
Changing situation:
The minister has assured full cooperation to UAE investors.
“We have a good historical relationship with the UAE. We are very much interested in UAE investments and they are welcome in India,” Gadkari said.
Indian finance minister Arun Jaitley last year said he discussed “legacy issues” that the investors had about investing in the country.
“Present Indian situation is changing now. There are huge opportunities available. After our government took charge, we have tried to remove the obstacles which were in system, and improved the things,” Gadkari said.
Land acquisition had been a sticky issue with investors; for example, the famous Singur land battle in the eastern Indian state of West Bengal involving Tata Motors was fought in the country’s top court. The project faced massive opposition from displaced farmers, but finally the top court asked the company to return the land to farmers.
“Investors are not finding any problems with land acquisition and forest clearance. We have already decided that it would be the responsibility of the government to acquire the land and other things. Presently things are moving fast. When the investors visit India, they can understand what sort of changes have been made.
“So it’s a good change. some people are now keen and committed for making investments in India,” Gadkari said.
“I’ll be meeting investors and giving confidence to them that Indian scenario there are huge opportunities available. Now there is no delay, corruption-free system, full transparency, and time-bound approach, and we are very much committed [to] development,” he added.
By Siddesh Suresh Mayenkar Senior Reporter
Gulf News 2016. All rights reserved.
