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Industry brief · Materials, infrastructure & industry

Roads & highwaysexpressways, NH, toll roads

Design, construction, financing and operation of national highways, expressways, bridges and toll roads under EPC, Hybrid Annuity (HAM), BOT-toll, TOT and InvIT models. India's MoRTH/NHAI programme (Bharatmala, expressways) is the world's largest road pipeline (1,120 central projects worth INR 10.35 lakh cr monitored by MoSPI in Mar 2026); the US is in the final year of IIJA formula funding; the EU builds out TEN-T core corridors to 2030. Roads are the best-performing infrastructure reference class (mean cost overrun ~15%) but suffer chronic schedule slippage from land and clearances.

Start a Decision Sprint See the parameters
11 swing factors · circle size = months of delay0%20%40%60%1.2%2.5%5%7.5%10%Probability →Cost impact →Land acquisition & right-of-way delays: 55% likely, 6% cost impact, 12 monthsContractor/developer financial distress & slow mobilisation: 30% likely, 5% cost impact, 9 monthsUtility shifting & forest/wildlife clearance interface: 40% likely, 3% cost impact, 6 monthsGeotechnical surprises & design changes (structures, tunnels): 30% likely, 8% cost impact, 6 monthsFunding-policy uncertainty (IIJA reauthorisation, HTF solvency; NHAI debt cap): 40% likely, 0% cost impact, 6 monthsClaims, arbitration & payment delays from authority: 35% likely, 4% cost impact, 4 monthsMonsoon/extreme weather & slope failures: 40% likely, 2% cost impact, 3 monthsSkilled operator & labour shortages: 30% likely, 3% cost impact, 3 monthsConstruction material & steel inflation in structures: 45% likely, 5% cost impact, 2 monthsBitumen/diesel cost spike beyond price-variation cover: 40% likely, 4% cost impact, 0 monthsTraffic below forecast (BOT/TOT): 45% likely, 0% cost impact, 0 monthsLand acquisition &…Geotechnical surprises &…

Pack v1.0.0 · updated 5 Oct 2026 · 15 cited sources · 13 parameters · 11 swing factors · 1 source conflict shown side by side.

At a glance

3.5Capex intensity · USD million per km (4/6-lane NH incl. structures, ex-land)range 1.5–12 · estimate
34Construction time · monthsrange 18–60 · sourced
15%Mean cost overrunrange 0%–60% · sourced
31%Mean schedule overrunrange 0%–150% · sourced

Pack defaults with their low–high range. Overruns are sector means as a share of the original budget or schedule. All parameters and sources

Sub-industries

Capex intensity ranges by configuration. The unit changes with the asset, so compare within a row, not across rows.

Sub-industryCapex intensityNotes
National highway widening / new alignment (EPC)Government-funded fixed-price EPC packages (2/4/6-lane).2–6USD million per km (4-lane equivalent)India 4-laning ~INR 18-35 cr/km civil cost ex-land (estimate); Paniyala-Barodameo 86 km 6-lane cost INR 2,876 cr incl. land (~INR 33 cr/km) (https://en.wikipedia.org/wiki/Delhi–Mumbai_Expressway).
Hybrid Annuity Model (HAM)NHAI pays 40% of bid project cost during construction; developer finances 60% and is repaid via semi-annual annuities over 15 years plus interest and O&M payments.2.5–7USD million per kmLow traffic risk; developer equity ~10-12% of cost (estimate).
BOT-toll / concession roadsDeveloper finances, builds and collects tolls for 15-30 years.3–10USD million per kmTraffic-risk bearing; revived in India 2025-26 via revised model concession agreement (estimate).
Access-controlled expresswaysGreenfield 6-8 lane expressways (Delhi–Mumbai, Samruddhi, Ganga).4–12USD million per kmestimate
Major bridges, sea links & tunnelsLong-span bridges, sea links (MTHL), mountain tunnels (Zojila).20–300USD million per kmReference class: bridges +26%, tunnels +36% mean overrun (https://arxiv.org/abs/2606.15757).
US interstate reconstruction & managed lanesState DOT design-bid-build, design-build and P3 express lanes.3–25USD million per lane-mileUrban reconstruction at top of range (estimate).
TOT / InvIT asset monetisationOperating toll roads sold or leased for upfront payment (NHAI TOT bundles, NHAI InvIT, IRB InvIT).8–16EV/EBITDA multipleestimate

Value chain

Inputs

  • land (right of way)
  • aggregates & sand
  • bitumen
  • cement & ready-mix
  • rebar & structural steel
  • diesel
  • construction equipment
  • labour
  • toll systems (FASTag/ETC)

Process

  • traffic study & DPR
  • land acquisition & utility shifting
  • clearances (environment, forest, wildlife)
  • bid/award & financial closure
  • earthwork & embankment
  • structures (bridges, ROBs, underpasses)
  • pavement (flexible/rigid)
  • road furniture, ITS/ATMS & toll plazas
  • O&M and periodic maintenance

Outputs

  • lane-km of highway
  • toll revenue / annuities
  • vehicle-km travelled
  • logistics time & cost savings

Parameters

13 parameters: 4 sourced, 9 informed estimates. The bar shows the low–high range with the default marked; estimates are labelled and never presented as observed data.

ParameterDefault & rangeEvidenceSource
Capex intensity(4/6-lane NH incl. structures, ex-land)INR ~30 cr/km at INR 88/USD.3.5 USD million per kmrange 1.5–12estimateas of 5 Oct 2026Informed estimate; no single source
Construction monthsMedian planned duration of 572 road projects parsed from MoSPI QPISR Q1 FY26.34 monthsrange 18–60sourcedas of 5 Oct 2026paimana-proj.mospi.gov.in
Cost overrun mean sources disagreeFlyvbjerg 2026 roads mean 1.15 (N=2,086), 10% of projects >50%; Flyvbjerg 2002: 20.4%. MoSPI India roads: +5.5% anticipated vs original (Q1 FY26), +2.5% revised (Mar 2026).15%range 0%–60%sourcedas of 5 Oct 2026arxiv.org
Schedule overrun meanCapibud parse: 63% of road projects delayed; median delay 11 months on 34-month plans (≈31%); mean is skewed by long tail (124%).31%range 0%–150%sourcedas of 5 Oct 2026paimana-proj.mospi.gov.in
Asset life (years)(concession/economic)Pavement 15-20 yrs (flexible) to 30+ (rigid); bridges 100 yrs.30 yearsrange 15–100estimateas of 5 Oct 2026Informed estimate; no single source
WACCIndia HAM/BOT nominal; India 10Y 6.78% (Jul 2026).10%range 8%–13%estimateas of 5 Oct 2026Informed estimate; no single source
Typical IRR(equity IRR)14%range 10%–20%estimateas of 5 Oct 2026Informed estimate; no single source
Utilization(actual vs forecast traffic)Half of road projects miss traffic forecasts by more than ±20%.90%range 50%–130%sourcedas of 5 Oct 2026arxiv.org
Opex % of revenue(operating toll road)15%range 8%–30%estimateas of 5 Oct 2026Informed estimate; no single source
EBITDA margin(toll concession)EPC contractors 10-15% EBITDA.82%range 65%–92%estimateas of 5 Oct 2026Informed estimate; no single source
Land share of cost20%range 5%–45%estimateas of 5 Oct 2026Informed estimate; no single source
HAM construction supportof bid project costNHAI HAM: 40% paid in construction milestones.40%range 40%–40%estimateas of 5 Oct 2026Informed estimate; no single source
Concession years20 yearsrange 15–30estimateas of 5 Oct 2026Informed estimate; no single source

Where sources disagree

Kept side by side, not averaged. The pack default is in the table above.

Cost overrun mean

Global reference class vs Indian monitoring data differ by an order of magnitude.

15%Flyvbjerg 2026, roads (N=2,086)arxiv.org · 2026
20.4%roads, 2002 sampleFlyvbjerg, Holm & Buhl 2002 (JAPA) · 2002
5.5%Indian road projects, anticipated vs originalMoSPI infrastructure monitoring (Q1 FY26) · 2025-06

What moves value

Sorted by expected cost (probability × cost impact). Impacts are typical values for the sector; each one is driven by the shared factors listed, which is how one shock reaches several projects at once.

Swing factorProbabilityCost impactSchedule
Land acquisition & right-of-way delaysRegulatory Shared factors: Policy 0.8 · Labour 0.1Watch: % land available at appointed date (<80%); compensation disputes/court stays; 3D notification lapses
55%
6%
12 mo
Geotechnical surprises & design changes (structures, tunnels)Technical Shared factors: Construction materials 0.3 · Steel 0.2Watch: change-of-scope orders; pile load-test failures
30%
8%
6 mo
Construction material & steel inflation in structuresCommodity Shared factors: Construction materials 0.5 · Steel 0.4Watch: FRED WPUSI012011 +10.1% y/y; WPU101 +18% y/y
45%
5%
2 mo
Bitumen/diesel cost spike beyond price-variation coverCommodity Shared factors: Oil 0.8Watch: Brent > USD 100 (2026); India WPI bitumen; US diesel GASDESW
40%
4%
0 mo
Contractor/developer financial distress & slow mobilisationFinancing Shared factors: Interest rates 0.5 · Labour 0.3Watch: bank-guarantee invocations; contract terminations; working-capital days
30%
5%
9 mo
Claims, arbitration & payment delays from authorityRegulatory Shared factors: Policy 0.6Watch: NHAI conciliation backlog; annuity payment delays
35%
4%
4 mo
Utility shifting & forest/wildlife clearance interfaceInterface Shared factors: Policy 0.6 · Electrical equipment 0.1Watch: pending utility shifting estimates; NBWL/forest stage-II status
40%
3%
6 mo
Skilled operator & labour shortagesLabour Shared factors: Labour 0.9Watch: wage inflation; migrant labour availability
30%
3%
3 mo
Monsoon/extreme weather & slope failuresTechnical Shared factors: Labour 0.3Watch: IMD forecasts; landslide incidents (hill roads)
40%
2%
3 mo
Funding-policy uncertainty (IIJA reauthorisation, HTF solvency; NHAI debt cap)Regulatory Shared factors: Policy 0.8 · Interest rates 0.2Watch: Congressional reauthorisation; HTF balance; NHAI borrowing limits
40%
0%
6 mo
Traffic below forecast (BOT/TOT)Market Shared factors: Oil 0.2 · Policy 0.2Watch: FASTag collections vs base case; diversion to parallel routes; freight volumes
45%
0%
0 mo

Market signals

What moves the case

Key variables with their typical range and what they hit in the model.

VariableTypical rangeAffects
Highway award & construction paceIndia MoRTH constructed ~10-12k km/yr in recent years (estimate); drives EPC order books.5,000–13,000km/yearRevenue
US highway & street construction spendingUSD 152bn SAAR in Aug 2026 (+4.6% y/y).100,000–160,000USD mn SAARRevenue
Bitumen / crude oil priceBitumen ~8-12% of flexible-pavement project cost; price-variation clauses only partially pass through (estimate).55–130USD/bblCapex, Opex
Diesel priceEarthwork fleets are diesel-intensive.3–6USD/galCapex
Aggregates & concrete pricesRigid pavements and structures.300–450indexCapex
Rebar / structural steelStructures ~25% of cost; steel ~30% of structure cost (estimate).250–420indexCapex
Traffic growth vs forecastRoads: half of projects deviate >±20% from forecast (Flyvbjerg 2005); average actual traffic +9.5% vs forecast.−30%–30%Revenue
Toll rate indexation (WPI-linked in India)Annual revision 1 April; 3% fixed + 40% of WPI change (estimate).0%–8%Revenue
Show 3 more variables
VariableTypical rangeAffects
Land acquisition share of project costRFCTLARR 2013 compensation multiples drive greenfield land cost.5%–45%Capex
Equity IRR (HAM/BOT)Primary return metric for developers.10%–18%Revenue, Financing
India / US 10Y yieldsHAM annuity interest = bank rate + 3% (estimate); BOT valuations rate-sensitive.3–7.5Financing

Price feeds (16)

SeriesSource / idUnitFrequency
US highway & street construction spendingTLHWYCONSFREDUSD mn SAARmonthly
US public construction spendingTLPBLCONSFREDUSD mn SAARmonthly
PPI: construction materialsWPUSI012011FREDindexmonthly
PPI: inputs to other nonresidential construction (goods)WPUIP2312301FREDindexmonthly
PPI: sand, gravel & crushed stoneWPS1321FREDindexmonthly
PPI: ready-mix concretePCU327320327320FREDindexmonthly
PPI: iron & steelWPU101FREDindexmonthly
Brent crudeDCOILBRENTEUFREDUSD/bbldaily
Show 8 more feeds
SeriesSource / idUnitFrequency
US diesel retail priceGASDESWFREDUSD/galweekly
India 10Y yieldINDIRLTLT01STMFRED%monthly
US 10Y TreasuryDGS10FRED%daily
NIFTY Infrastructure^CNXINFRAYahooindexdaily
Global X US Infrastructure Development ETFPAVEYahooUSDdaily
ENR Construction Cost IndexENR:CCIotherindexmonthly
Eurostat construction cost indexEurostat:sts_copi_qotherindexquarterly
India WPI: bitumenOEA:WPI-bitumenotherindexmonthly

Listed tickers (21)

Market context only: these prices tend to react first when a driver moves. Named for context; no affiliation.

Operators · 7

  • IRB.NS IRB Infrastructure Developers NSE · IN
  • IRBINVIT.NS IRB InvIT Fund NSE · IN
  • ASHOKA.NS Ashoka Buildcon NSE · IN
  • FER Ferrovial (Cintra) NASDAQ · EU
  • DG.PA Vinci Euronext Paris · EU
  • ACS.MC ACS (Iridium, Hochtief) BME · EU
  • TCL.AX Transurban ASX · APAC

Suppliers · 13

  • LT.NS Larsen & Toubro NSE · IN
  • GRINFRA.NS G R Infraprojects NSE · IN
  • KNRCON.NS KNR Constructions NSE · IN
  • PNCINFRA.NS PNC Infratech NSE · IN
  • HGINFRA.NS H.G. Infra Engineering NSE · IN
  • DBL.NS Dilip Buildcon NSE · IN
  • VMC Vulcan Materials NYSE · US
  • MLM Martin Marietta NYSE · US
  • GVA Granite Construction NYSE · US
  • STRL Sterling Infrastructure NASDAQ · US
  • ACM AECOM NYSE · US
  • STR.VI Strabag Wiener Börse · EU
  • SKA-B.ST Skanska Nasdaq Stockholm · EU

Proxys · 1

  • PAVE Global X US Infrastructure Development ETF Cboe BZX · US

KPIs, regions and who builds

KPIs the pack tracks

  • km awarded / constructed per year
  • % right-of-way available at appointed date
  • physical vs financial progress (%)
  • cost per lane-km
  • toll revenue per km per day
  • traffic (PCU/day) vs forecast
  • change-of-scope as % of contract
  • claims outstanding
  • accident rate per 100 mn vkm
  • pavement roughness (IRI)
  • equity IRR

Regional notes

IndiaMoRTH/NHAI dominate; models EPC (~50-60% of awards), HAM (~30-40%), BOT revival (estimate). PAIMANA Mar 2026: 1,120 projects, INR 10.35 lakh cr original, INR 10.61 lakh cr revised (+2.5%). Capibud parse: 63% of road projects delayed (median 11 months). Land, forest and utility shifting dominate the critical path; arbitration claims and contractor stress are recurring.
United StatesIIJA (Nov 2021) added USD 110bn new money for roads/bridges within USD 343bn for roads, highways, bridges and safety; FY2026 is the final authorisation year; HTF insolvency risk; state DOT design-bid-build and P3 managed lanes (Ferrovial, Transurban).
EuropeTEN-T core network due 2030 with cross-border bottlenecks; CEF co-funding; mature concession markets (France, Spain, Italy) with tariff-indexation disputes; construction cost indices via Eurostat.
Middle EastGulf giga-projects (Saudi) scaled back in 2025-26 (estimate); 2026 war disrupted regional logistics.

Who builds and operates

Named for context; no affiliation. These are public market participants drawn from the research behind the pack. They are not Capibud clients or partners.

Operators · 12

  • National Highways Authority of India (NHAI) New Delhi · INAuthority/owner; MoRTH portfolio of 1,120 central projects (INR 10.35 lakh cr original) in PAIMANA Mar 2026.
  • IRB Infrastructure / IRB InvIT Mumbai · INLargest private BOT/TOT toll operator in India.
  • Cube Highways Delhi/Abu Dhabi · INI Squared-backed toll-road platform & InvIT.
  • National Highways Infra Trust (NHAI InvIT) New Delhi · INNHAI monetisation vehicle.
  • Adani Road Transport / Ashoka Buildcon / PNC (HAM portfolios) India · INHAM developers.
  • Ferrovial / Cintra Madrid/Austin · EU407 ETR, US managed lanes (I-66, LBJ, NTE).
  • Transurban Melbourne · APACVirginia/Maryland express lanes; Toronto/Australia.
  • Vinci Highways / Vinci Autoroutes Paris · EUFrench concessions; global PPPs.
  • Abertis (Mundys/ACS) Madrid · EUEuropean and LatAm toll roads.
  • Macquarie / Brookfield road platforms Sydney / Toronto · APACIndian and US toll assets.
  • State DOTs (TxDOT, Caltrans, FDOT) US · USOwners of IIJA formula-funded programmes.
  • Autobahn GmbH / ANAS / national road agencies EU · EUTEN-T core corridor owners.

Suppliers · 11

  • Larsen & Toubro EPC · INExpressways, sea links (MTHL).
  • Dilip Buildcon / G R Infra / KNR / HG Infra / PNC EPC · INMid-cap road EPC and HAM contractors.
  • Afcons / Megha Engineering (MEIL) EPC · INTunnels and bridges (Zojila, Atal tunnel).
  • Kiewit / Granite / Sterling EPC · USUS highway contractors.
  • Strabag / Skanska / Vinci Construction / Colas EPC · EUEuropean road builders.
  • AECOM / Jacobs / WSP / Egis Services · USDesign, PMC, independent engineer.
  • Wirtgen (John Deere) / Caterpillar / Volvo CE / Ammann OEM · EUPavers, milling machines, rollers.
  • Indian Oil / HPCL / BPCL Materials · INBitumen (VG-30/40, CRMB).
  • UltraTech / Ambuja (cement), Vulcan / Martin Marietta (aggregates) Materials · INPavement and structures.
  • Kapsch TrafficCom / IHMCL (FASTag) / Conduent Software · EUTolling, ATMS; India moving to ANPR/GNSS tolling (estimate).
  • Tata Steel / JSW (rebar) Materials · INReinforcement steel.

Customers · 5

  • Freight trucking & logistics fleets commercial vehicles~60%+ of toll revenue on many NH corridors (estimate).
  • Passenger vehicle users cars & busesExpressway time savings.
  • Industrial corridors & logistics parks economic usersBharatmala logistics parks, PM Gati Shakti.
  • Ports & airports (connectivity) multimodalPort connectivity under Sagarmala; airport access roads (e.g., Noida airport corridor).
  • Governments (annuity payers) HAM/availabilityNHAI annuity obligations; US state DOTs.

Project template

Work breakdown

Share of total duration per step; steps overlap where predecessors allow, as the bars show. O / ML / P are optimistic, most-likely and pessimistic multipliers on each step's duration; the hatched tail is the pessimistic case.

IDStep & timingShareO / ML / P
R100Feasibility, traffic study & DPR / alignmentDevelop · factors: Labour10%0.9 / 1 / 1.4
R200Land acquisition (3A/3D notifications, compensation)Develop · factors: Policy25%0.9 / 1 / 2.2
R300Environmental, forest & wildlife clearancesDevelop · factors: Policy12%0.9 / 1 / 2
R400Bid, award, concession signing & financial closure (HAM/BOT)Procure · factors: Interest rates, Policy8%0.9 / 1 / 1.5
R500Detailed design & proof checkingEngineer · EPC · factors: Labour8%0.9 / 1 / 1.3
R600Utility shifting & site clearanceConstruct · EPC · factors: Policy, Electrical equipment10%0.9 / 1 / 2
R700Earthwork, embankment & subgradeConstruct · EPC · factors: Oil, Construction materials, Labour30%0.9 / 1 / 1.5
R800Structures: major/minor bridges, ROBs, flyovers, underpassesConstruct · EPC · factors: Steel, Construction materials, Labour40%0.9 / 1 / 1.6
R900Pavement: GSB, WMM, DBM/BC or PQCConstruct · EPC · factors: Oil, Construction materials30%0.9 / 1 / 1.4
R1000Drainage, protection works & road furnitureConstruct · EPC · factors: Construction materials, Steel12%0.9 / 1 / 1.3
R1100Toll plazas, ATMS/ITS & electricalConstruct · OEM · factors: Electrical equipment, Copper8%0.9 / 1 / 1.4
R1200Provisional completion, safety audit & CODCommission · factors: Policy5%0.9 / 1 / 1.6
R1300Punch-list closure & defect liability startCommission · EPC · factors: Labour6%0.9 / 1 / 1.5

Cost breakdown

Share of capex by line, with the commodity exposure of each line (the share of that line that moves with the commodity).

  • Pavement (bituminous / concrete)26%
    Construction
    • Construction materials 50%
    • Oil 40%
  • Structures (bridges, ROBs, flyovers, underpasses)25%
    Construction
    • Construction materials 50%
    • Steel 35%
  • Earthwork & embankment18%
    Construction
    • Construction materials 40%
    • Oil 30%
  • Land acquisition & R&R12%
    Develop
    • Policy 90%
  • Drainage, protection & road furniture5%
    Construction
    • Construction materials 40%
    • Steel 30%
  • Tolling, ATMS/ITS & electrical4%
    Equipment
    • Electrical equipment 60%
    • Copper 10%
  • Escalation, contingency & IDC4%
    Indirects
    • Interest rates 60%
  • Utility shifting3%
    Construction
    • Electrical equipment 30%
    • Labour 30%
  • Design, supervision & independent engineer3%
    Engineering
    • Labour 60%

Financial template

Revenue model

EPC: milestone payments from authority. HAM: 40% construction support + 15-year semi-annual annuities with interest and O&M payments. BOT/TOT: toll revenue (WPI-indexed) over 15-30-year concessions; InvIT distributions.

Margin driver

Equity IRR (HAM/BOT)

Ramp-up

1 year to steady state

How Capibud uses this pack

A pack is a starting position, not a forecast. When a roads & highways decision opens in Capibud, pack v1.0.0 is copied in and pinned to that decision. The 13 parameters, 11 swing factors and templates the committee saw stay attached to the decision record, even after the pack is next refreshed.

Parameter ranges and WBS durations seed the P50, P80 and P90 for capex, schedule and value. Your own estimates, vendor quotes and actuals replace pack defaults line by line, and the record shows which numbers are still defaults.

Each swing factor is wired to shared factors; here the heaviest are policy, labour, construction materials and interest rates. A move in one factor hits every exposed project in the same scenario, which is how the capital committee sees concentration across a book rather than project by project.

The 16 price feeds and 21 listed tickers feed the brain, which watches for drivers moving outside their pack range and drafts the change for a person to review.

Shared factors behind this pack's swing factors

  • Policy
  • Labour
  • Construction materials
  • Interest rates
  • Steel
  • Oil
  • Electrical equipment
Relative weight: probability × impact × driver weight, summed over swing factors.

Capex tied to a shared factor

  • Construction materials34.7%
  • Oil15.8%
  • Policy10.8%
  • Steel10.2%
  • Electrical equipment3.3%
  • Labour2.7%
  • Interest rates2.4%
Share of total capex, from the cost breakdown and its commodity exposures.

Sources

Every link opens the original source in a new tab. Values marked as estimates are informed estimates by the Capibud research team.

  1. paimana-proj.mospi.gov.inhttps://paimana-proj.mospi.gov.in/Content/ArchiveReport/flash/2025-26/FlashReport_March_2026.pdf
  2. paimana-proj.mospi.gov.inhttps://paimana-proj.mospi.gov.in/Content/ArchiveReport/quarterly/2025-26/QPISR_QR_1st_2025-26.pdf
  3. paimana-proj.mospi.gov.inhttps://paimana-proj.mospi.gov.in/
  4. arxiv.orghttps://arxiv.org/abs/2606.15757
  5. arxiv.orghttps://arxiv.org/abs/1303.6604
  6. arxiv.orghttps://arxiv.org/abs/1303.6654
  7. fred.stlouisfed.orghttps://fred.stlouisfed.org/series/TLHWYCONS
  8. fred.stlouisfed.orghttps://fred.stlouisfed.org/series/WPUSI012011
  9. fred.stlouisfed.orghttps://fred.stlouisfed.org/series/DCOILBRENTEU
  10. en.wikipedia.orghttps://en.wikipedia.org/wiki/Infrastructure_Investment_and_Jobs_Act
  11. transport.ec.europa.euhttps://transport.ec.europa.eu/transport-themes/infrastructure-and-investment/trans-european-transport-network-ten-t_en
  12. en.wikipedia.orghttps://en.wikipedia.org/wiki/Bharatmala
  13. en.wikipedia.orghttps://en.wikipedia.org/wiki/Delhi–Mumbai_Expressway
  14. en.wikipedia.orghttps://en.wikipedia.org/wiki/Highway_Trust_Fund
  15. en.wikipedia.orghttps://en.wikipedia.org/wiki/National_Highways_Authority_of_India

Cited without a link

  • Flyvbjerg, Holm & Buhl 2002 (JAPA)
  • MoSPI infrastructure monitoring (Q1 FY26)

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