Encouraging capital investment key to 'Modinomics', says Nitin Gadkari

Union minister Nitin Gadkari. File Pic

Measures to encourage capital investment have been an important aspect of "Modinomics" as it is not just a wealth creator but also a means of employment generation, said Union minister Nitin Gadkari on Friday.

"In the 60 years of Congress rule, hatred was spread against capitalists. During the Congress rule, governance was budget-centric," said the minister of road transport and highways here at an event on the achievements of nine years of the Narendra Modi government.

Encouraging domestic capital investment, and bringing foreign capital for development are necessary to eradicate poverty, he said.

Works worth Rs 9 lakh crore are being carried out with a budget of Rs 900 crore because the Modi government is encouraging capital investment, said the senior BJP leader. Capital investment creates wealth and jobs, he stressed.

Recalling his days as the PWD (public works department) minister of Maharashtra in the 1990s, when the undivided Shiv Sena-BJP alliance was in power, Gadkari said he would then speak of infrastructure projects on BOT (build-operate-transfer) and PPP (public-private partnership) basis.

He said the Congress leaders would mock him saying whether the government was "given on BOT and PPP". Today, public-private partnership and build-operate-transfer models are well accepted, he said.

In the Modi government, Gadkari said, decision-making is transparent and time-bound because of good governance with a focus on development and economic growth.

He said the target of the Modi government is the eradication of poverty and socio-economic inequality.

The Antyodaya schemes of the Modi government have benefitted the poor sections of society. While 9.5 crore people have benefitted due to 'Pradhan Mantri Ujjwala Yojana', 3.5 crore citizens got houses under the PM Awas Yojana, he said.

"Forty-nine crore bank accounts have been opened, 37 crore people have benefitted under the Ayushman Bharat (health scheme), and 12 crore toilets have been constructed under the Swachh Bharat programme. A majority of these schemes have benefitted the poor and given them dignity," he said.

After India's independence, Gadkari said, then prime minister Jawaharlal Nehru adopted a socialist economy.

"Today, socialism and communism have been rendered irrelevant. The BJP has adopted nationalism with good governance as its development model and its policies have benefitted the socially, educationally and economically backward population," he said.

He also shared the outlook for the coming years.

"The automobile sector will be the number 1 in the next five years. Gurugram and Pune have developed due to the automobile sector and roads in UP and Bihar will be like America in the next new years," he said.

The logistics sector will contribute about 9 per cent of the gross domestic product (GDP) by 2024, pushing up exports and creating employment potential, he said.

"What couldn't be achieved in 60 years of Congress rule was accomplished in 9 years of the Modi government. It is the people who need to be credited for this development as they voted us to power. Abhi sirf trailer dekha hai, poori film baaki hai," he added.

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