The In a bid to show that the BJP is serious about development in the state, it is going to kick-off one project every week.
As a part of Indian government’s initiatives, Road Transport and Highways Minister
"I will lay foundation stones for highway projects across UP every week from now. My ministry will complete highway construction projects worth (a total) Rs 2 lakh crore in five years in the state. We already have projects worth Rs 70,000 crore in the pipeline," Gadkari told ET.
Before the model of code of conduct comes into effect, BJP will kick-off 100 highway projects, including expressways.
"I will also launch construction work on the Kanpur-Lucknow expressway, which will cost Rs 1,500 crore," Gadkari said.
Several meetings have been held with the National Highways Authority of India (NHAI) in Uttar Pradesh and the ministry has declared 10 state highways as national highways and the cost of their upgradation has been pegged at Rs 8,100 crore.
For the ambitious project, the government will raise Rs 2 lakh crore from Life Insurance Corp (LIC) of India, Employees' Provident Fund Organisation (EPFO), pension funds and masala bonds (rupee-denominated debt sold overseas).
"Banks were lending so much money even when the developers had no land and clearances. And today when I have streamlined the policies and made 80% land acquisition mandatory before starting projects, the financial institutions are being conservative in lending," he said.