Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.


Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence


Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

Aid Infrastructure Creation to Boost Growth: Nitin Gadkari to RBI

The road transport minister said over 150 projects involving investments of over Rs 2 lakh crore are currently struggling to get financial closure.


Updated:November 17, 2018, 11:13 PM IST
Aid Infrastructure Creation to Boost Growth: Nitin Gadkari to RBI
File photo of Union minister Nitin Gadkari. (PTI)

Mumbai: Union minister Nitin Gadkari on Saturday blamed RBI circulars for "complicating" project finance, and asked the central bank to aid infrastructure creation in the country and push up the growth rate.

The road transport minister said over 150 projects involving investments of over Rs 2 lakh crore are currently struggling to get financial closure.

"Unfortunately, many times ...circular issued by the RBI (is) creating more complications and this is one of the reasons why I am facing problems as far as financial closure is concerned," Gadkari said, speaking at the annual ET awards here this evening.

"I feel that it is appropriate time for the RBI to support infrastructure in the country as far as our growth rate is concerned," he added.

Asked if he has interacted with the RBI on this, he first said it is not his job and launched what can be perceived to be an attack on the RBI brass, which, media reports say, has peeved lenders because of its refusal to meet them.

"It is not my job, I don't want to meet him. My experience is not good...I have said my point in minimal words. You meet only those from whom you can get some benefit, why should you meet people for nothing?" Gadkari said.

He said during the days when there were difficulties with projects, lenders gave loans to the infrastructure sector and wondered what is holding back the bankers now, saying a bulk of the concerns like environmental conditions and land acquisition troubles has been taken care of.

"I don't know what is the reason that the banks are not making financial closure and because of some circular issued by RBI it is painful," he said.

Opening up credit supply will lead to an increase in the contribution to GDP by sectors overseen by his ministry to 3.5 per cent of GDP from the 3 per cent earlier, he said.

Gadkari said since taking office, he has saved Rs 3 lakh crore of loans from becoming NPAs by solving issues of stuck projects.

Besides road transport and highways, the senior BJP minister handles portfolios like shipping, water resources, river development & ganga rejuvenation.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

| Edited by: Ahona Sengupta
Read full article
Next Story
Next Story

Also Watch

Most Active
Company Price Change %Gain
Reliance 1,215.85 -0.80
BPCL 383.35 -6.17
Yes Bank 67.75 -1.17
Maruti Suzuki 6,470.00 0.31
HDFC 2,050.00 -1.62
Company Price Change %Gain
Biocon 232.85 0.13
Kotak Mahindra 1,487.75 0.28
Cholamandalam 273.90 -0.27
Yes Bank 67.50 -1.60
Reliance 1,214.50 -0.90
Top Gainers
Company Price Change %Gain
Titan Company 1,144.00 1.83
GAIL 130.90 1.28
Grasim 724.10 0.91
Zee Entertain 353.60 0.88
Tech Mahindra 715.20 0.80
Company Price Change %Gain
ONGC 129.85 0.82
HUL 1,817.40 0.70
Sun Pharma 425.70 0.58
Bajaj Finance 3,437.00 0.32
ICICI Bank 414.95 0.41
Top Losers
Company Price Change %Gain
BPCL 384.35 -5.92
Asian Paints 1,511.95 -2.34
IOC 127.00 -2.38
HDFC 2,050.00 -1.62
Yes Bank 68.00 -0.80
Company Price Change %Gain
Asian Paints 1,511.35 -2.36
HDFC 2,050.50 -1.69
Yes Bank 67.50 -1.60
SBI 288.60 -1.06
Larsen 1,348.40 -1.10

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results