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NHAI bonds, a better bet for parking money than banks: Gadkari

India Notes 2018-08-09 15:53:23

Union Transport Minister Nitin Gadkari on Wednesday made a case for channelising more retail money into infrastructure sector, stating that the NHAI was even willing to offer higher returns that those provided by banks.

“Invest with us and we will give you a far better yield than bank savings. We are looking at an 8 per cent kind of yield, but won’t mind making it even higher,” Gadkari said at the National Stock Exchange’s silver jubilee celebrations event in the Capital.

Already the Transport Ministry is “running on people’s money” than what it gets through Government budget, he said.

“We will build roads using your funds and give you monthly returns,” Gadkari said. He urged the NSE to take steps to “deepen and broaden” the equity and bond markets while lauding the bourse for its performance in the financial world.

“Honesty, transparency and credibility have been the main factors behind NSE’s success in the financial world,” he said

1991 reforms

Speaking on the occasion, former Prime Minister Manmohan Singh said the 1991 reforms put India on fast track to growth, helping it to emerge as one of the fastest growing large economies in the world.

Singh expressed confidence that the NSE would continue to focus on its objective of ‘market development’ and help the Indian economy further integrate with the world. Singh described NSE as one of the finest institutions in India’s financial history.

Critical role

NSE has been an institution of great national importance and played a critical role in transformation of India’s capital markets and also building trust in the markets, Singh said,

Interestingly, it was Singh, as Finance Minister in 1994, who inaugurated NSE, which has now emerged as the third largest bourse in the world in terms of volume of trade.

Rajiv Kumar, Vice-Chairman, NITI Aayog, said he sees NSE scaling new heights in the coming days and becoming the largest exchange in the world. “We have come a long way. But the best age of Indian economy is yet to unfold”.

New brand identity

At the silver jubilee celebrations, the NSE launched a new brand identity. The age-old brown patch in its logo has been replaced with dashes of marigold, yellow, red and blue. The erstwhile squarish emblem has been replaced with a more rounded structure.

NSE’s new identity reflects its multi-dimensional nature, multiple asset classes, multiple customer segments and its multiple roles, including exchange, regulator, educator and market developer, an NSE spokesperson said.