New Delhi, Dec 8 (IANS) The central government is creating 500 ready-to-bid projects worth Rs.3 lakh crore to augment the country’s infrastructural growth, union Road Transport and Highways Minister Nitin Gadkari said here Monday.

He also said his ministry has created a section to prepare detailed project reports (DPR) to supervise progress of all ongoing projects.

“We are going to have 500 projects worth more than Rs.3 lakh crore ready with processes like land acquisition, forest clearance and other clearances,” he said at the Infrastructure Summit, organised by Indo-American Chamber of Commerce (IACC).

This is in addition to the roll-out of Rs.1.8 lakh crore worth of projects out of Rs.2.8 lakh crore stuck projects.

Blaming the erstwhile United Progressive Alliance (UPA) government for the poor development of the infrastructural sector in India, Gadkari said the industry has been suffering since the last decade owing to faulty policies of the UPA.

“Corrective measures are on, resulting in launch of Rs.1.8 lakh crore of projects out of Rs.2.8 lakh crore stuck due to regulatory hurdles and delays in land acquisition,” he said.

Also, out of the remaining Rs.1 lakh crore-worth projects, the contractors wanted golden handshake for Rs.50,000 crore-worth projects, he said.

“Not only is a mechanism to solve all discrepancies in place but a justified model concession agreement will be in place soon,” he said.

Gadkari added that the central government has already notified cost effective usage of iron ore slags in road construction and the ministry will achieve 30-km a day road building target and would contribute two per cent to the GDP in coming years.

Further, electronic toll systems are also planned which is expected to save Rs.86,000 crore annually including Rs.60,000 crore due to fuel loss as a result of delays.

The government is also prioritising waterways in their developmental agenda and a new legislation is underway which will give powers to the Shipping Ministry for converting any river into waterway.

“We want to encourage the production of sea planes … hovercrafts. Already, I have discussed the proposal with a British company. They have a joint venture with defence and our Goa Shipyard. They are making 70 hovercrafts,” he said.

Gadkari also added that his department has taken a decision to build two dry ports – in Aurangabad and Vidarbha in Maharashtra.