Government announces highway projects worth $93 billion to woo investors

News:

• National Highways Building Project (NHDP) is government’s flagship road building programme which envisages development of existing National Highways (NHs) into world-class roads in different phases.
• India has the world’s second-largest road network at 4.80 million kms and NHs comprise 2 per cent of total road network bearing 40 per cent of total traffic and 65 per cent of freight and 80 per cent of passenger traffic.
• It is among the largest government-led PPP development programmes in the world.
• Projecting the country’s highways sector as a “unique opportunity” for investments, government has rolled out projects worth $93 billion, including the $45 billion flagship road building programme NHDP.
• It includes ‘Char Dham’ connectivity for 2,500 kms in mountainous terrains for $8 billion and a “strong network of roads in the North-East and Border areas for $5 billion.”
• Ministry is facilitating investments through policy initiatives that include use of long-term sources of funds like pension and insurance funds in the sector in consultation with Ministry of Finance and RBI besides encouraging long-term debt re-structuring.
• Government measures include regulatory clearances to 80 stuck projects and railway clearances for 85 projects with railway over-bridges, golden handshake with developers for 34 projects worth $5.5 billion and fast-track dispute resolution which resulted in reduction of disputes from $2.3 billion to $0.2 billion.

Source: ET