labels: economy - general, infrastructure - general
Government to tap more private funds for infrastructurenews
24 June 2006

Mumbai: The government will increasingly use the public-private partnership (PPP) route for infrastructure development, prime minister Manmohan Singh said after laying the foundation stone of the Rs450-crore multi-corridor transport project in Bangalore on Saturday.

The multi-corridor 10-lane project that will connect Bangalore to the Electronics City, the hub of IT industries in and around Bangalore, is being undertaken by a consortium of three private companies. The transport corridor will have a 9.5 km four-lane elevated highway and 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 transit time and job attrition in Bangalore''s IT hub. The IT hub in and around Bangaore is home to several software service companies, which earn Rs12,000 crore annually in foreign exchange.

The prime minister said public-private partnership has helped tap funds, increase efficiency and improve quality of services as also timely completion of projects. "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.

He said the government "has a road programme - National Highway Development Project (NHDP), costing Rs2,200,000 crore to be implemented in seven to eight years."

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Government to tap more private funds for infrastructure