New Delhi: National Highways Authority of India (NHAI) Tuesday said it will “certainly exceed" the current fiscal’s target of constructing 3,500km of highways, which may require extra expenditure.
“Our award target is 6,500km and construction target is 3,500km. We have to exceed this (target). Certainly we will exceed this target," NHAI chairman Deepak Kumar said. He was speaking to reporters after the launch of new website of NHAI and project monitoring information system (PMIS) mobile app in New Delhi.
“The moment we exceed it (the target) there would be extra expenditure. Right now I would not be able to say what would be (extra) expenditure. But the expenditure will exceed. It will exceed our budgetary allocation," he said.
The decision on the extra expenditure — whether it would come from borrowing or budgetary supplement — is yet to be taken, he added. The board, Kumar said, has approved the monetisation of operational highway projects. Under the scheme, nine highway projects will be auctioned by this month-end which would generate Rs6,700 crore.
“The board has approved it (monetisation of operational highway projects) and by October-end we will bring it. There is a target we will do before it... There are a total of nine projects (its total cost, the bid amount is Rs6,700)," he said.
Last year, NHAI had been authorised by the cabinet committee on economic affairs to monetise the public-funded highway projects for mobilising funds. Elaborating further the chairman said, “We will come out with one RFP (request for proposal) in October and we will come out with two more RFP by 31st March." On fund raising, he said: “(till August) we have raised Rs19,880 crore from the market in which LIC is Rs8,500 crore and EPFO is Rs5,000 crore," among others.