Source: Economic Times

The role of private sector is crucial in increasing the growth rate as it can provide new knowledge and technology for developing infrastructure, Union Urban Development Minister Venkaiah Naidu said today.

He also said that the government has recently raised basic excise duty on petrol and diesel by Rs 2 per litre without increasing the retail prices which would provide badly needed finances for infrastructure development.

“To increase the growth rate, we have to improve resource, efficiency, promote technological innovations and close the infrastructure gap,” Naidu said at the inauguration of 3-day Builders Association of India Conference, BAICON, here.

“The role of private sector is crucial in these efforts as it can provide new knowledge and technology for enabling development of sustainable infrastructure and also for raising the financial resources required to bring about the change,” he said.

On the Goods and Services Taxes Bill, he said, GST was introduced in the Parliament after taking the confidence of the States.

“GST will simplify and harmonise Indirect Tax system in the country. Like other sectors, construction sector will also be a significant beneficiary of this reform”, he said.

Taking a dig at previous UPA government, Naidu said “the opposition parties have not yet understood the people’s mandate. Despite getting such humiliating defeat in general election they are continuing with anti-government policies”.

“They followed anti-people policies while in power, now also they are doing the same by opposing the development and reform oriented bills in Rajya Sabha,” he said.

Builders Association of India on the occasion presented a memorandum to Naidu seeking his intervention on the increase in cement price and building materials as it was affecting the construction industry.