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| Ministers' panel to explore road, highways financing |
| Press Trust of India / New Delhi Nov 04, 2009, 19:41 IST |
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An Empowered Group of Ministers (EGoM) will meet later this month to explore financing options for highways projects, Transport Minister Kamal Nath said today.
According to government estimates, the road infrastructure sector, key to economic growth, requires around $80 billion (Rs 3,76,000 crore) in the next four years.
Nath said the EGoM being set up would "examine how External Commercial Borrowings (ECBs) can be accessed for the road and highways sector at easier terms".
The EGoM would include Finance Minister Pranab Mukherji, Planning Commission Deputy Chairman Montek Singh Ahluwalia and Nath.
Nath extended the target date of awarding about 12,000 km of highway projects by June next year. He had earlier said that these projects would be awarded by March next year.
He said a separate division has been created in the National Highways Authority of India to look at the requirements of development of expressways in the country.
A total of 954 kms of highways have been constructed between May and September, averaging at 6.5 kms per day. Plans are also underway for setting up an Expressways Authority of India for the purpose. The Ministry plans to build a total of 17,661 kms of access-controlled expressways in the country.
For decentralising the NHAI, as many as 10 regional offices of the Authority would be set up across the country for better co-ordination with state governments for highway development.
"Ten regional offices of NHAI would be set up. They would be headed by Chief General Managers of NHAI," Nath said at the Economic Editor's Conference here.
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