Budget 2023: A 25% increase in funding for road construction
ROADS & HIGHWAYS

Budget 2023: A 25% increase in funding for road construction

In 2023–2024, the Ministry of Road Transport and Highways (MoRTH) is anticipated to receive a budgetary allocation of over Rs 2.5 lakh trillion, which is approximately 25% more than the current fiscal.

The government will need to accelerate construction by about 30% in order to reach the 25,000 km goal for highway development by the end of FY 2023–2024, which will necessitate additional budgetary support./p>

The ministry received Rs 1.18 trillion in the previous fiscal year and Rs 1.99 trillion this year./p>

The MoRTH and the National Highways Authority of India (NHAI) did not respond to questions made to them as of the time of publication./p>

To assist MoRTH and the NHAI reach the target despite growing interest rates and rising land acquisition expenses, more budgetary allocations are also required./p>

By February, the allocated funds for FY2023 are anticipated to be used up. Even greater fiscal support would be necessary to prevent this from happening the next year./p>

Also read:
Centre approves over Rs 174 crore for NH Project in Odisha
Blackspots on national highways being addressed by NHAI


In 2023–2024, the Ministry of Road Transport and Highways (MoRTH) is anticipated to receive a budgetary allocation of over Rs 2.5 lakh trillion, which is approximately 25% more than the current fiscal. The government will need to accelerate construction by about 30% in order to reach the 25,000 km goal for highway development by the end of FY 2023–2024, which will necessitate additional budgetary support./p> The ministry received Rs 1.18 trillion in the previous fiscal year and Rs 1.99 trillion this year./p> The MoRTH and the National Highways Authority of India (NHAI) did not respond to questions made to them as of the time of publication./p> To assist MoRTH and the NHAI reach the target despite growing interest rates and rising land acquisition expenses, more budgetary allocations are also required./p> By February, the allocated funds for FY2023 are anticipated to be used up. Even greater fiscal support would be necessary to prevent this from happening the next year./p> Also read: Centre approves over Rs 174 crore for NH Project in Odisha Blackspots on national highways being addressed by NHAI

Next Story
Real Estate

Johnson Controls Tops Data Centre Thermal Management Rankings

Johnson Controls, the global leader for smart, healthy and sustainable buildings, has been named a top thermal management provider for data centres by ABI Research. The recognition highlights Johnson Controls’ excellence in innovation and implementation, driven by its comprehensive product portfolio, global presence, and customer-centric approach to the data centre thermal management industry.“Johnson Controls has consistently exceeded market expectations for thermal management across all industries and is a leading player in mission-critical infrastructure, like data centres, where reliab..

Next Story
Infrastructure Urban

Kerala Budget Focuses on Infrastructure with Key Projects

Despite financial constraints, the final budget of the second Pinarayi Vijayan government prioritises infrastructure development with key initiatives such as the Vizhinjam-Kollam-Punalur Growth Triangle (VKP-GT), expansion along the West Coast Canal and Coastal Highway, the Wayanad tunnel project, and the transformation of Vizhinjam into a major Export-Import hub. The Vizhinjam-Kollam-Punalur Growth Triangle will receive Rs 10 billion from the Kerala Infrastructure Investment Fund Board (KIIFB) to enhance transport corridors and establish multi-modal hubs, manufacturing parks, logistics c..

Next Story
Real Estate

Odisha Approves 225,000 Houses Under Antyodaya Gruha Yojana

The Odisha Cabinet, chaired by Chief Minister Mohan Charan Majhi, has approved the allocation of 225,000 pucca houses for weaker sections under the Antyodaya Gruha Yojana over the next three years, with a budget outlay of Rs 75.5 billion. Under the scheme, eligible families who have not benefited from existing housing programs will receive Rs 120,000 million in financial assistance to construct a 25-square-meter pucca house. The government has clarified that asbestos, tin, and tile-roofed structures will not be considered pucca houses, while cement-roofed homes with concrete walls will qu..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?