Budget 2023: Road ministry gets a 36% hike in allocation
1 min read . Updated: 02 Feb 2023, 08:23 PM IST
Premium- Out of the total ₹2.7 lakh crore, the NHAI has been allocated around ₹1.62 lakh crore as part of MoRTH’s capital expenditure plan for 2023-24, a 21 percent increase compared to 2022-2023, when it was allocated ₹1.34 lakh crore
NEW DELHI : The allocation for the Ministry of Road Transport and Highways has seen a 36% increase with around ₹2.7 lakh crore for 2023-24.
This is nearly 10 percent jump over the Budgetary allocation of ₹1.99 lakh crore made in the Budget for 2022-23.
Out of the total ₹2.7 lakh crore, the National Highways Authority of India (NHAI) has been allocated around ₹1.62 lakh crore as part of MoRTH’s capital expenditure plan for 2023-24, a 21 percent increase compared to 2022-2023, when it was allocated ₹1.34 lakh crore.
As per the revised estimates of the government, the NHAI will spend around ₹1.42 lakh crore in 2022-23.
Of the total capital expenditure, the National Highways Authority of India (NHAI) was allocated around ₹1.34 lakh for 2022-2023, reflecting a 75 percent jump compared to that of ₹76,665 crore in 2021-2022. The Budget envisaged an expansion of 25,000 km in the highways network in the current fiscal.
For FY24, the budgetary support to NHAI would be in the form of cess funds (which will flow from the Central Road and Infrastructure Fund) of ₹1,314 billion, toll plough back proceeds of ₹208 billion, and asset monetisation proceeds of ₹100 billion.
The highway developed will be building close to 14,000 km of roads in FY24 even though construction has remained slow in FY23 with the agency struggling to complete 12,000 km target reaching just about half in first nine months of the year.
