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Economy and Finance

Economy and Finance

BHARATMALA PARIYOJANA

03 Jan 2024 Zinkpot 183
  1. Bharatmala Pariyojana is an ambitious infrastructure development program in India. It was launched by the Government of India to improve road connectivity across the country. 
  2. It is an ongoing umbrella program for the highways sector in India, focusing on optimizing Inter Corridors and Feeder Routes, National Corridor Efficiency Improvement, Border and International connectivity roads, Coastal and Port connectivity roads, and Green-field expressways. 
  3. The program aims to improve the road network by connecting 550 District Headquarters through a minimum 4-lane highway, moving 80% of freight traffic to these highways, and providing seamless connectivity with important nodes in northeast India.
  4. Bharatmala Pariyojana includes Economic Corridors, Feeder Routes, Inter Corridors, Logistics Park Interconnection, Coastal and Port Connectivity Roads, and Border and International Connectivity Roads.
  5. The Bharatmala Pariyojana is being implemented by the Ministry of Road Transport and Highways and is funded through a combination of the Central Road and Infrastructure Fund (CRIF) Act, 2000, toll collections, additional budgetary support, expected monetization of highways through Toll-Operate-Transfer (TOT), and private sector investment.
  6. The project was expected to be completed within a stipulated time frame, with the central government aiming to finish the scheme within five years, The first phase of the Bharatmala project was scheduled from 2017 to 2022. 
  7. The government has extended the deadline for completion of the flagship highway development project Bharatmala Phase-I to 2027-28, a full six years from the original schedule. The move follows an over 100% increase in the estimated cost of the mega project to nearly Rs 11 trillion and reflects the slowing of implementation and financial constraints.
  8. The first phase, which was scheduled from 2017 to 2022, includes the following components:
    • Economic Corridors: 9,000 kilometers
    • Inter-corridors and Feeder Roads: 6,000 kilometers
    • National Corridor Efficiency Improvement: 5,000 kilometers
    • Border and International Connectivity Roads: 2,000 kilometers
  9. The project aims to improve trade connectivity and create millions of jobs by developing an extensive road network across the country.
  10. The total budget that was initially allocated for the Bharatmala project from 2017 to 2022 is ₹692,324 crore (US$87 billion).
  11. The Bharatmala project aims to improve India's road network connectivity, promote international trade, boost economic development, reduce traffic congestion, create employment opportunities, and connect unconnected areas across the country.
     

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