Chennai:
Union government is considering to borrow money in
dollars from financial institutions to fund major infrastructure projects like
inland waterways and port infrastructure, according to Union Shipping Minister
Nitin Gadkari.
Delivering Indian Maritime University’s Second
Convocation address, Gadkari highlighted that borrowing in rupees resulted in
an interest of 12 per cent from the financial institutions while taking loan in
dollars would result in only two per cent interest.
“We will be taking loan in dollars for key infrastructure
projects like Inland waterways as well as port infrastructure,” said Gadkari.
Interestingly, this year the government is planning to
develop three major ports, including Colachel in Tamil Nadu, Sagar Island in
West Bengal and Dahanu in Maharashtra. The government is also planning to develop
70 of the 1,300 islands as tourism hubs to create jobs for the youth.
The minister also highlighted that his government would
be developing Buckingham Canal as one of the inland waterways along with Ganga,
Kerala Back waters, Mahanadi in Odisha and Brahmaputra.
During the next parliament session, he said the success
story of waterways would begin.
The minister, however, tried to stay away from
controversial topics like Sethu Samudram and the Maduravoyal-Chennai Port
elevated corridor.
He, however, stressed on the growth of ports and said
that this is the first time in the year that the 12 major ports as well as
shipyards have registered a profit of Rs 6,000 crore. He also urged the ports
to compete with international ports rather than compete among themselves.
He also said that his government would provide 20 per
cent subsidy to ship building industry as it is going through a rough patch. He
also suggested the use of liquefied natural gas as fuel to be used in the
waterways.
Of the 2,449 students, a total of 366 IMU students received their degree in person.
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