India :Roads Sector Report_August 2013

Second largest road
network
• India has the second largest road network in the world, spanning a total of 4.7 million
kilometres. This is used to transport over 60 per cent of all goods in the country and 85 per
cent of total passenger traffic
Rising investments in
road sector
• The Planning Commission of India aims to spend nearly 20 per cent of the total
investment of USD1 trillion during the 12th Five Year Plan (2012–17) to develop roads
Growing private sector
involvement
• The private sector is emerging as a key player in the development of road infrastructure in
India
Rapid growth in national
highways
• National highways are expected to reach 85,000 kilometres by the end of the 12th Five
Year Plan from 71,772 kilometres currently
Source: Planning Commission, Aranca Research

• The engineering sector is delicensed;
100 per cent FDI is allowed in the
sector
• Due to policy support, there was
cumulative FDI of USD14.0 billion into
the sector over April 2000 – February
2012, making up 8.6 per cent of total
FDI into the country in that period
Growing demand
Source: NHAI, MoRTH, Planning Commission, Business Monitor International, Aranca Research
Notes: NHAI - National Highways Authority of India, MoRTH - Ministry of Road Transport and Highways
Robust demand
• Greater connectivity between
different cities, towns and villages
has led to increased road traffic
over the years
• Growth in automobiles and freight
movement commands a better
road network in India
Attractive opportunities
• Roads and bridge
infrastructure industry to be
worth USD21 billion by FY17
• Approximately 9,500
kilometres of projects are
expected to be awarded by
NHAI during 2012–13
Policy support
• Road infrastructure is a key
government priority; the sector has
received strong budgetary support
over the years
• Financial institutions have received
government approval to raise money
through tax-free bonds
Increasing investments
• USD1 trillion worth of expenditure on
infrastructure is estimated over
FY13–17
• Government of India aims to develop
a total of 66,117 kilometres of roads
• Growing participation of private
sector through Public-Private
Partnership (PPP)
2009
Roads &
bridges
infrastructure
value:
USD6.9
billion
FY17E
Roads &
bridges
infrastructure
value:
USD19.2
billion
Advantage
India

Source: Ministry of Road, Transport and Highways
(MoRTH) – Annual Report 2012-13, Aranca Research
Roads
(Total length: 4.7 million
Kms)
State Highways National Highways
District and Rural
Roads
Total Length: 155,716
kilometres
Share: 3.3 per cent of
the total roads in India
Total Length: 79,116
kilometres
Total Length: 44,55,010
kilometres

India has the second largest road network in the world (4.7 million kilometres)
Roads bear about 85 per cent of the country’s passenger traffic and 60 per cent of freight traffic
Length of national
highways (kilometres)
Passenger vehicle sales
(Million)
NHDP toll collection
(USD million)
Highway projects
awarded (kilometres) by
NHAI
Share of infrastructure in
total bank funding (%)
2.3
677
64.5
0.71
58,112
14.4
6,491
435*
3.1
71,772
FY03
FY12
Source: National Highway Authority of India (NHAI), National Highway Builders Foundation, ICRA Ltd, Reserve Bank of India (RBI)
Notes: FY - Indian Financial Year (April-March), NHDP - National Highway Development Project, Aranca Research; Note: * - Data for FY11

Roads/ bridges infrastructure value in India
(USD billion)
The value of total roads and bridges infrastructure in India is
expected to grow at a CAGR of 17.4 per cent over FY12-17
to reach USD19 billion
Currently, the Government of India aims to develop a total
of 66,117 kilometres of roads under various programmes
such as NHDP, SARDP-NE and LWE
Of the total roads, 20,945 kilometres have been developed,
while a major share of the remaining is estimated to be
completed by the end of the 12th Five Year Plan
Source: Business Monitor International (BMI), Aranca Research
Note: CAGR - Compounded Annual Growth Rate, FY - Indian
Financial Year (April - March), F - Stands for forecast,
NHDP - National Highway Development Project, SARDP-NE:
Special Accelerated Road Development Programme for the North
Eastern Region and LWE - Left Wing Extremism Programme
6.9
6.8 8.3 8.6 8.6
11.0
13.4
16.1
19.2
FY09 FY10 FY11 FY12F FY13F FY14F FY15F FY16F FY17F
CAGR: 13.6%

Lane composition of national highways (FY13)National highways account for 1.7 per cent of the total road
network in India
Under the 12th Five Year Plan (FY13–17), the government
plans to develop 20 kilometres of national highways per
day, which implies a total development of 7,300 kilometres
per year
Double-lane highways constitute the largest share of
highways in India (40,658 kilometres)
Double-lane highways are followed by single-lane (19,330
kilometres) and multi-lane (19,128 kilometres) highways
National highways are expected to reach 85,000 kilometres
by the end of the 12th Five Year Plan from 71,772 kilometres
currently
Source: MoRTH, Aranca Research
24.4%
51.4%
24.2%
Single lane
Double lane
Four/ Six/ Eight
Lane

The National Highway Authority of India (NHAI) is a government agency responsible for construction, maintenance and
development of highways
The Government of India has formulated a seven-phase programme known as ‘National Highway Development Project
(NHDP)’, vested with NHAI, for the development of national highways in the country
Porbandar
Mumbai
Kanyakumari
Chennai
Kolkata
Silchar
Delhi
Srinagar
North South –
East West
Corridor
Golden Quadrilateral
NHAI
Golden Quadrilateral (GQ): It is the highway
network that connects four major
metropolises
North South & East West Corridor (NS –
EW NHDP Phase I and II): It connects the
country’s extreme ends
NHDP Phase III to VII: Construction and
improvement of roads in the remaining
urban and suburban regions
Source: NHAI, Aranca Research

NHDP Phase Project description
Total length
(Kms)
Cost Development Model
Phase I
Development of Golden Quadrilateral, North
South & East West (NS-EW) corridor, port
connectivity and other national highway
7,522 USD7.0 billion
EPC (Engineering-
Procurement and
Construction)
Phase II
Development of North South & East West
(NS-EW) corridor and other national highway
6,647 USD7.2 billion EPC
Phase III Development of Four lane national highways 12,109 USD18.5 billion
PPP (Build-Operate-
Transfer)
Phase IV Upgradation of single lane to two-lane 20,000 - PPP

NHDP Phase Project description
Total length
(Kms)
Cost Development Model
Phase V
Upgradation of four-lane highways to
six-lane and port connectivity
6,500 USD9.3 billion PPP
Phase VI Development of Expressway 1,000 USD3.8 billion
PPP-(Design-Build-
Finance-Operate)
Phase VII
Development of ring roads, bypasses and
flyovers
700 USD4.2 billion
PPP (Build-Operate-
Transfer)

The Special Accelerated Road Development Programme for the North Eastern region (SARDP-NE) is aimed at developing
road connectivity between remote areas in the North Eastern region with state capitals and district headquarters
SARDP-NE is vested with the development of double-/four-lane national highways of about 4798 kilometres and double-
laning/improving about 5343 kilometres of state roads
Implementation of the road development programme will facilitate connectivity of 88 district headquarters in North Eastern
states to the nearest national highways
The project will be undertaken in three phases:
Phase Project description
Total length
(Kms)
Date of
Completion
A
Improvement of national highways 2,041
March 2015
Improvement of state roads 2,058
B
Development of double-lane of national highways 1,285
Not Disclosed
Double-laning and improvement of state roads 2,438
Arunachal Pradesh package
of roads and highways
Development of roads 2,319 March 2017
Source: NHAI, MoRTH, PPPinIndia, Aranca Research

Total length (Kms) Total cost (USD billion)
Approved 5,477 USD1.6
Awarded 5,049 USD1.5
Completed (By December 2012) 1,960 USD0.5
The government has approved a Road Requirement Plan (RRP) for the development of 1126 kilometres of national highways
and 4351 kilometres of state roads in Left Wing Extremism (LWE) affected districts
The project has been implemented in the states of Andhra Pradesh, Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh,
Maharashtra, Odisha and Uttar Pradesh for a total value of USD1.6 billion
The project will be vested with the Ministry of Road Transport and Highways (MoRTH) and is scheduled to be completed by
FY15
Source: NHAI, MoRTH, PPPinIndia, Aranca Research

During 2011, India had 758 PPP projects across various sectors, of which 405 are dedicated towards roads and highways
The BOT model’s share in total highway projects has increased sharply over the years; it rose to 31 per cent in FY10 from
10 per cent in FY05
Total PPP projects in India (2011) Composition of total highway projects awarded
53%
47%
Roads
Others
8% 13% 15% 19% 22%
23%
9% 12% 12% 20%
20%
27%
4% 7% 9% 9%
17%
53%
FY05 FY06 FY07 FY08 FY09 FY10
BOT SPV Public Funded
Source: MoRTH, Aranca Research

Awards won by BOT private playersRoad construction projects awarded to BOT companies
went up at a CAGR of 62 per cent over FY05-12 to about
6,067 kilometres
In FY12, highway projects awarded to private companies
rose to 6,067 kilometres
209 369 464 470
877
2,677
6,144 6,067
FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12
CAGR: 61.8%

Source: Aranca Research
Notes: NH – National Highway
Until 2005, the road construction market was dominated by public sector companies
However, the emergence of private players over the last decade has made the road construction market fragmented and
competitive; the players bidding for projects also vary by size
Major private
sector players
Major projects: Mumbai–Pune BOT Project, Pune–Nashik BOT
Project, Bharuch–Surat BOT Project, Thane–Bhiwandi by-pass
Four-Lane Project
Major projects: North Karnataka Expressway, West Gujarat
Expressway, Noida Toll Bridge
Major projects: NH6 Dhankuni to Kharagpur, Sambalpur Baragarh,
NH4 Belgaum Dharwad
Major projects: Bandra–Worli Sea Link, Badarpur Elevated
Highway Project
Major projects: Tuni–Ankapalli Highway, Tambaram–Tindivanam
Highway, Ambala–Chandigarh Highway

Source: NHAI, MoRTH, Aranca Research
Notes: FDI - Foreign Direct Investment
Increasing private
sector participation
• Government policy to increase private sector participation has proved to be a boon to the
infrastructure industry with a large number of private players entering the business through
the Public Private Partnership (PPP) model
• The type of PPP models used in road projects are Build Operate Transfer (BOT ) toll and
BOT annuity
Partnerships between
Indian and foreign firms
• With the Government of India permitting 100 per cent FDI in the road sector, most foreign
companies have formed partnerships with Indian players to participate in the sector’s
growth story
India’s renewed focus
on infrastructure
• Infrastructure is the key to supporting double-digit GDP growth in India during the medium-
to long-term
• The government has hence made infrastructure development a key policy issue and plans
to spend USD1.0 trillion during FY13-17 on the sector
Success of India’s Five
Year plans
• Through Five-Year Plans, India has increased the length of national highways from 21,378
kilometres during the late 1940s to 71,772 kilometres by the end of the 11th Five-Year Plan
(FY08-12)
• The total length of national highways is expected to touch 85,000 kilometres by the end of
12th Five Year Plan

Source: Aranca Research
Policy support
Greater government
focus on
infrastructure
Standardised
processes for
bidding and tolling;
clear policy
framework
Tax sops, FDI, FII
encouragement
Rise in two-wheeler
and four-wheeler
vehicles
Increasing investments
NHAI implementing
one of the largest
road projects
Rising private sector
participation
Strong projected
demand making
returns attractive
Inviting Resulting in
Increasing freight
traffic
Strong trade and
tourist flows
between states
Growing demand

Higher individual discretionary spending has led to increasing spending on cars, motorbikes and scooters
Growing domestic trade flows have led to rising commercial vehicles and freight movement
Road’s traffic share of the total traffic in India has grown from 13.8 per cent to 65 per cent in freight traffic and from 15.4
per cent to 90 per cent in passenger traffic from 1951 to 2011
Higher road
traffic
Rising incomes
leading to
increasing number
of vehicle owners
Growing movement
of goods within the
country due to
economic
integration
Better quality roads
makes road travel
cheaper and safer
Increasing
roadways leading to
greater accessibility
between different
cities/towns/villages
Growth in small and
medium enterprises
in India
Source: MoRTH, World Bank, Aranca Research

Trends in passenger vehicle sales (in million)
Total auto sales across categories are estimated to rise 6-8 per cent in FY14
Sales of passenger vehicles are expected to increase at a CAGR of 15.0 per cent to 3.5 million during FY07-14
Sales of commercial vehicles are expected to rise at a CAGR of 13.5 per cent to 8,52,000 during FY07-14
Rising per-capita income and growing middle class coupled with easier access to finance and a wider price range of
vehicles have led boosted car sales
Trends in commercial vehicle sales (in ’000)
Source: SIAM, Aranca Research
1.3
1.6
1.8
2.4
3.0 3.1 3.2
3.5
CAGR: 15.0%
351
468
494 533
676
800 783
852
CAGR: 13.5%

Length of National Highway added in the various
Five-Year Plans (kilometres)
Road addition in the 3rd Five Year Plan was only 179
kilometres this increased to 10,228 kilometres in the 11th
Plan
The 12th Five Year Plan (FY13-17) is estimated to carry the
momentum forward with projects to the tune of 36,500
kilometres
- 1,514 179
4,819
158
2,867
1,902 609
23,814
9,008 10,228
36,500
1st 2nd 3rd 4th 5th 6th 7th 8th 9th 10th 11th 12th*
Note: * - Estimated

Share of infrastructure in total bank fundingInfrastructure is a priority of the government’s economic
policy; funding for the sector from both private and public
sectors is set to increase sharply in the near term
Infrastructure’s total share in bank funding rose from 2.3 per
cent in 2002 to about 14.4 per cent in 2012
2.3%
3.5%
4.2%
6.9%
7.5%
7.3%
8.5%
9.5%
11.5%
14.0%
14.4%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012*
Source: RBI, ICRA Limited, Aranca Research
Note: 2012* - March 2012

Combined fiscal deficit of the centre and state
governments (% of GDP)
The government has been eager to involve private sector
funding for infrastructure projects and thereby reduce
strains on the budget
The PPP model has emerged as the favoured one for
private sector participation in roads projects
Notes: PPP - Public Private Partnership, NHDP - National Highway
Development Project, BOT - Build Operate Transfer
9.9% 9.6%
8.5%
7.2%
6.5%
5.4%
4.1%
8.5%
9.5%
7.3%
8.2%
7.1%
FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12E FY13E
Source: RBI, Morgan Stanley, Aranca Research
E - Estimate

% of BOT share in different phases of NHDPPhase I and Phase II of NHDP were mostly developed by
public funds with the BOT share at 14.8 per cent and 28.6
per cent respectively
Public Private Partnership (PPP) model will be the favoured
way of executing the remaining NHDP phases
14.8%
29.6%
95.9%
83.1%
100.0%
100.0%
100.0%
Phase I
Phase II
Phase III
Phase IV
Phase V
Phase VI
Phase VII
Note: NHDP - National Highway Development Phase,
BOT - Build Operate Transfer

Source: Aranca Research,
Notes: FDI - Foreign Direct Investment, FII - Foreign Institutional Investors
Infrastructure is a key
government priority
• Infrastructure investment is a major focus area for the government
• The Government targeted USD500 billion worth of spending on infrastructure in the 11th
Five-Year Plan (FY08-12); the amount is set to double to USD1 trillion in the 12th Five
Year Plan (FY13-17)
Support from the Union
Budget
• The FII investment limit in infrastructure corporate bonds was raised from USD5 billion to
USD25 billion in the Union Budget
• An increase in road development fund was also announced
• The Indian government plans to establish a Road Regulator Authority in FY14 to address
financial issues, construction risk and contract management in the road sector
Rural development
• The Prime Minister’s Gram Sadak Yojana (PMGSY) is a scheme for development of rural
roads in India
• The Construction of Rural Roads Project (CRRP) is another initiative focused on rural
development
Taxes and other sops
• Companies enjoy 100 per cent tax exemption in road projects for five years and 30 per
cent relief for the next five years
• The companies are also granted a capital of up to 40 per cent of the total project cost to
enhance viability

Issue of tax-free
infrastructure bonds
• Infrastructure finance companies, such as India Infrastructure Finance Corporation
(IIFCL), National Highways Authority of India (NHAI), Housing and Urban Development
Corp (HUDCO), Power Finance Corporation (PFC) and India Railway Finance Corporation
(IRFC), have been allowed to issue tax-free bonds for a total value of USD9.2 billion for
FY14
• Institutions were allowed to raise tax-free bonds of about USD5.5 billion in FY12 and up to
USD4.6 billion in FY13
Encouragement of
Infrastructure Debt
Funds (IDFs)
• The Government of India has set up the India Infrastructure Finance Company (IIFCL) to
provide long-term funding for infrastructure projects
• Interest payments on borrowings for infrastructure are now subject to a lower withholding
tax of 5 per cent vis-à-vis 20 per cent earlier
• IDF income is exempt from income tax
Central Road Fund
(CRF)
• The Central Road Fund (CRF) assists the state government and union territories in the
development of state roads
• For FY13, USD3.6 billion was allocated for the development of roads

For updated information, please visit www.ibef.org
Project
Length
(kilometre)
Cost (USD
million)
Company
Four Laning of Coimbatore-Mettupalayam 67 123 Transstroy - OJSC Consortium
Four Laning of Walayar -Vadakkancherry section 54 142 KNR Constructions Ltd
Walajapet-Poonamalee 93 268 ESSEL Infra Projects Ltd
2-Laning with paved shoulder of Raebareli to Jaunpur 166 118 PNC Infratech Ltd
Six- Laning of Anandapuram-Visakapatnam-Anakapalli 58 174 Transstroy (India) Ltd - OJSC Corporation
Six-Laning of Gundugolanu Rajamundry 120 336 IVRCL Assests & Holding Limited
Vijayawada-Gundugolanu Section 103.6 351 Gammon Infrastructure Proj
Six Laning of Kishangarh – Udaipur Ahmedabad 556 1,122 GMR Infrastructure Ltd
Etawah -Chakeri (Kanpur) 160 328 Oriental Structural Engineers Ltd
Agra-Etawah Bypass 125 251 Ramky Infrastructure Ltd
Four Laning of Kiratpur-Ner Chowk Section 84 400 IL & FS Transportation Networks Ltd
Notes: BOT - Build Operate Transfer, UB - Union Budget

For updated information, please visit www.ibef.org
Outlay for roads under respective Union Budgets
(USD billion)
Roadways has been a key focus area of budget allocations
over the years
For FY14, the Planning Commission has provided an outlay
of USD6.9 billion for the road sector
The budget outlay for road transport and highways
increased at a robust CAGR of 19.4 per cent between FY09
and FY14
In FY14, the government plans to improve about 8,270
kilometers of the National Highways along with
construction/rehabilitation of 100 bridges and four bypasses
for an estimated cost of USD4.3 billion
2.8
3.5
3.2
5.6
6.4
6.9
Source: Respective Union Budgets, Aranca Research
Note: CAGR - Cumulative Annual Growth Rate
CAGR: 19.8%

Toll revenue: IRB Infrastructure Limited
(USD million)
IRB Infrastructure is one of India’s leading BOT operators
with a built-length of around 8,000 lane kilometres
So far, the company has undertaken BOT projects
(completed/under execution) worth USD3.5 billion
The company has 19 BOT projects currently, of which three
are complete, nine operational, and seven under
construction
As on 31 December 2012, IRB Infrastructure’s order
backlog stood at about USD1.7 billion
Source: Company Annual Report, Aranca Research
Notes: CAGR - Compounded Annual Growth Rate,
BOT - Build Operate Transfer
77
96
176
201
256
FY08 FY09 FY10 FY11 FY12
CAGR: 35.0%

Won three road
projects worth
USD411 million
Won first ultra-mega
NHAI road project
worth USD750 million
Acquired MVR
Infrastructure &
Tollways Pvt Ltd2010
2011
2012
2013
Signed contract with
NHAI for four-laning
of NH-17 from Goa/
Karnataka to
Kundapur

Revenue trends: IL&FS Transportation
Networks Limited (USD million)
ITNL has the largest BOT road asset portfolio (in terms of
lane kilometres) in India, with presence in 16 states
The company has 11,859 lane kilometres under its road
asset portfolio; this comprises 28 projects
ITNL has 24 PPP projects currently, of which 11 are
complete and 13 under construction
Notes: CAGR - Compounded Annual Growth Rate,
BOT - Build Operate Transfer, Km - Kilometers
255
502
843
1,168
FY09 FY10 FY11 FY12
CAGR: 66.1%

Was awarded
order for 1,086 lane
kilometres for a
total value of
USD1.5 billion
Was awarded order
for 1,129 lane
kilometres for a total
value of USD1.5
billion
Four-laning of Beawer-
Gomti Road Project
2010
2011
2012
2013
Won USD312 million
contract for six-laning
Barwa-Adda-
Panagarh sector of
National Highway 2

Revenue trends: Noida Toll Bridge
(USD million)
Infrastructure Leasing and Financial Services Ltd (IL&FS)
promoted National Toll Bridge Company Limited (NTBCL)
as a special purpose vehicle (SPV) for the development of
the 22-km Delhi-Noida Direct (DND) flyway on a Build Own
Operate Transfer (BOOT) basis
Incorporated in Uttar Pradesh, India in 1996, NTBCL is a
publicly listed company and operates only in India
SALIENT FEATURES
Eight-lane dual carriageway connecting Noida and Delhi
One major and three minor bridges over Yamuna river
Eight-lane approach road on embankment
31-lane, 200m-wide, fully computerised toll plaza
Extensive tree planting and landscaping
Noise barriers and river training works
10.4
16.6
17.2
17.9
18.9
19.9
CAGR: 13.9%

Projects to be awarded (in kilometres)
National Highway Authority of India (NHAI) aims to award 2500 kilometres of projects in FY14 vis-à-vis 787 kilometres
during the last fiscal
Currently, around 23,120 kilometres of NHDP projects are in the pipeline, with the highest share for NHDP IV (16,632
kilometres)
Projects to be awarded (in kilometres) by NHDP phases
Note: NHDP stands for National Highways Development Project
6,491
787
2,500
3,899
FY12 FY13E FY14E FY15E
420
1,840
16,682
2,519
1,000 659
NS - EW
Ph. I & II
NHDP III NHDP IV NHDP V NHDP VI NHDP VII

PPP opportunity over the next five yearsDevelopment of national highways through Public-Private
Partnership (PPP) is expected to remain the key focus area
for the government
During the next five years, investments through PPP are
expected to be over USD41 billion for national highways
and around USD10 billion for state highways
USD 41.2
billion
USD 9.9
billion
National Highways State Highways

Projected growth of vehiclesIn India, roads remain the most important means of
transport; it accounts for 85 per cent of passenger traffic and
65 per cent of freight traffic
Passenger cars are expected to grow at a CAGR of 15 per
cent to 677 millions in FY15 and LCV to grow at a CAGR of
21 per cent over FY10-15 to 3 million in FY15
Source: SIAM Report, Aranca Research
Notes: PC - Passenger Cars, LCV - Light Commercial
Vehicles, SIAM - Society of Indian Automobile Manufacturers
0
150
300
450
600
750
1
1.5
2
2.5
3
3.5
FY10 FY11E FY12E FY13E FY14E FY15E
LCV units in 000s (right axis) PC units millions (left axis)

Summary of foreign contract awardsForeign contractors were awarded projects worth about
USD1.69 billion during 1999-2011; Malaysian and Russian*
contractors have topped the foreign contractors list
About 55 per cent of all such contracts were funded via
BOT, BOT-Annuity and BOT-SPV routes
A joint venture between SVBTG Consortium (USA) and
Stradcom Corp (Philippines) had won the largest contract
during that period (project cost of USD134 million)
Note: BOT - Build operate transfer,
* - Russian joint venture with Indian firm
688
339
199
137 134 101
48
41
568
429
105 149
6
107
45
51
Malaysian
Russia*
China
Russian
USA
Taiwan
S.Korean
Indonesian
Project Cost (USD mn) Length (kms)

Source: NHAI, MoRTH, Union Budget, Aranca Research
Notes: FDI - Foreign Direct Investment, FII - Foreign Institutional Investor; EPC - Engineering, Procurement and
Construction; ECB - External Commercial Borrowings; WHT - Withholding Tax; DDT - Dividend Distribution Tax
Significant potential for
construction & EPC
companies
• About two-thirds of NHDP road
projects (ex-phase IV) are yet
to be awarded, thereby offering
a huge opportunity for private
players over the next five
years.
• For the 12th Five Year Plan, the
government targets to develop
National Highways at the rate
of 20 km per day
• India’s construction sector is
expected to grow at about 35
per cent over FY09-13
Strong focus on infrastructure
• Infrastructure spending is
expected to touch USD1 trillion
in the next Five-Year Plan
(FY13-17)
• Union Budget FY14 allows
financial institutions to raise
USD9.2 billion from tax-free
bonds
• The budget also proposed key
steps such as relaxing ECB
guidelines, removal of
cascading effect of DDT and
reductions in WHT
Major government initiatives
to boost private and foreign
investment
• Increased FII limit in
infrastructure corporate bonds
from USD5 billion to USD25
billion in FY12 is a step in the
right direction
• Cumulative FDI inflow for
FY2000–13 (February) in
construction development and
infrastructure sector (including
roads and highways) stood at
USD24.1 billion

Ministry of Roads Transport and Highways
Transport Bhavan
1, Parliament Street
New Delhi –110001
Phone: 91-11-23719097, 23719955
E-mail: ifcmost@nic.in
National Highway Authority of India
G 5 and 6, Sector 10, Dwarka
New Delhi – 110 075
Phone: 91-11-25074100, 25074200
Fax: 91-11-25093507, 25093514
Indian Roads Congress
Sector 6, (Near RBI Quarters), RK Puram, New Delhi – 110022
Phone: 91-11-26185303
Secretariat: 91-11-26716778, 26183669, 26185273, 26185315,
26185319
Fax: 91-11-26183669
E-mail: secretarygen@irc.org.in

BOT: Build Operate Transfer
CAGR: Compound Annual Growth Rate
EPC: Engineering, procurement and construction
FDI: Foreign Direct Investment
FY: Indian Financial year (April to March) – So FY10 implies April 2009
to March 2010
GOI: Government of India
INR: Indian Rupee
LCV: Light Commercial Vehicles
MoRTH: Ministry of Roads Transport and Highways
NH: National Highway
NHAI: National Highway Authority of India

NHDP: National Highway Development Project
USD: US Dollar – Conversion rate used: USD1= INR54.43

Year INR equivalent of one US$
2004-05 44.95
2005-06 44.28
2006-07 45.28
2007-08 40.24
2008-09 45.91
2009-10 47.41
2010-11 45.57
2011-12 47.94
2012-13 54.31
Exchange Rates (Fiscal Year)
Year INR equivalent of one US$
2005 45.55
2006 44.34
2007 39.45
2008 49.21
2009 46.76
2010 45.32
2011 45.64
2012 54.69
2013 54.45
Exchange Rates (Calendar Year)
Average of the year

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India :Roads Sector Report_August 2013

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