EPF FUNDS & REDUCED INTEREST RATES WILL TRANSFORM INDIA’S CORE SECTOR: PIYUSH GOYAL

EPF FUNDS & REDUCED INTEREST RATES WILL TRANSFORM INDIA’S CORE SECTOR: PIYUSH GOYAL

EPF FUNDS & REDUCED INTEREST RATES WILL TRANSFORM INDIA’S CORE SECTOR: PIYUSH GOYAL

No.PR-161
December 20, 2014
New Delhi



EPF FUNDS & REDUCED INTEREST RATES WILL TRANSFORM INDIA’S CORE SECTOR: PIYUSH GOYAL


Union Minister of State (IC) for Power Coal and New & Renewable Energy, Mr. Piyush Goyal on Saturday called for setting up of Exchange Protected Fund (EPF) that can pool in resources for funding core sector projects at interest rates between 7 to 8 per cent as also endorsed the view expressed by Union Minister of Road Transport, Highways & Shipping Mr. Nitin Gadkari at the  109th Annual Session of PHD Chamber of Commerce and Industry here today for interest rates reduction for financing key infrastructure projects in roads, highways, ports and power sector.

While addressing the members of PHD Chamber of Commerce and Industry at its 109th Annual Session, Mr. Goyal emphasized that EPF could have the potential to pool together funds through which infrastructure projects could be financed at the interest rates between 7 to 8 per cent to support the trillions of dollar of Indian economy so that its growth is sustained at the desired level and infrastructure put on to it on par with world standards.

The Minister announced that coal production in India in the month of June, July and August and even October rose by 21 per cent though the perception is that it was subsided due to ongoing confusion in the coal sector.  The government would allocate the new coal blocks to suitable bidders with utmost transparency and efficiency, Mr. Goyal promised.

“On the issue of interest rates, Mr. Goyal held that my personal view is that the RBI should share the common concern of the government of the day for reduced rates of interest so that it is able to arrange finances for key infrastructure projects to fulfil one of its election promises as also provide relief to developers engaged in building India’s power, port, roads and highways projects”.

He said that by 2017, the present government would make sure that Delhi was made 24x7 power served city on lines of Mumbai where power cuts were rear and feed all its street lights with LED electrification by June 2015 as also reduced the cost of power, savings on which would be utilized for alternate purposes.

The outgoing President of PHD Chamber Mr. Sharad Jaipuria complimented Mr. Goyal for his forward looking policies and hoped that industry would gain in a great deal from such dispensations to spur up manufacturing and thereby creating additional employment opportunities.  In his vote of thanks, the incoming President of the Chamber Mr. Alok B Shriram also hoped that the coal block allocations would be held with utmost transperancey and efficiency so that power producers do not suffer on account of raw materials.

Ends.

KOTESHWAR DOBHAL
CONSULTANT – PR
PHD CHAMBER