New Delhi: Union government will need to spend $70 billion on building roads over the next three years, transport minister Kamal Nath said on Friday, as it looks to infrastructure spending to stimulate demand and boost the economy.
Nath, speaking at an investors’ conference in Singapore, said $40 billion of that could come from private investors, with a quarter of that coming for foreign investors. His comments were released by his office in New Delhi.
Nath had previously said he wanted foreign investors to fund as much as half of the $20 billion a year earmarked for road building.
India has a road network of about 3.4 million km (2.1 million miles), of which about 70,000 km are national highways and has set up a target of building 20 km of roads per day.