New Delhi: Toll Revenue chewing Will increase from Rs 40,000 crore per annum at present to Rs 1.40 lakh crore per annum in next three years, Union Minister Nitin Gadkari said on Tuesday.
Addressing an event here, the Minister of Road Transport and Highways said that there is a huge opportunity for investors in India’s infrastructure sector as the traffic density is increasing every year.
“Our (state-owned NHAI’s) current toll income is Rs 40,000 crore. This will increase to Rs 1.40 lakh crore in the next three years,” he said.
Inviting investment in the infrastructure sector, Gadkari said as the size of the Indian economy is increasing, so naturally the internal rate of return on infrastructure projects is also increasing.
The Union Minister said that the conciliation committees should decide matters related to road infrastructure projects within three months, as the delay in the decision-making process leads to cost.
For faster settlement of claims and minimization of liabilities through conciliation, National Highways Authority of India (NHAI) has vigorously initiated the process of conciliation by constituting three Conciliation Committees of Independent Experts (CCIE) of three members each.
These committees are headed by retired officers of the judiciary, senior experts from public administration, finance and the private sector.
Making a strong case for expediting the bankruptcy resolution process, Gadkari said no purpose is served if the financial matter is kept in courts and tribunals for a long time.
Gadkari, who is known for his candid views on any issue, said, “We need to change our thinking about the issues related to insolvency of companies as there are business cycles and not all defaults are frauds.”
Referring to the delay in completion of bankruptcy cases, the Road Transport and Highways Minister said the Insolvency Tribunal is facing a shortage of NCLT judges.
“When a patient is critical, he needs immediate treatment. There is no point in giving oxygen to a patient after he dies.
“Similarly, in case of financial disputes, the matter has to be resolved expeditiously and not delayed as is happening in NCLT,” he said.
Gadkari said he would like to constitute a committee under a retired judge to find out why the state-owned NHAI lost cases of arbitration appeals in the Supreme Court (SC) in the last five years.
The minister said that he will punish those who are responsible for filing appeals in arbitration awards in the Supreme Court without thinking, who have gone against it.
Addressing an event here, the Minister of Road Transport and Highways said that there is a huge opportunity for investors in India’s infrastructure sector as the traffic density is increasing every year.
“Our (state-owned NHAI’s) current toll income is Rs 40,000 crore. This will increase to Rs 1.40 lakh crore in the next three years,” he said.
Inviting investment in the infrastructure sector, Gadkari said as the size of the Indian economy is increasing, so naturally the internal rate of return on infrastructure projects is also increasing.
The Union Minister said that the conciliation committees should decide matters related to road infrastructure projects within three months, as the delay in the decision-making process leads to cost.
For faster settlement of claims and minimization of liabilities through conciliation, National Highways Authority of India (NHAI) has vigorously initiated the process of conciliation by constituting three Conciliation Committees of Independent Experts (CCIE) of three members each.
These committees are headed by retired officers of the judiciary, senior experts from public administration, finance and the private sector.
Making a strong case for expediting the bankruptcy resolution process, Gadkari said no purpose is served if the financial matter is kept in courts and tribunals for a long time.
Gadkari, who is known for his candid views on any issue, said, “We need to change our thinking about the issues related to insolvency of companies as there are business cycles and not all defaults are frauds.”
Referring to the delay in completion of bankruptcy cases, the Road Transport and Highways Minister said the Insolvency Tribunal is facing a shortage of NCLT judges.
“When a patient is critical, he needs immediate treatment. There is no point in giving oxygen to a patient after he dies.
“Similarly, in case of financial disputes, the matter has to be resolved expeditiously and not delayed as is happening in NCLT,” he said.
Gadkari said he would like to constitute a committee under a retired judge to find out why the state-owned NHAI lost cases of arbitration appeals in the Supreme Court (SC) in the last five years.
The minister said that he will punish those who are responsible for filing appeals in arbitration awards in the Supreme Court without thinking, who have gone against it.
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