Union Road Transport and Highways Minister Nitin Gadkari said on Tuesday that infrastructure companies should also launch their own non-bank financial companies (NBFCs) to finance road construction projects.

Gadkari further said that the National Highways Authority of India (NHAI) should also have a financial arm like the Power Finance Corporation (PFC) of the Ministry of Energy or the Indian Railways Railways Finance Corporation (IRFC) of the Ministry of Railways. iron.

“Infrastructure companies are now investing huge amounts of money in infrastructure…Infrastructure companies should also start their own non-banking financial companies (NBFCs) to finance road construction-related projects,” he said. he said at an event in Assocham.

Gadkari stressed that there is a need to develop an innovative financial model for the road sector as it is difficult to develop infrastructure only with government money.

The minister noted that a few years ago, projects related to road infrastructure were delayed due to the delay in land acquisition and environmental clearances.

“But now the situation has improved,” he said.

Gadkari claimed that India’s road infrastructure will be on par with that of the United States by 2024.

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