Parliament Question: Improvement in Revenue Model of NHAI

**Executive Summary** This document presents the Minister of Road Transport and Highways' response to Unstarred Question No. 2159 regarding the revenue model and debt of the National Highways Authority of India (NHAI), answered on February 12th, 2026. It details the current debt of NHAI, the year-wise increase in debt since 2014, and measures taken to reduce reliance on borrowing. The document also addresses the financial review process conducted to assess NHAI's debt servicing capacity. **Key Points / Main Content** * **NHAI Debt:** * The debt liability of NHAI as of January 31st, 2026, is Rs. 2,16,624 crore. * Year-wise debt increases from the financial year 2014-15 to 2025-26 are provided, showing an increase until 2021-22, followed by a decrease. * **Government Measures:** * The Government has taken measures to ensure 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. * Budgetary support to NHAI has been increasing in recent years. * The Government has adopted alternative financing mechanisms such as asset monetisation through Toll-Operate-Transfer (TOT) and Infrastructure Investment Trusts (InvITs). * **Reliance on Borrowings:** * Steps to reduce reliance on borrowings include the monetisation of operational highway assets through the TOT and InvITs model. * **Financial Review:** * NHAI regularly assesses its financial position as part of its internal financial management and statutory reporting process. * NHAI’s financial statements are audited by the Comptroller and Auditor General of India, including examination of financial performance, debt levels, and contingent liabilities. **Impact Analysis** **Stakeholder: NHAI** * **Impact:** NHAI is directly impacted by the scrutiny of its debt levels and revenue model. The measures taken to reduce reliance on borrowing will influence NHAI's future financial strategies and project funding. * **Action Required:** NHAI needs to continue implementing asset monetisation strategies (TOT and InvITs), manage its debt levels, and cooperate with financial reviews and audits. **Stakeholder: Government of India/Ministry of Road Transport and Highways** * **Impact:** The Government is impacted by the need to ensure the financial sustainability of NHAI and the national highway development program. * **Action Required:** The Government must continue to provide budgetary support, monitor NHAI's financial performance, and explore alternative financing mechanisms. **Stakeholder: National Highway Users/General Public** * **Impact:** The public is indirectly impacted through the long-term financial sustainability of national highway development. * **Action Required:** No immediate action is required, but the public benefits from the continued development and maintenance of national highways.

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