Union Budget 2016-17: Finance Ministry allots Rs 55000cr for road, highway development

Raveena Singhmoneycontrol.comFor 2016-17, a net investment of Rs 97,000 crore in the road sector, including PMGSY allocation. The Finance Ministry has allotted Rs 55,000 crore for Roads Highways excluding Rs 15,000 core for National Highways Authority of India (NHAI) Bonds in this year's Budget. The government has proposed to make the necessary amendments to Motor Vehicle Act as to open up road transport sector for passenger segment. In the previous Budget, the Road Transport and Highways Ministry had been allocated Rs 45,000 crore. Earlier in 2015, highest ever kilometres of new highways were awarded in India. Furthermore, the government aims to approve nearly 10,000 kms of national highways in 2016-17.Under the Pradhan Mantri Gram Sadak Yojana (PMGSY), the Budget has sanctioned an amount of Rs 19,000 crore for this, compared to the Rs 14,291 crore in the revised estimates for 2015-16. This will connect remaining 65,000 eligible habitations by 2019.