New speed breaker on India's road to 5 trn economy NHAI's mounting d

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NHAI's debt has increased seven-fold in the past five years

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BUSINESS STANDARD New speed breaker on Indias road to 5 trn economy NHAIs mounting debt NHAIs debt has increased seven-fold in the past five years India’s path to economic recovery faces another obstacle with Prime Minister Narendra Modi asking the state road builder to stop constructing highways after its debt ballooned almost seven-fold over the past five years.

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"National Highways Authority of India totally logjammed with unplanned and excessive expansion of roads" the prime minister’s office wrote to NHAI in a letter dated August 17. "NHAI mandated to pay several times the land cost its construction costs also shooting up. Road infrastructure has become financially unviable." Modi’s office recommended that NHAI be changed into a road-asset management company according to the letter obtained by Bloomberg and the prime minister’s office asked NHAI toanswer within a week. Read More

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