"Vanakkam. It gives me immense pleasure to be here in your midst to lay the foundation stone for the elevated road from Chennai Port to Maduravoyal. This project is one more important milestone in the ambitious road programme of the government that will transform our transport sector, give a boost to industry and integrate the economy. The country needs world-class road infrastructure; world class public transport systems and world class ports and railways. The government is working sincerely to deliver these high quality communication networks within a reasonable time frame.

The elevated road in Chennai is aimed at quick and continuous dispersal of freight in to and out of Chennai Port to other parts of the country via the GQ corridor. Spanning a total length of 19 Kms it is the longest elevated corridor project in the country. The river Cooum would also get beautified by this project.

Another aspect of this project is that about 12,000 families of the weaker sections especially the slum dwellers are going to be rehabilitated by providing alternative shelters. The Government of Tamil Nadu and the Chief Minister, Shri M. Karunanidhi and Chennai Port Trust have agreed to share equally the cost of land acquisition and rehabilitation and resettlement of slum dwellers. I compliment them for this noble gesture.

This project shows that constructing modern highways in urban areas must be organically linked to local development, city planning and landscaping and livelihood opportunities for weaker sections. I am very happy that the Government of Tamil Nadu under the able leadership of Chief Minister M. Karunanidhi is paying special attention to all these aspects. The road programme should adopt an inclusive and holistic approach that seeks to bring benefits to the many rather than the few. I compliment Shri T.R. Baalu for the innovations that he has brought about in our road development programme.

Our Government has given a great impetus for the all round growth of infrastructure in our country, whether in the railways, ports or road sector. The highway sector, which constitutes a vital artery of our communication network, has grown phenomenally in the past few years, becoming the most preferred mode of transport.

The UPA Government has taken steps to accelerate the progress of ongoing National Highways Development Programme. Four-laning of the Golden Quadrilateral is almost complete. We have begun six-laning the Golden Quadrilateral and concessions for 1,005 km have already been awarded. Considerable work also has been completed on the North-South and East-West Corridor.

We have also initiated a programme of four-laning of over 12,000 km which will be undertaken through Public Private Partnerships under NHDP-III. Further, Government has approved construction of 1,000 km of Expressways under NHDP Phase-VI and also construction of Ring Roads, Flyovers and Bypasses in selected stretches under NHDP Phase-VII. These projects are targeted to be completed by 2015.

We recognize equally the importance of rural roads as engines of rural growth and participation in the national economy. Under the Bharat Nirman programme, a time bound business plan has been prepared to provide all weather rural road connectivity to 66,000 villages. The investment requirement for achieving this goal has been estimated at Rs.48,000 cr. We have expanded the funds available under the Pradhan Mantri Gram Sarak Yojana and also created other innovative financing mechanisms so that the programme is fully funded.

In Tamil Nadu, the entire stretch of the Golden Quadrilateral and NHDP Phase-I for a length of 342 kms has been completed and these stretches are being taken up for six-laning. Similarly, the entire stretch of North-South Corridor for a length of 756 Kilometre is nearing completion. I am confident that the Centre and State working together will bring connectivity and prosperity to the people of Tamil Nadu under the distinguished leadership of Dr. Kalaignar.

This four lane elevated corridor is being taken up by National Highways Authority of India on Build Operate and Transfer (BOT) basis. The Government has taken a policy decision that all future projects under NHDP will be offered in the Public - Private Partnership (PPP) mode. We will encourage private sector participation in the road development programme through additional incentives and facilities.

Substantial private sector investment will not only free government resources for other needs, but also promote technological upgradation and the capability to manage and maintain high quality road networks. Indian industry should take pride in the roads they build and maintain and adopt the highest standards of quality.

In recent months, we have given a boost to the economy through various stimulus packages. The India Infrastructure Finance Company (IIFCL), has already been authorized to raise Rs.10,000 cr. through tax free bonds by 31.03.2009 for refinancing bank lending of longer maturity to eligible PPP projects in roads and port sector. We expect to authorise raising of a further Rs.30,000 crore next year to enable IIFCL to finance a total investment of Rs. one lakh crore. This would also provide a much needed contra-cyclical push against the effect of the global slowdown on our economy.

The Government has also approved additional plan expenditure upto Rs. 20,000 cr. in the current year mainly for critical rural infrastructure and social security schemes, including for the Pradhan Mantri Gram Sadak Yojana. The Government and the Reserve Bank have also taken several steps to reduce interest rates and increase the flow of credit for infrastructure, housing and industry. These measures will give a boost not only to the road sector but to the economy as a whole.

With these words, I wish to conclude by once again expressing my happiness at inaugurating this project that will greatly benefit the people of Chennai. The road is be a shining testimony to the modernization of urban infrastructure in the State and to the leadership of Kalaignar Dr K. Karunanidhi and to my Cabinet colleague Shri T.R. Baalu. I sincerely hope that the people of the State will benefit greatly for many many years from their wise and progressive leadership."