New Delhi: The government is constructing several greenfield expressway projects totalling 10,000 km across the country at a cost of Rs 4.5 lakh crore, Union Minister Nitin Gadkari said Monday.
The road, transport and highways minister said the road network is being set up under the Bharatmala Pariyojana.
The National Highways Authority of India (NHAI) has generated more than Rs 70,000 crore through various models of financing and the amount will be utilsed to build highway projects, he noted.
“The government has conceptualized Bharatmala Pariyojna of 65,000 km of highway development across the country. The phase 1 road network is of 34,800 km… We are constructing 10,000 km of greenfield expressways at a cost of Rs 4.5 lakh crore,” he said addressing an event on ‘Management Development Program on Infrastructure Financing’ organised by IIM Kozhikode.
According to the minister, India’s total National Highway (NH) network has increased from 91,000 km in 2014 to nearly 1.45 lakh km at present.
Gadkari further said the government has given a massive push to the economy through the national infrastructure pipeline and PM Gati Shakti National master plan.
These programs will ensure integrated and holistic development in the country saving cost and time as these new infra projects will connect remote areas in the country.
“Asset monetization holds the key to infrastructure investment. NHAI has the share of 27 per cent under the national monetization pipeline. We are actually pursuing multiple models of monetization of national highways assets such ToT InVIT and project-based financing,” the minister said.
NHAI has generated more than Rs 70,000 crore through innovative models of financing. Around Rs 26,000 crore raised via ToT (toll-operate-transfer) model, Rs 10,000 crore via NHAI InVIT (National Highways Infra Trust) and Rs 34,000 crore via securitization via SPVs.
PTI