Vice President: Explore innovative means to fund transport systems

RSTV Bureau
Vice President M Venkaiah Naidu looks at a stall at the 10th Urban Mobility Ind. Conf, & Exhibition, 2017 in Hyderabad on November 4, 2017.

Vice President M Venkaiah Naidu looks at a stall at the 10th Urban Mobility India Conference and Exhibition, 2017 in Hyderabad on November 4, 2017.

Vice President M Venkaiah Naidu has urged people to explore innovative means of financing the public transport system owing to the large investments required for such projects. The Vice President said this while delivering the key note address at the inauguration of the 10th Urban Mobility India (UMI) conference-cum-exhibition in Hyderabad.

“Investment requirement in high capacity public transport system can be huge due to the large gap in demand and capacity. Therefore, it is important to explore the possibility of innovative means of financing,” Vice President Naidu said.

“Issuance of bonds and financing of one corridor through Land Value Capture (a method of financing infra plans) by Bengaluru Metro is an example how agencies are trying to leverage innovative means of financing,” the Vice President added.

He praised the Public Private Partnership (PPP) model in implementing urban transport projects.

More and more cities have chosen the PPP model for development and implementation of urban transport projects, the VP said. He also added that the Hyderabad Metro Rail would become the world’s largest such venture to be implemented via the partnership route.

He stressed the need to work towards retiring old polluting vehicles, strengthening mass transportation, promoting use of electric vehicles and ensuring parking places before registering a car at least in large metro cities.

“Better urban planing, a model shift to public transport and a long-term transport plan are necessary to facilitate the growth of cities in a manner that doesn’t damage the environment.”

He also stressed on the importance of last-mile connectivity for commuters.

He called for sustainable smart mobility and eco-friendly alternatives in planning a transportation system.

(With inputs from PTI)