Indian Economy News

The government aims to finish 85% of road projects on time this fiscal year says Mr. Anurag Jain, Secretary, Road Transport and Highways

  • IBEF
  • October 5, 2023

According to Mr. Anurag Jain, Secretary, Road Transport and Highways around 85% of road projects will be completed by the end of this fiscal year as various steps taken by the government to ensure faster clearances, like monitoring and quicker resolution of issues, have started showing results. He also mentioned that the road ministry is getting environmental and forestry clearance swiftly, and the monitoring systems for projects that had been delayed have been enhanced.

He further stated that the government took up the completion of projects on time as a challenge, and in cases where the project got delayed, revised schedules were created to fulfil the project. He also mentioned that the "PRAGATI meeting by the Prime Minister, Mr. Narendra Modi, monitoring by the Cabinet Secretariat, creation of an integrated project monitoring portal, and use of PM GatiShakti in planning have significantly improved the pace of implementation of the projects throughout the entire life cycle of the projects.

According to the Ministry of Statistics and Programme Implementation (MoSPI) report, which monitors infrastructure projects worth Rs. 150 crore (US$ 18 million) and above, the road transport and highways sectors have the maximum number of delayed projects.

Mr. Anurag Jain stated on the road ministry’s asset monetisation plan that the state-owned National Highways Authority of India’s (NHAI) road monetisation pace has not slowed down and the Ministry of Road Transport and Highways (MoRTH) will also achieve its asset monetisation target.

A new model of Infrastructure Investment Trust (InvIT) has been identified, which is an instrument based on the pattern of mutual funds, designed to pool money from investors and invest in assets that will eventually provide cash flows over a period of time.

Through different asset monetisation techniques and funding through Special Purpose Vehicles, MoRTH is working to reach a target of over Rs. 40,000 crore (US$ 4.80 billion) for the current financial year.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.