Road Transport and Highways Minister Nitin Gadkari said on Wednesday that the central government is working on a plan to raise funds from the public for road infrastructure projects.
Speaking in the Rajya Sabha, the minister said that the government is looking for public financing for road projects. “We will raise funds at an interest rate of 6 per cent per annum which is higher than the rate of interest provided by the banks,” he said in the Upper House.
He said that this would benefit the public as they would get a fixed return.
The minister also talked about the pace of road construction and said that the country has set several world records despite COVID-19.
He said the construction of the Zoji La tunnel on the Srinagar-Leh highway would be completed before 2024, while another Z-turn tunnel would be completed in the next three months.
Gadkari highlighted the steps taken to connect important roads from Leh-Ladakh region with national highways and said that the government is constructing the Joji La tunnel under Kargil and the work is in progress.
This tunnel is to be completed in 3.5 years. About 1,000 laborers are working inside the tunnel in minus 8 degree temperature. “I am sure the tunnel will be ready before 2024,” he said.
The minister said that while the cost of the tunnel was estimated in the tender 11,000 crores, the government made special efforts to reduce the cost 5,000 crores.
He said the Z-Mor tunnel is “more or less complete” and will be fully completed in the next three months, adding that it will reduce the travel time from Leh-Ladakh by 6 hours.
In addition, the minister said that 24 green express highways are being constructed for a length of 8,000 km, which will transform the road infrastructure in the country.
He said that the pace of road construction has increased in the last seven years and there is no paucity of funds for the implementation of road projects.
with agency input
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