Indian Road Transport & Highways Minister Nitin Gadkari announced that MoRTH will award road contracts worth ₹3 lakh crore within three months, announcing this at the annual session of the Indian Construction Equipment Manufacturers Association. The Minister emphasized India’s construction equipment industry’s vital role in infrastructure development, aiming to finalize contracts worth ₹5 lakh crore by March 2025, a target well-received by the industry.
Gadkari urged road contractors to uphold high standards while reducing construction costs by utilizing green fuels, advocating for the use of methanol in engines. The Ministry awarded 95 km of projects in June, pledging full government support to the construction equipment industry, aiming to make India the world’s largest market. India’s construction equipment market, valued at ₹79,000 crore, currently comprises 1.35 lakh units, with a projected increase to 2.5 lakh units by 2030.
The government plans to review customs duties on imports and support the CE Industry, which is crucial for economic growth and job creation, with 3.4% of GDP allocated to it. The third-largest construction equipment market in the world has the potential to become the largest and most prominent, with the goal of setting new industry benchmarks.
Road Ministry to Award Contracts Worth ₹3 Lakh Cr Within 3 Months
The Ministry of Road Transport and Highways (MoRTH) is set to award highway construction contracts worth ₹3 lakh crore within the next three months. This move aligns with the government’s ambitious infrastructure development agenda, aimed at enhancing road connectivity and boosting economic growth.
Massive Infrastructure Push
The contracts will encompass a range of projects, including national highways, expressways, and key arterial roads across various states. The initiative is expected to accelerate ongoing road development programs and contribute significantly to India’s economic expansion.
Key Highlights of the Initiative
- Investment Amount: ₹3 lakh crore worth of contracts to be awarded within the stipulated timeframe.
- Scope: The projects will focus on improving connectivity, reducing travel time, and enhancing road safety.
- Public-Private Participation: Many contracts will be executed under the Hybrid Annuity Model (HAM) and Build-Operate-Transfer (BOT) mechanisms to encourage private sector investment.
- Employment Generation: The initiative is expected to create numerous job opportunities across construction and allied sectors.
Government’s Vision
The awarding of these contracts is part of the broader Bharatmala Pariyojana, which aims to improve road infrastructure, reduce logistics costs, and enhance trade efficiency. The government remains committed to strengthening transportation networks, thereby fostering regional development and improving economic competitiveness.
The road ministry’s decision to expedite contract awards reflects its dedication to transforming India’s road infrastructure. This major investment is set to enhance connectivity, boost the economy, and generate employment opportunities, positioning India for sustainable growth in the transportation sector.
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