India today entered into an agreement with the US for better cooperation in infrastructure sectors, including road transportation and shipping.
The move would enable India to make use of the latest technology available with the US for projects like developments of waterways and multi-modal hub.
A Memorandum of Cooperation for India - US transportation was signed by Nitin Gadkari, Minister of Road Transport & Highways and Shipping and Anthony Foxx, US Secretary of Transportation here today.
"We have discussed about investment with the US delegation but the interest cost in our country is very high and their interest cost is very low ... Hedging is difficult," Gadkari said when asked about the investment promised by the US delegation.
The minister said, "We are looking for a solution to this problem. A group of officials from our ministry and NHAI are discussing this issue (hedging)."
He did not provide further details on the subject.
The preliminary agreement aims to foster cooperative work on key issues of mutual interest for all modes of transportation, coordinating public and private sector resources and expertise to advance safe, efficient and integrated transportation systems.
It would cover areas like urban transportation, safety and environmental protections, fuel efficiency, rail transportation and maritime shipping.
