Nitin Gadkari pitches for using RBI’s rising forex reserves for infrastructure 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).