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India plans to add 13,000 km of new highways by 2024-25, as per ICRA report

India is on track to add up to 13,000 kilometres of roads in the financial year 2024-25, with a 5 to 8 per cent increase from the previous year, according to a report by ICRA. The government’s increased capital outlay and focus on project completion are expected to support this rapid pace of construction.

Under Prime Minister Narendra Modi’s government, over 90,000 kilometres of national highways have been built, nearly double the amount constructed in the previous decade. Government investment in highway infrastructure has also seen a significant jump, reaching Rs 2.4 lakh crore in 2022-23 from Rs 51,000 crore in 2013-14.

Although road construction was impacted by the prolonged monsoon in certain areas in the first half of 2023-24, a surge in construction was witnessed in the second half, leading to an overall growth of around 20 per cent in FY24. ICRA Vice President and Sector Head Corporate Ratings Vinay Kumar stated that the momentum in road construction is expected to continue in FY2025.

The report highlights that a healthy pipeline of projects, increased government spending, and a focus on project completion by the Ministry of Road Transport and Highways will drive the pace of road construction in the coming years. As India continues to prioritize infrastructure development, the road sector is expected to play a crucial role in boosting economic growth and connectivity across the country.

IANS

IANS, established in 1986, is India's largest independent news service, offering 24x7 news from India and South Asia, and a preferred source for diverse content across six business verticals.

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