RBI's surplus funds can be used for road projects, says Nitin Gadkari

Addressing a virtual CII meet, Gadkari said that the National Highways Authority of India should also have a financial arm such as the Power Finance Corporation

Union Road Transport and Highways Minister Nitin Gadkari on Wednesday said infrastructure projects in the country need low-cost financing and surplus funds of RBI can be utilised for the same.

 

Addressing a virtual CII meet, Gadkari said that the National Highways Authority of India (NHAI) should also have a financial arm such as the Power Finance Corporation (PFC).

 

“We have a surplus of dollar reserves in the country. I have decided to talk with the RBI governor, about how we can formulate a policy by which we can use this foreign exchange reserves for development of infrastructure in the country," he said.

 

Recently, a Parliamentary panel has also suggested that the RBI may consider the possibility of utilisation of surplus funds to finance long-term road infrastructure projects.