The National Highways Authority of India (NHAI) has marked a milestone with its record capital expenditure of ₹2,07,000 crore in the fiscal year 2023-24, representing the highest-ever investment in the construction of national highways. This figure reflects a notable increase of 20% compared to the expenditure of ₹1,73,000 crore in 2022-23 and ₹1,72,000 crore in 2021-22.
According to government sources, the construction achievements of the just-concluded financial year surpassed previous records, with a total of 6,644 km of highways built, a substantial growth from the 5,544 km constructed in the preceding fiscal year, marking a 20% increase. Moreover, this signifies a remarkable 53% rise compared to the 4,331 km constructed in 2021-22. NHAI had initially targeted the construction of 6,544 km of highways for the fiscal year 2023-24.
In terms of monetization, NHAI’s receipts reached ₹40,314 crore during FY 2023-24, representing the highest-ever figure recorded in any financial year, which is a significant 70% increase from the ₹23,650.77 crore recorded in 2022-23. Notably, this includes the monetization of four toll-operate-transfer (TOT) bundles worth ₹15,968 crore, ₹15,700 crore raised through Infrastructure Investment Trust (InvIT), and ₹8,646 crore through toll securitization in the preceding fiscal year.
Furthermore, NHAI’s monetization efforts expanded under the InvIT framework, with the monetization of 10 stretches spanning approximately 890 km across Assam, Karnataka, Madhya Pradesh, Uttar Pradesh, and West Bengal in the third round. This followed the successful monetization of two previous rounds covering approximately 635 km, valued at ₹10,200 crore.
During FY 2023-24, NHAI successfully awarded TOT Bundles 11, 12, 13, and 14, fetching ₹15,968 crore, surpassing its monetization target of ₹10,000 crore for the fiscal year. Additionally, NHAI capitalized on the Delhi-Mumbai Expressway through project-based securitization, resulting in a revenue of ₹4,600 crore, in addition to ₹4000 crore generated through toll securitization. The cumulative asset monetization receipts since 2018 have now surpassed ₹1 lakh crore.