Gadkari pitches for using RBI’s rising forex reserves for infra development

Union Road Transport and Highways minister Nitin Gadkari on Wednesday pitched for formulating a policy for using the Reserve Bank of India’s rising foreign exchange reserves for funding road projects, saying the country needs low cost finance for such infrastructure projects.

Addressing a virtual event organised by industry body CII, Gadkari further said that the National Highways Authority of India (NHAI) should also have a financial arm like the Power Ministry’s Power Finance Corporation (PFC).

“We have a surplus of dollar reserves in the country. I have decided to talk with the RBI Governor, about how we can formulate a policy by which we can use this foreign exchange reserves for development of infrastructure in the country,” he said.