In the financial year 2023-24, the National Highways Authority of India (NHAI) set a record with INR 2.07 lakh crore expenditure, constructing 6,644 km of highways, a 20% increase from the previous year. Monetization receipts reached INR 40,314 crore, with notable contributions from toll-operate-transfer bundles and Infrastructure Investment Trusts (InvITs). NHAI's capital expenditure rose by 20% to INR 2.07 trillion, surpassing the target of 6,544 km. Despite a slowdown initially, NHAI exceeded expectations. Other entities within the Ministry of Road Transport and Highways contributed to achieving the overall target of 13,814 km of highway construction. Awarding highway projects lagged, affecting future construction.
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In the fiscal year 2023-24, the National Highways Authority of India (NHAI) set a new record with its investment of INR 2.07 lakh crore in the construction of national highways, marking the highest capital expenditure ever recorded. This figure represents a substantial 20% increase compared to the INR 1.73 lakh crore expenditure in the previous fiscal year of 2022-23 and the INR 1.72 lakh crore spent in 2021-22.
NHAI's efforts translated into the construction of 6,644 kilometers of highways during the financial year, surpassing the previous year's achievement of 5,544 kilometers by a significant margin, marking a notable growth of 20%. Notably, this figure reflects a remarkable 53% increase from the 4,331 kilometers built in the fiscal year 2021-22, showcasing NHAI's steadfast commitment to enhancing India's infrastructure.
During the fiscal year 2023-24, NHAI's monetisation receipts rose to INR 40,314 crore, marking a historic high that exceeded the previous year's INR 23,650.77 crore by a remarkable 70%. This substantial revenue was strengthened by various avenues, including toll-operate-transfer (TOT) bundles, Infrastructure Investment Trusts (InvITs), and toll securitisation. NHAI leveraged InvITs to monetise 10 stretches totaling approximately 890 kilometers across Assam, Karnataka, Madhya Pradesh, Uttar Pradesh, and West Bengal. Notably, NHAI surpassed its monetisation target by awarding TOT Bundles 11, 12, 13, and 14 for INR 15,968 crore, significantly exceeding the target set in the previous fiscal year.
Furthermore, NHAI successfully monetised the Delhi-Mumbai Expressway through project-based securitisation, generating an additional INR 4,600 crore, complementing the INR 4,000 crore from toll securitisation. These initiatives contributed to NHAI's total asset monetisation receipts surpassing INR 1 lakh crore since 2018, highlighting its strong financial performance.
Despite an initial slowdown in the early months of the fiscal year 2023-24, NHAI exceeded its target by completing 6,644 kilometers of highways with a capital expenditure of INR 2.07 trillion. This achievement represents a substantial increase of nearly 20% in the pace of construction compared to the previous fiscal year. NHAI's ambitious target of constructing 6,544 kilometers was part of the government's broader plan to build 13,814 kilometers of highways during the year.
NHAI's capital expenditure for the fiscal year 2023-24 witnessed a significant 20% growth compared to the previous year, reaching INR 2.07 trillion. Of this expenditure, INR 1.67 trillion was allocated from the budget, supplemented by INR 25,000 crore from toll collection, INR 10,000 crore from monetisation proceeds, INR 2,400 crore from the Central Road and Infrastructure Fund (CRIF), and approximately INR 78,646 crore from the securitisation of stretches of the Delhi-Mumbai Expressway.
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