Advantage India
Robust
Demand
* As of March, 2023, the total length of National Highways in the country was 145,155 km.
* Passenger vehicle (PV) sales rose by 26.7% year-on-year in FY23. The total passenger vehicle dispatches increased to 38.90 lakh units.
Attractive
Opportunities
* The Government aims to construct 65,000 kms of national highways at a cost of Rs. 5.35 lakh crore (US$ 741.51 billion) by 2022.
* Andhra Pradesh will spend US$ 296.05 million to build 8,970 kms of roads.
* A network of 35 Multimodal Logistics Parks are planned to be developed as part of Bharatmala Pariyojana, with a total investment of about Rs. 46,000 crore (US$ 5.55 billion), which can handle around 700 MMT of cargo.
Higher
Investments
* Transfer from National Investment Fund (NIF) was estimated at Rs. 20,000 crore (US$ 2.61 billion) as of March 2022.
* Under the Union Budget 2023-24, the Government of India has allocated Rs. 2.7 lakh crore (US$ 33 billion) to the Ministry of Road Transport and Highways.
Policy
Support
* 100% Foreign Direct Investment (FDI) is allowed under the automatic route in the road and highways sector.
* In October 2021, the government issued a notice related to concessions under the Vehicle Scrapping Policy (effective from April 2022) to encourage vehicle owners towards discarding old vehicles which have higher fuel consumption costs.
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