Road sector

The minister further said that the government has allowed 100 percent FDI in the road sector and there are huge opportunities in the joint ventures

Union minister for road transport and highways Mr. Nitin Gadkari on Monday invited companies in the US to invest in the India transport infrastructure, renewable energy, EV batteries and hydrogen spaces among others.He was speaking at the 19th Indo-US Economic Summit organized by the Indo-American Chamber of Commerce (IACC) with the theme “75 Years of US India Relations : The New Agenda for the Next 25 years”.Noting that India has a well-developed framework for public private partnership in the highway sector, Mr. Gadkari said: “I sincerely hope more and more investors from the US will come forward and invest in roads and highways in India which is a gold mine for investors.” He also said that private investors can invest in the development of multi modal logistics parks, way side amenities, ropeways and alternative mobility solutions among others. The minister further said that the government has allowed 100 percent FDI in the road sector and there are huge opportunities in the joint ventures.

“We are bringing innovative and investor friendly products like InvIT, to allow retail investors to participate in the funding frive. We are designing the products so that retail investors can get good annual returns which are more than the fixed deposit rates.”Reiterating the government’s commitment to achieve net zero carbon emission by 2070, the minister said that the government is promoting research and development (R&D) in the area of renewable energy. India is ready to welcome investments in technologies which run on biofuels, he added.

Talking on the opportunities in the electric vehicles space, Mr. Gadkari said that US-based companies can collaborate in India’s R&D efforts towards EV batteries, technologies and retrofitting.Further, he also highlighted the incentives given under the national green hydrogen policy and called up companies for manufacturing low-cost electrolyzers and hydrogen fuel cell technologies.The union minister also said that the government’s top priorities include the reduction of logistics to below 10% which currently is in the range of 14-16%.Addressing the inaugural session, Patricia A Lacina, Charge D’ Affaires, US Embassy said that over the past 75 years both India and the US have achieved many great things over the years and now they are poised to achieve more in the next 25 years.Talking of the strong Indo-US relationship, Rohit Kochhar, Regional President, IACC said that the partnership is based on shared values in promotion of global security and stability and economic prosperity through free and fair trade, business and investment.

“Our two great nations collectively contribute a staggering 22% of the world’s GDP. We therefore enjoy a place of great prominence in the global economic landscape and with this we carry a huge responsibility as torch bearers in the post Covid journey of recovery and resurgence.”Dr. Lalit Bhasin, National Executive Vice President, IACC the corporate and policy leaders would deliberate of the key issues identifying opportunities and challenges for promoting, handholding and for scripting a time bound agenda for realising the goal of becoming a developed country by 2047.”We look forward to 2047 and this summit is a humble effort in that direction that we can achieve our goal and possibly stand hand to hand and holding each other in the larger economic global world which we have today,” Dr. Bhasin said.

Dr. Bina Modi, Chairperson, Modi Enterprises was of the view that a new era has begun for the Indo-US relations with the presidency of Joe Biden and the bilateral relationship has further deepened even amid the ongoing geopolitical tensions involving Russia and Ukraine. She further said that India’s aim to become a developed nation will be supported by the US.The annual flagship event is being held on 12-13 September 2022 virtually and the key areas of discussion including defence and aviation, banking and insurance, food & agri business, healthcare, infrastructure, climate change, information technology and emerging unicorns. The summit will have leading speakers and panelists from the Indian and US governments, US Embassy, corporate sectors and think tanks.The speakers in the inaugural session of the 19th Indo-US Economic Summit included Kapil Kaul, National President, IACC, Dr. Vivek Lall, Past Regional President and Mr. Arun Kumar, Regional Vice President, IACC.