Union Minister Nitin Gadkari on Saturday stated that his government`s policies were specifically aimed at alleviating poverty and generating employment. He cautioned against forms of economic liberalisation that could potentially lead to the concentration of wealth in the hands of a select few, reported news agency PTI.
“Our objective is to create an economic option that will eliminate poverty, create jobs for youth and lead to creation of wealth,” Gadkari said during his address at the National Conference of CA Students-2025, adding, “we need such an economic option.”
He further asserted that previous governments, under P.V. Narasimha Rao and Manmohan Singh, had adopted an economic liberalisation framework.
“But with economic liberalisation, we should also make sure that there is no centralisation of the economy. It should not be that the number of poor is slowly increasing while wealth is getting centralised in the hands of a few,” the minister cautioned, underscoring his concern for equitable distribution.
“There has been a sea change in the economic landscape (in the last decade) and your role is crucial in this change,” the minister told the chartered accountancy students.
At the same event, Gadkari also discussed a wide array of issues, including agriculture, manufacturing, taxation, and public-private partnerships in infrastructure development, reported PTI.
He highlighted the evolving and crucial role of chartered accountants in this transforming economic environment.
“CAs can be the growth engines of the economy. Our economy is changing rapidly. It is not only about filing income tax returns and GST submissions,” he remarked, encouraging a broader perspective on their professional contributions.
Speaking about infrastructure development, Gadkari underscored his personal initiatives in the transport sector. “I was the one who started the Build-Operate-Transfer system for road construction,” he proudly stated. He further asserted that there is no shortage of funds for road development, famously quipping, “Sometimes I say I do not have a fund crunch but I have a shortage of work.”
Moreover, he provided an optimistic outlook on revenue generation from tolls. “Now, we earn nearly Rs 55,000 crore through toll booths and in the next two years, our income will go up to Rs 1.40 lakh crore. If we monetise it for the next 15 years, we will have Rs 12 lakh crore. New toll will add more money to our coffers,” he elaborated, showcasing the sector`s financial strength.
The minister also spoke about significant projects aimed at enhancing regional connectivity and attracting investment, according to PTI.
“We are constructing a ropeway of Rs 5,000 crore in Kedarnath. The contractor is ready to spend the amount and give Rs 800 crore royalty to the Union government. When the Uttarakhand government asked us to share the royalty, I asked whether they would also share the loss-making units,” he recounted, illustrating his pragmatic approach to project financing.
Meanwhile, regarding the domestic investments, Gadkari highlighted his success in raising funds through Infrastructure Investment Trust (InvIT) bonds without seeking foreign assistance.
“I am not accepting money from foreign countries like Canada or the US. I will build roads from the money raised from the poor people of the country,” he declared, emphasising self-reliance. He proudly added that the initial share, which was priced at Rs 100, has now surged to Rs 160, promising investors returns of approximately 18 to 20 per cent.
(With inputs from PTI)
