Road project awards decline 35% YoY, construction sees 10% increase in FY24 Year-to-Date: Nuvama Research
The National Highways Authority of India (NHAI) and the Ministry of Road Transport and Highways (MoRTH) awarded a total of 631 kilometres of road projects in August 2023.
The road projects awarded for the year-to-date period of FY24 have witnessed a decline of 35% year-on-year (YoY), standing at 1,756 kilometres, according to the latest bulletin released by Nuvama Research. In contrast, road construction has experienced a notable upswing, reaching 3,196 kilometres, indicating a year-on-year increase of 10%.
The data from Nuvama Research highlights the dynamics of India's road infrastructure sector during the current fiscal year. Despite the decline in road awards, the surge in road construction indicates a continued commitment to bolstering the country's transportation network.
The National Highways Authority of India (NHAI) and the Ministry of Road Transport and Highways (MoRTH) awarded a total of 631 kilometres of road projects in August 2023. This is an increase compared to July 2023, when 514 kilometres of road projects were awarded. However, it is a decrease compared to August 2022, when 731 kilometres of road projects were awarded.
On the other hand, in August 2023, 526 kilometres of roads were constructed. This is an increase compared to July 2023, when 420 kilometres of roads were constructed. However, it is almost the same as the number of roads constructed in August 2022, which was 419 kilometres.
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