New Delhi, Jan 9: National Highways Authority of India (NHAI) wants Rs 30,000 crore as its budgetary allocation as the Ministry of Finance prepares to table the Union Budget for financial year 2018-19. NHAI wants the fund through Central Road Fund (CRF). Also Read - 'Miss my Friend a Lot,' Says PM Modi on 1st Death Anniversary of Arun Jaitley; Many Political Leaders Pay Tribute
A report said that the body sought Rs 21,000 crore through the CRF and Rs 9,000 crore from toll collections. The amount demand is twice the money it got in budget 2017-18. Funds for NHAI usually comes from cess, toll collection and bonds. Also Read - Year-Ender 2019: Country's Political Bigwigs Who Left us in The Year Gone by
The Central Road Fund Act decrees that cess imposed on consumption of premium petrol and diesel should be used for the construction of roads and highways. Currently, nearly 50 percent of the collection from diesel sell is used in road development, whereas the other half goes for construction of national highways, roads and rail. 100 per cent of the proceed from petrol sale goes into highway construction. Also Read - BCCI AGM: Members Question Financial Decisions During CoA Tenure
NHAI has set up a higher target this year for raising funds through bonds. Last year it was Rs 52,000 crore, it has been upgraded to Rs 62,000 crore. The entire ministry for road transport and highways may get an allocation of Rs 74,000 crore in totality. It was Rs 64,900, reported Money Control. Finance Minister Arun Jaitley will present Budget 2018-19 on February 1.