1. Total Expenditure

• ₹4,92,562 crore spent till 28 Feb 2025 (latest official disclosure).

• Represents ~92% utilization of original Budget Estimate (₹5.35 lakh crore).

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2. Approved Capex (Phase-I)

• Cabinet approval in 2017: ₹5.35 lakh crore for 34,800 km.

• Basis for initial fiscal planning and budget allocation.

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3. Capital Cost of Awarded Projects

• 26,425 km awarded → ₹8,53,656 crore aggregate capital outlay.

• Indicates ~59.6% cost escalation vs original BE.

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4. Planned vs Awarded Length

• Target length (Phase-I): 34,800 km.

• Awarded contracts: 26,425 km (~75.9% of target).

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5. Construction Progress

• Constructed till Mar 2025: 20,378 km.

• Constructed till July 2025: ~20,770 km.

• Completion %: ~60% complete, ~40% balance (~14,000 km).

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6. Revised Deadline

• Original deadline: 2022.

• Extended deadline: FY 2027-28.

• Reflects fiscal slippage and execution bottlenecks.

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7. Budget Overruns

• From ₹5.35 lakh crore (2017) → ₹8.53 lakh crore (2025).

• Some estimates peg total cost up to ₹13 lakh crore (~+143% inflation).

• Cost variance driven by land, raw material, and interest costs.

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8. Cost Drivers

• Land acquisition premiums (up to 25–30% of total capex).

• Commodity inflation (steel, cement).

• Delay-linked carrying costs → higher Interest During Construction (IDC).

• Scope additions (logistics parks, wayside amenities).

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9. Project Origin

• Conceived & launched in 2017 under PM Modi government.

• Executed by MoRTH / NHAI.

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10. Financing Structure

• Budgetary allocation from MoRTH.

• Central Road & Infrastructure Fund (CRIF) via fuel cess.

• IEBR (Internal & Extra-Budgetary Resources) via NHAI bonds.

• PPP models (Hybrid Annuity, BOT, TOT).

• Toll-Operate-Transfer (TOT) monetisation to recycle capital.

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11. NHAI Debt Exposure

• Outstanding debt ~₹3.35 lakh crore (mid-2024).

• Debt-servicing cost influences project phasing and bond issuance.

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12. Unit Economics

• Average capex per km (awarded projects): ~₹32.3 crore/km.

• Benchmarked against global highway construction costs.

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13. Annual Construction Pace

• FY 2024-25: ~2,967 km constructed.

• Indicates ~₹95,000–1,00,000 crore annual cash outflow requirement.

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14. Geographic Coverage

• Connects 31 States & UTs.

• Ensures pan-India capex distribution, though land acquisition burden varies by state.

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15. Facility Components

• Investment includes expressways, ring roads, bypasses, bridges, elevated corridors, tunnels.

• Capex extensions: EV charging infra, logistics hubs, wayside amenities.

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16. Logistics Park Integration

• 35 planned Multimodal Logistics Parks (MLPs).

• Estimated ₹46,000 crore capex, improving freight economics and reducing logistics cost/GDP ratio.

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17. Risk Metrics

• Key KPIs:

  • Cost overrun % (actual vs BE).

  • Debt/GDP ratio (linked to NHAI borrowings).

  • Revenue inflow via toll monetisation (TOT receipts).

  • Cost/km vs international benchmarks.

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18. Oversight & Audit

• CAG audits flagging delays, DPR quality, and cost escalations.

• Impact: tighter financial scrutiny and requirement for re-appraisals.

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19. Financial Timeline

• 2017: BE approved – ₹5.35 lakh crore for 34,800 km.

• Feb 2025: Expenditure = ₹4.92 lakh crore.

• Mar 2025: 20,378 km constructed.

• July 2025: 20,770 km constructed; awarded cost = ₹8.53 lakh crore.

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20. Global Standing

• Bharatmala capex: ~₹8.53 lakh crore (~US$97–100 bn).

• One of the largest single-country infra capex programs globally.

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21. Global Comparisons

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22. Key Investor Takeaways

• Track TOT monetisation receipts vs targets.

• Monitor NHAI’s bond issuance and debt service capacity.

• Watch Budget Estimate vs Revised Estimate (BE/RE) allocations annually.

• Completion pace directly tied to funding availability and land acquisition clearances.

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Closing Note

• As of Aug 2025, the most reliable official expenditure figure is ₹4.92 lakh crore (Feb 2025); later updates cite only awarded lengths and km constructed.

• Discrepancy exists between official budget disclosures and media projections (₹13 lakh crore total capex).

• Overall, Bharatmala remains 70–75% awarded, ~60% constructed, with deadline shifted to FY 2027-28.

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Here’s the state-wise Bharatmala Phase-I progress table (data as on 31-Oct-2024)

Source: Rajya Sabha annexure, MoRTH/NHAI (status as of 31-Oct-2024).

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Here’s the ranking of states by % completion (Constructed ÷ Awarded) for Bharatmala Phase-I (as on 31-Oct-2024):

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🏆 Top Performers (Highest % Completion)

1. Goa – 100% (26 / 26 km)

2. Rajasthan – 94.9% (2,241 / 2,360 km)

3. Odisha – 90.1% (871 / 967 km)

4. Assam – 87.7% (378 / 431 km)

5. Delhi – 87.7% (178 / 203 km)

6. Maharashtra – 84.5% (1,837 / 2,174 km)

7. Haryana – 82.2% (870 / 1,058 km)

8. West Bengal – 81.6% (314 / 385 km)

9. Tamil Nadu – 80.3% (1,185 / 1,476 km)

10. Gujarat – 77.3% (923 / 1,194 km)

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⚖️ Mid-Range States (50–75% Completion)

11. Mizoram – 76.0%

12. Nagaland – 74.5%

13. Uttar Pradesh – 74.2%

14. Telangana – 72.7%

15. Tripura – 72.3%

16. Madhya Pradesh – 69.8%

17. Meghalaya – 62.9%

18. Manipur – 62.0%

19. Karnataka – 65.1%

20. Himachal Pradesh – 67.7%

21. Kerala – 55.9%

22. Uttarakhand – 55.3%

23. Bihar – 55.3%

24. Jharkhand – 54.9%

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🚨 Laggards (Below 50% Completion)

25. Andhra Pradesh – 51.3%

26. Chhattisgarh – 46.9%

27. Jammu & Kashmir – 45.8%

28. Punjab – 38.8% (lowest)

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🔎 National Average (all states): 70.8% constructed (18,714 km of 26,425 km awarded).

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