New Delhi: Terming India because the best destination for foreign investment with high returns, Union Minister Nitin Gadkari on Friday urged European investors to spend money on India. He additionally said that the federal government is selling clean gasoline and dealing in direction of operating long-distance buses and vehicles on LNG, Gadkari said.
Apart from LNG, the federal government’s focus is to take ethanol economic system from the present Rs 20,000 crore to Rs 1 lakh crore, Road Transport, Highways and MSME Minister Gadkari said whereas addressing the members from European Economic Group on ‘Sustainable Transport and MSMEs’ by video convention.
“Government is looking at LNG as fuel for trucks and buses in transport on long routes of more than 700 to 800 km. In addition, it is promoting ethanol to reduce Rs 7 lakh crore annual import of crude. The volume of the ethanol industry is Rs 20,000 crore which we want to take to Rs one lakh crore,” the minister said.
He said plans are afoot additionally to develop industrial clusters, together with leather-based, plastic, chemical, furnishings and others, alongside with the Rs one lakh crore Delhi-Mumbai Expressway on the sample of clusters in China, and it was opportune time for investors significantly from Europe to spend money on India to get high and protected returns under the present circumstances when the world is battling COVID-19.
Developing such clusters would scale back logistics prices and convey good returns, he said.
India is the best destination for foreign investment with high returns, Gadkari said, including that the federal government is making an attempt to faucet investment from completely different sources, together with from the pension fund, insurance coverage fund and inventory market, in addition to the World Bank and ADB.
He additionally said other than being one of many quickest rising economies, India is making things digital for transparency and urged investors to spend money on infrastructure, MSMEs, banks, NBFCs and different areas.
“It is a golden opportunity for you. Your investment will be safe and you will get very good returns,” the minister said, including that COVID-19-hit Indian economic system wants liquidity.
“Invest in India including through JV. It will be secured here as India has strength. India needs liquidity. It has big market, skilled manpower and is focussing on increasing exports and reducing imports,” the minster famous.
Urging gamers to spend money on the highways sector, the minister said that 22 inexperienced expressways have been on the anvil and work has aly began on seven of them.
He said that talks have been additionally on with a Swedish firm for electrical freeway stretch on Delhi-Mumbai Expressway.