Union Road Transport and Highways Minister Nitin Gadkari has pledged to formulate a policy to exploit the Reserve Bank’s growing foreign exchange reserves. Gadkari will meet Reserve Bank Governor Shaktikanta Das in this regard.
Addressing the annual session of the industry body CII, Gadkari said, “We have a dollar surplus in the country. How can we devise a policy to utilize foreign exchange reserves for the development of infrastructure in the country? I have decided to speak for this.” “
Gadkari said he was talking to the World Bank, the Asian Development Bank and the New Development Bank (NDB) for infrastructure financing in India, but was not satisfied with his response. “That’s why we need some financial institutions that can reduce interest costs for the infrastructure sector,” he said.
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Railway Example: Giving examples, the Union Minister said that the Indian Railways had got the Power Finance Corporation of the Indian Railway Finance Corporation (IRFC) and the Ministry of Power but the NHAI had no financial side. Gadkari suggested, “We need an NHAI partnership and a financial institution partnership. With such joint ventures, we can make policy.
According to the latest data from the Reserve Bank, the country’s foreign exchange reserves rose $ 9.427 billion for the week ended July 30, to a record high of $ 620.576 billion. Recently, the Parliamentary Committee has informed the RBI in this regard.
