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Rs 50 lakh cr earmarked for railways' development in 10-12 years: Goyal

Published: Jul 08, 2019

By TIOLCORPLAWS News Service

NEW DELHI, JULY 08, 2019: THE Union Minister of Commerce & Industry and Railways, Mr Piyush Goyal, has called for giving thrust to quality so that India can be recognized for its superior products. Addressing the gathering at an International Conference for Engineering Services on Quality Infrastructure for Clean & Sustainable Development here today, he expressed hope that India can be recognized world over not only for its comparative and competitive cost advantage, but also for its superior products and superior quality of services. He stated that there is scope of two-way expansion of trade - on the one hand there is huge export potential and on the other there is huge potential to bring engineering technology to India.

The Commerce Minister stated that the Finance Minister in the Budget 2019-20 has given a road map for the expansion of infrastructure in India with investment of one lakh crore rupees in next five years. He said that an investment of Rs 50 lakh crore is proposed for the expansion and development of railways in next 10-12 years. The Minister stated that this vision clearly demonstrates that India is a destination for large scale investment in infrastructure.

Mr Goyal further stated that India has become the fastest growing country in generation of solar energy. It has achieved 1200% growth in installed capacity of solar energy during the last five years. India has also become the largest user of LED bulbs with the improvement of technology and cost cutting of manufacturing. The Minister also referred to incentives proposed for electrical vehicles in this year's budget and expressed hope that India would take a lead in the world by manufacturing two wheelers, three wheelers and four wheelers.

Commerce and Industry Minister informed that the number of households that have access to LPG through cylinders have almost doubled. He also stressed on modernization of the way electricity and gas are supplied to consumers so that the energy needs of citizens may be met. Mr Goyal spoke about a national gas grid for delivery of piped gas to all households in urban centres by bringing down losses and reduce cost of supply.

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