Lok Sabha Question No. 2159 (UNSTARRED), answered on 2026-02-12
Subject: Improvement in Revenue Model of NHAI
Ministry: ROAD TRANSPORT AND HIGHWAYS
Asked by: Shri Deepender Singh Hooda

be pleased to state:-

- (a)  the  present  total  debt  of  the  National  Highways  Authority  of India (NHAI);
- (b) the year-wise increase in NHAI debt since 2014;
- (c) whether the Government has assessed the rising debt burden as a  risk  to  the  long-term  financial  sustainability  of  national  highway development;
- (d)  the  steps  being  taken  to  reduce  reliance  on  borrowing  and improve NHAI's revenue model; and
- (e) whether any independent financial review has been conducted to evaluate NHAI's debt servicing capacity and future liabilities?

## ANSWER

THE MINISTER OF ROAD TRANSPORT AND HIGHWAYS (SHRI NITIN JAIRAM GADKARI)

- (a) The debt liability of National Highways Authority of India (NHAI) as on 31 st  January 2026 is Rs.2,16,624 crore.

## GOVERNMENT OF INDIA

## MINISTRY OF ROAD TRANSPORT AND HIGHWAYS

## LOK SABHA UNSTARRED QUESTION NO-2159 ANSWERED ON 12 TH  FEBRUARY, 2026

## IMPROVEMENT IN REVENUE MODEL OF NHAI

2159.  SHRI DEEPENDER SINGH HOODA:

Will the Minister of ROAD TRANSPORT AND HIGHWAYS

सड़क परिवहन औि िाजमार्ग मंत्री

| Year     | Amount Outstanding at the end of each Financial Year (Rupees in crores)   | Year-wise increase (%)   |
|----------|---------------------------------------------------------------------------|--------------------------|
| 2014- 15 | 24,188                                                                    | --                       |
| 2015- 16 | 44,567                                                                    | 84.25%                   |
| 2016- 17 | 74,742                                                                    | 67.71%                   |
| 2017- 18 | 1,21,931                                                                  | 63.14%                   |
| 2018- 19 | 1,78,867                                                                  | 46.70%                   |
| 2019- 20 | 2,48,281                                                                  | 38.81%                   |
| 2020- 21 | 3,06,703                                                                  | 23.53%                   |
| 2021- 22 | 3,48,522                                                                  | 13.64%                   |
| 2022- 23 | 3,42,802                                                                  | -1.64%                   |
| 2023- 24 | 3,35,173                                                                  | -2.23%                   |
| 2024- 25 | 2,44,539                                                                  | -27.04%                  |
| 2025- 26 | 2,16,624                                                                  | -11.42%                  |

- (c) The Government has taken several measures to ensure that the debt  burden  does  not  pose  a  risk  to  the  long-term  financial sustainability of National Highway development.

NHAI has not raised any funds through borrowings since October, 2022.

Further, the budgetary support to NHAI has been on a rising trend in recent  years. In  addition,  the  Government  has  adopted  alternative financing  mechanisms  such  as asset  monetisation  through  TollOperate-Transfer (TOT) and Infrastructure Investment Trusts (InvITs) to meet its funding requirements. (d)  Steps  taken  to  reduce  reliance  on  borrowings  which  include monetisation of operational highway assets through TOT and InvITs model. (e)  NHAI  regularly  assesses  its  financial  position  as  a  part  of  its internal financial management and statutory reporting process. This includes  its  debt  servicing  capacity  and  future  liabilities.  NHAI's financial  statements  are  audited  by  the  Comptroller  and  Auditor General of India, which includes examination of financial performance, debt levels and contingent liabilities.

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