The Ministry of Road Transport and Highways (MRTH) has revealed plans to continue the development of highways across the country. In the financial year 2023-24, it has set targets to award 12,000 km and construct 12,500 km of highways. In past years, the ministry has constructed 10,237 km in 2019-20, 13,327 km in 2020-21 and 10,457 km in 2021-22.
Responsibility for construction of national highways and expressways falls mainly on the National Highways Authority of India (NHAI) and the National Highways and Infrastructure Development Corporation (NHIDC). MRTH has sought to finance its infrastructure projects by utilising various innovative methods and involving the private sector in highway construction.
The InvIT (Infrastructure Investment Trust) is one such innovative method, where MRTH has raised INR 10,200 crore through two phases of InvIT till February 28, 2023, for a total length of 635 km. The InvIT III project, with a total cost of INR 10,000 crore, was awarded in April 2023.
With involvement of the private sector, MRTH has been able to accelerate highway development in India. The construction of highways not only boosts economic growth but also improves overall transportation network, making travel more convenient and efficient. The ministry’s commitment to infrastructure development is a positive step towards the country’s goal of achieving all-round growth and development.
The development of highways is essential to address the country’s growing transportation needs, and MRTH’s efforts are expected to bring significant benefits to the people of India. The government’s focus on infrastructure development is expected to have a long-lasting impact on the country’s economic growth.
