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PM for tapping private funds

Manmohan said this after laying the foundation stone for the Rs 450-cr 10-laned multi-corridor project in B'lore.

india Updated: Jun 24, 2006 22:54 IST

Impressed by the success of public-private partnerships, Prime Minister Manmohan Singh on Saturday said the government plans to tap funds from the private sector for infrastructure development, as well as harness its efficiency for quality and timely delivery of projects.

"Our experience with PPP (Public-Private Partnership) has been very encouraging. We are quite confident that we will generate adequate public and private resources for this vast enterprise", he said after laying the foundation stone for the Rs 450 crore 10-laned "multi-corridor" project in Bangalore.

"I look forward to the day when the face of this nation will be changed by a dense network of world class highways, reaching out to the farthest corners of the country," he said.

The multi-corridor project, being executed by a consortium of three private companies, will connect Bangalore to Electronics City, the hub of IT industries, through a 9.5 km four-lane highway with a six-lane road at the ground level.

The project coming up on the Bangalore-Hosur national highway near Karnataka-Tamil Nadu border is expected to ease traffic congestion and reduce loss of man-hours and job attrition in the IT sector along this highway, which earns Rs 12,000 crore annually in foreign exchange.

Singh said the UPA government had speeded up construction and development of national highways in the country, besides expanding the entire programme and steeply increasing funds.

"We now have a road programme National Highway Development Project (NHDP) costing Rs 2,20,000 crore to be implemented in seven to eight years."