Indian roads haven’t increased as much as the vehicles: How much of investment is required?
According to the Industry experts, India has not cracked the code for highway development, which will require proper attention in the years to come.
India is home to the world’s second largest road network, sprawling across 5.4 million KM throughout the country. The roads in India have improved significantly, from pot-holed and un-attended routes to safe and beautiful lanes and investment on Indian roads is the future.
But, a lot of work still needs to be done, especially on the highways, as per latest surveys. Terming the road transport as the most dominant mode, the surveys have come up with various figures, suggesting that the Indian roads and vehicles are growing at a different pace altogether. For instance, the road length has increased from 3.373 million km in 2001 to 5.717 million km in 2018, while the number of vehicles have increased by four times during the same period.
According to various Industry experts, India has not cracked the code for highway development, which will require proper attention in the years to come. As per the report of Economic survey, around $4.5 trillion worth of investment will be required by India till 2040 to develop infrastructure for the improvement of economic growth and community wellbeing.
The cumulative figure for India’s infrastructure investment gap would be around USD 526 billion by 2040. At this juncture, it is clear that there is a need to invest more in the country’s infrastructure for favorable results. Earlier, India had only 3 per cent of GDP for infra development, which is now increasing quite a lot, keeping the sector in good stead.
According to the Economic Survey, there were 482 projects in Road Transport and Highways with a cost of Rs 3, 17,373.9 crore, as on September 2017. Out of these, 43 projects face cost overruns and 74 projects time overruns.