According to the Economic Survey 2022–23, which was released on January 31, the National Highway Authority of India (NHAI) received over 10,200 crores up to December 2022 from foreign and Indian institutional investors to fulfill the financial support for building a nationwide road network that is continuously increasing. As time goes on, the sector is seeing an increase in the building of roads and national highways (NHs), with 10,457 km of roads built in FY22 compared to 6,061 km in FY16. “4,060 km of NHs/roads were constructed in FY23 (through October 2022), which was almost 91per cent of the achievement in the equivalent period of the previous financial year,” highlighted the Survey. Government funding for national highway building has experienced a substantial decadal CAGR of 26 per cent, rising from 18,000 crores in FY13 to an estimated 1,90,000 crores in FY23BE. By December 2022, the NHAI will have reached about 90 per cent of its annual capex goal of 1, 34,000 crores, according to ICICI Securities.
Perhaps the government’s plan to monetize assets in the public sector also contributed to the success of the fundraising.
