The National Highways Infra Trust (NHAI InvIT) has raised more than Rs 10,200 crore from high quality foreign and Indian institutional investors up to December 2022, according to Economic Survey 2022-23 released on Tuesday.
NHAI InvIT is the infrastructure investment trust sponsored by the National Highway Authority of India (NHAI) to support the Union Government?s National Monetization Pipeline (NMP). It was launched in November 2021 to facilitate monetisation of roads and to attract foreign and domestic institutional investors to invest in the roads sector.
“Increase in infrastructure investment provides a critical push to the potential growth of the economy. The government, in recent years, provided an increased impetus for infrastructure development and investment through the enhancement of capital expenditure. This push has happened at a time of crisis when the capital expenditure by the private sector has been subdued,” the survey read.
What is Economic Survey? Know all details #budget #budget2023 #BudgetWithNews18 pic.twitter.com/sFTfZ79qJ0? News18 (@CNNnews18) January 31, 2023
The outlay for capital expenditure in 2022-23 (BE) increased sharply by 35.4% from Rs 5.5 lakh crore in the previous year (2021-22) to Rs 7.5 lakh crore, of which approximately 67% has been spent from April to December 2022, stated the Economic Survey 2022-23.
The survey report further noted that road infrastructure in the form of a network of national highways, state highways, district roads, rural roads, and urban roads act as a major mode of transportation and connectivity for the country’s diverse population of consumers and businesses.
Liberalized norms for foreign investment has led to a structural shift, it has gone up from 2.2% to 2.6% as a proportion of GDP ? #EconomicSurvey pic.twitter.com/3PxI5FxIr5? PIB India (@PIB_India) January 31, 2023
“Roads supplement the other modes of transport through last-mile connectivity to the far-flung regions of the country. There has been an increase in the construction of National Highways (NHs)/roads over time, with 10,457 km of roads constructed in FY22 as compared to 6,061 km in FY16,” it said.
Further, the total budgetary support for investment in the sector has been increasing rapidly in the past four years and stood at around Rs 1.4 lakh crore during FY23, as of October 2022.
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