Road to progress: Report highlights crucial role of India’s roads and highways in economic growth
A recent report released at a CII conference in the National Capital has focused on the critical importance of India’s road and highway sector, not only for economic growth but also for fostering a more inclusive and interconnected society. The report underscored the pivotal role of road infrastructure in driving economic development, bolstering investor confidence, creating job opportunities, and promoting inclusive growth.
Expanding India’s Road Network
The report emphasized the ongoing significance of expanding and reinforcing India’s road network, particularly in light of the projected global infrastructure funding requirement of USD 3.7 trillion annually to align with GDP growth.
Furthermore, it acknowledged the pivotal contributions of states like Uttar Pradesh, Maharashtra, Karnataka, and Rajasthan in propelling projects and investments under the
National Highways Authority of India (NHAI). Rural road development also gained traction, with rural roads comprising 71 percent of the overall road network.
The National Infrastructure Pipeline (NIP) outlined a substantial investment of INR 111 lakh crore in infrastructure projects from 2020 to 2025, with a significant portion allocated to the road sector.
As Asim Tewari, Managing Director of LSI Engineering & Consultants Ltd, stressed, continuous government focus on increasing investment in the infrastructure sector is imperative to sustain India’s
GDP growth at a steady rate of 7-8 percent.
However, the report also pointed out persisting challenges in the construction sector, including issues related to land acquisition, road quality, regulatory complexities, and financial obstacles.