Infrastructure
Infrastructure Surge: NHAI Invests Rs 2 Lakh Crore, Completes 6,644 Km Road Network In 2023-24
The total length of highways built in 2023-24 witnessed a 53 per cent increase compared to the 4,331 km constructed in 2021-22. (Representative Image)
The National Highways Authority of India (NHAI) has achieved a historic milestone in the construction of national highways, with a record expenditure of Rs 207,000 crore in the fiscal year 2023-24.
This marks the highest-ever capital expenditure by NHAI, showcasing a remarkable increase of 20 per cent compared to the previous fiscal year, during which Rs 173,000 crore was spent.
Unprecedented Highway Construction
According to government sources, the just-concluded financial year witnessed an unprecedented surge in highway construction, with NHAI completing a total of 6,644 km of highways. This represents a remarkable growth of 20 per cent compared to the preceding fiscal year, wherein 5,544 km of highways were constructed.
Moreover, the total length of highways built in 2023-24 witnessed a staggering 53 per cent increase compared to the 4,331 km constructed in 2021-22. NHAI had set a target of constructing 6,544 km of highways for the fiscal year 2023-24, a goal that was surpassed with commendable achievement.
Monetisation Achievements
In addition to the record-breaking construction figures, NHAI also achieved significant milestones in asset monetisation during the fiscal year 2023-24. Monetisation receipts soared to Rs 40,314 crore, marking the highest in any financial year and reflecting a substantial 70 per cent increase compared to Rs 23,650.77 crore in 2022-23.
These monetisation efforts included the successful monetisation of toll-operate-transfer (TOT) bundles, Infrastructure Investment Trust (InvIT) projects, and toll securitisation, reports Economic Times.
Notably, NHAI monetised 10 stretches totalling approximately 890 km through the third round of InvIT, spread across Assam, Karnataka, Madhya Pradesh, Uttar Pradesh and West Bengal. The successful awarding of TOT Bundles 11, 12, 13, and 14 for Rs 15,968 crore surpassed NHAI's monetisation target of Rs 10,000 crore for the fiscal year.
As NHAI continues to prioritise the expansion and modernisation of the National Highway network, these efforts will play a pivotal role in fostering economic growth, enhancing connectivity, and improving the overall quality of transportation infrastructure across the country.
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