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According to Market.us, India Roads & Highways Market By Type, Competition Forecast & Opportunities, 2013 – 2027, the India roads & highways market is projected to reach $ 25 billion by 2027 on account of an increasing number of government initiatives like Bharatmala, SARDP-NE, etc.
Transportation by road is considered one of the most cost-efficient and preferred modes for goods and passengers in densely populated areas. Thus, it is essential for the country’s economic development and social inclusion. The roads & highways of the country are made for efficient and rapid Transportation of goods and passengers. They pass over the country’s area, connecting Nation’s capitals, state’s essential ports, and rail junctions and link up with border roads, Foreign and National highways.
The Road & Highways recorded passenger and goods traffic share a significant part of the country. The availability and adjustability to the need of an individual and this factor help in saving the cost of road transport. Transportation emerged as the commanding segment in India’s Transportation, with a share of 3% in India’s GDP from 2003 to 2006.
Road transport also provides a producer service to the railway, shipping, and air traffic. This Ministry of Roads and Transports is primarily responsible for developing and maintaining National Highways. It receives proposals from various State Governments and Union Territories for declaring State roads as new National Highways. The Ministry considers the order of some State roads as new National Highways from time to time based on the requirement of connectivity, priority, and availability of resources.
The Road Transport Ministry is concerned with formulating various policies relating to the regulation and in favor of road transport in the country, apart from making arrangements for the movement of traffic within the country. Improving road safety and security in the country is one of the most critical and challenging tasks of the Transport Ministry. The Ministry implements policies for road safety to minimize accidents on roads.
Some of the major companies operating the Indian roads and highways market include NHAI, Simplex Infra Ltd, GMR Infra Ltd, NCC Ltd, Dilip Buildcon, Hindustan Construction Company Ltd, IRB Infra Developers Ltd., Reliance Infra Ltd, MEP InfraDevelopers Ltd, L&T Infra Development Projects Ltd, NHIDCL, etc.
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