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Road Transport Minister Kamal Nath has mentioned that government will be executing road projects costing about Rs. 5,000 crore, for which it will be rolling out new specifications.
Kamal Nath, who was talking at the seminar on the India-United Arab Emirates (UAE) trade and investments, the new specifications will be rolled by the government within 10 days.
The government is "looking at mega road projects worth $1bn (nearly Rs.5,000 crore), each with a length 500 to 600 km, which would ensure best of technology and management practices," he said.
He said that the government had set a target for constructing 3,000 km roads this year out of which 2,000 km have already been completed. He said that it indicates that the target is an achievable one.
He said the country would need foreign investments worth $40 billion through debt, equity and pension funds for various road projects. He added that with India being a credible investment destination, the financing of road projects will be a smooth process. He also mentioned that traffic risks are also very less in Indian scenario.
The National Highways Authority of India (NHAI) would meet on Saturday to award several pending road projects to successful bidders.
