The Ministry of Road Transport and Highways (MoRTH) annual report highlighted that Modi government’s flagship Bharatmala Pariyojana Phase-I, which has exceeded its budget, is now projected for completion by 2027-28. The 2023-24 report reveals that a revised financial proposal for the Bharatmala Pariyojana is currently under review.
Additionally, the project includes about 8,000 km of interstate corridors and 7,500 km of feeder routes to enhance the effectiveness of these economic corridors.
Initially estimated to cost Rs 6,92,324 crore, Bharatmala Pariyojana is funded through various sources, including the Central Road and Infrastructure Fund cess (Rs 2,37,024 crore) from fuel taxes, remittances (Rs 46,048 crore), additional budgetary support (Rs 59,973 crore), expected national highway monetisation (Rs 34,000 crore), Internal and Extra Budgetary Resources (IEBR) (Rs 2,09,279 crore), and private sector investment (Rs 1,06,000 crore).
However, rising project and land acquisition costs have necessitated a revised financial proposal, which is awaiting approval. “However, due to the increase in the project cost as well as the cost of land acquisition, the revised financial proposal for the Bharatmala Pariyojana is under process for approval,” the report said.
The MoRTH report also highlights Vision 2047, a strategic plan for the National Highways sector, aiming to provide high-speed corridors within 100-150 km of all citizens. This vision seeks to enhance passenger convenience with world-class amenities.
