Committed to fast-tracking highway development, government has set a target to award projects worth Rs 3 lakh crore between May 2016 and May 2017, Union Minister Nitin Gadkari today said.
This would be in addition to about Rs 2 lakh crore projects, including Rs 1.55 lakh crore already awarded, Road Transport and Highways Minister Gadkari said at a CII event on 'Building National Competitiveness'.
"Building a network of highways is a priority of our government to accelerate growth. We have already awarded projects worth Rs 1.55 lakh crore which will be taken to Rs 2 lakh crore by May 26," Gadkari said.
"Now, the highways building pace has picked up and we are confident to award projects worth Rs 3 lakh crore between May 26, 2016 and May 26, 2017," he said.
The minister said the highways building pace has reached 20 km a day now and will be taken up to 25 km a day by May 26, the day the Narendra Modi government took over and would further be accelerated to 30 km a day.
Also, the length of National Highways would be taken up to 2 lakh km soon from about 96,000 km as the government has already declared many stretches as National Highways, taking their length to 1.5 lakh km.
He expressed hope that the new hybrid annuity model too will further accelerate the highways building pace as under the mode government provides 40 per cent grant in aid.
The projects are offered with 80 per cent land acquisition, he added.
