Article : Issues In Funding NHAI


Issues In Funding NHAI


Dr. N.P. Hariharan, K. Nilavathy

The NHAI was created by the promulgation of an Act in 1988. NHAI consists of Golden Quadrilateral corridor of about 5846 kms, the North South corridor and East west corridor. Total cost of the project was estimated at US $ 71 billion in 2006. The important sources of financing of NHAI are Revenues from Cess, Surplus from Toll revenues, additional budget support and borrowings. Toll rates are being raised according to financial requirements and recent studies reveal that NHAI has not been able to repay loans raised from commercial banks. Reasons for NHAI loans becoming Non Performing Assets vary. In a few cases, it is willful default, while in certain cases, costs are too high that toll collection is not enough to provide funds for repayment. The present paper analyses the reasons for NHAI funding by Indian Commercial banks becoming non-viable and suggest ways and means of making them viable.

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