look news india
The government is likely to maintain its focus on rapid infrastructure development in the Union Budget 2024-25 to be announced in July.
Along with this, the government is also expected to increase the budget allocation for road transport and highways for the financial year 2024-25. However, this increase may be limited. This increase may be five to ten percent more than the revised estimate of the financial year 2023-24.
Private sector investment in road construction projects is expected to increase, especially under the Build Operate Transfer Toll model. Private investment reached a peak of Rs 34,805 crore in FY 2023-24. Which is estimated to almost double in FY 2024-25 from Rs 20,000 crore in FY 2022-23. Finance Minister Nirmala Sitharaman announced the interim budget for the year 2024-25 on February 1. In which the budget for the road sector was increased marginally compared to last year. In the interim budget, the government allocated Rs 2,78,000 crore for the Ministry of Road Transport and Highways. Which is 2.7 percent more than Rs 2,70,434 crore in FY 2023-24. The government plans to build 12,000 to 13,000 km of national highways. There is also a plan to give contracts for the same distance for the development of highway construction.