Union Minister Nitin Gadkari asked banks to give loans at reduced interest rates to those seeking to buy vehicles that run on clean energy, including flex fuel, electricity and hydrogen.
Speaking at the golden jubilee celebrations of a cooperative bank in Kalyan in Maharashtra's Thane district, the Union Minister for Road Transport and Highways said it was his dream that vehicles running on diesel and petrol get phased out in the next four to five years.
He said banks must rate industries based on thee performance on various parameters over the past five years and give those scoring high marks loans within 24 hours, adding credibility and goodwill would be the biggest capital in the 21st century.
Speaking about passenger benefits if public transport turns towards electric vehicles, Gadkari said the cost of operation of a non-air conditioned electric bus is Rs 39 per kilometre, while it is Rs 41 per kilometre for an AC electric bus.
All buses in cities like Thane, Kalyan can be converted into electric ones, which will help reduce ticket prices for passengers by as much as 30 per cent, he asserted. Gadkari said 406 projects with a total outlay of Rs 3.85 lakh crore have stalled due to wrong decisions, but the minister went on to add that not taking any decision for fear of it going wrong is also undesirable.
He claimed bonds issued by his ministry were giving better returns than on deposits with cooperative banks and said retired personnel and others must invest in them.