New road and highway projects are expected to decline 25% in FY24 in the run-up to the general election next year, impacting the project pipeline in the years ahead and making it hard for the government to achieve its target of building 50 km of highways per day.
According to industry estimates, only around 9,000 km of highways may be awarded in FY24, as against just over 12,000 km awarded in FY23. The expected decline is similar to the trend seen before the 2019 general election when awards fell even more sharply from over 17,000 km in 2018 to 5,500 km.
“The impact on awards is seen this year on account of general elections next year as the model code of conduct would be in place during Q4 FY24," Vinay Kumar G, sector head, Corporate Ratings, ICRA, said.
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