The funds were raised through EPFO, LIC bonds, market-bidding and 54 EC capital gain bonds
A Parliamentary committee has targeted the National Highways Authority of India (NHAI) for failing to meet its targeted funding amount.
In its latest report, the Parliamentary standing committee on transport, tourism and culture, headed by Trinamool Congress leader Mukul Roy, stated that the NHAI was allowed to raise Rs 59,279 crore through Internal and Extra Budgetary Resources (IEBR) during 2016-17, but could raise only Rs 27,831 crore till January 2017.
The funds were raised through EPFO, LIC bonds, market-bidding and 54 EC capital gain bonds.
The panel also questioned how the Ministry of Road, Transport and Highways would complete projects planned for the next financial year when there is a huge gap of funding through market resources.
It also asked NHAI to take an extra effort to generate more funds to meet its targets.
Earlier, Road Minister Nitin Gadkari, too, had expressed unhappiness over NHAI’s performance and said it should have more powers.
“We have to strengthen the powers of NHAI and the Board. Our proposal is pending and we are expecting that the Cabinet will enhance the powers of the NHAI. That will be useful for road construction projects,” he had said.
NHAI also has to meet a target of 8,000 km (21.92 km/day) of road construction and awards of 15,000 km.
Last year, the Cabinet Committee on Economic Affairs (CCEA) had authorised NHAI to monetise public-funded National Highway projects that are operational and generating toll revenues under the Toll-Operate-Transfer (TOT) model. Seventy-five operational National Highway projects up to 4,376 km, completed under public funding, have been preliminarily identified for monetisation under the TOT model.
The government has allocated a total of Rs 64,900 crore for roads and highways under the Ministry of Road, Transport and Highways and NHAI, a 12-per cent increase from the 2016-17 budget of Rs 57,976 crore for the sector.
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