India has awarded highway construction contracts at a breakneck pace in 2018, and orders will likely reach a record this financial year, according to Mumbai-based IIFL Wealth Management Ltd. Orders from state-owned National Highway Authority of India is likely to cross $15.3 billion in the 12 months through March, said Alok Deora, a research analyst at IIFL.
Prime Minister Narendra Modi’s Bharatmala (Hindi for Necklace of India) plan is projected to spend $106 billion on over 51,000 miles of road construction by 2022 to boost economic growth and employment. NHAI is likely to award over 4,000 miles of road contracts, about 60 percent more than last year, Deora said.
The Bharatmala initiative is a new program that focuses on optimizing efficiency of freight and passenger movement across the country by bridging critical infrastructure gaps.
