• search
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

US senators push for infrastructure investment amid concerns of India, China 'outpacing' them

By Pti
|

Washington, Feb 7: Of the view that China and India were increasingly outpacing the US in infrastructure investments, country's two top senators have introduced a legislation to facilitate funding for new projects.

The White House

Introduced by John Cornyn and Mark Warner on Wednesday, Building United States Infrastructure and Leveraging Development (BUILD) Act intends to raise the federal statutory cap on Private Activity Bonds (PABs) issued by or on behalf of state and local governments for highway and freight improvement projects from USD 15 billion to USD 20.8 billion.

This would increase the amount of tax-exempt bonds the US Department of Transportation (USDOT) can approve for these projects by USD 5.8 billion, said the senators who are also the co-chairs of the powerful Senate India caucus.

"Foreign countries, including China and India, continue to outpace the US in terms of making truly robust investments in their infrastructure," Warner said.

[Good to have tied with India, Russia and China: Trump]

"Not only will this legislation help boost US competitiveness, it will also help close our nation’s infrastructure gap in a responsible way by facilitating proven methods of partnering private investment with public funds to help make desperately needed infrastructure improvements," he added.

"The condition of our highways and freight corridors make a big impact on the lives of Americans and on our nation's economy," Cornyn said.

[Fair deal says Trump on cut on motorcycle tariffs by India]

"As more and more of our infrastructure requires critical improvements, it’s imperative we find ways to reinvest in our roads and rails without the burden falling to taxpayers," he added.

This bipartisan bill will help finance improvement projects through public-private partnerships, resulting in minimal cost to taxpayers with maximum impact on America’s roads, bridges, and rails, Cornyn said.

The act would raise the statutory cap on PABs to USD 20.8 billion, allowing state and local governments to enter into additional public-private partnerships and enhance the capacity to finance additional surface transportation projects with private investment.

PTI

For Daily Alerts

For Breaking News from Oneindia
Get instant news updates throughout the day.

Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more