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सड़क क्षेत्र के लिए केंद्रीय बजट आवंटन में मामूली बढ़ोतरी

भारत के सड़क परिवहन और राजमार्ग मंत्रालय (MoRTH) के लिए वित्तीय वर्ष 2026-27 के बजट आवंटन में न्यूनतम वृद्धि होने की उम्मीद है। इस मामले से जुड़े सूत्रों का संकेत है कि यह वृद्धि केवल 1-2.5% हो सकती है, जिसका कारण पिछले वर्षों का उच्च आधार, चालू वित्तीय वर्ष में धन के उपयोग में धीमी गति और निजी तथा गैर-बजटीय वित्तपोषण विधियों की ओर रणनीतिक बदलाव है। इस मामूली वृद्धि से सड़क क्षेत्र के लिए कुल आवंटन लगभग ₹2.9 से ₹2.94 लाख करोड़ तक पहुंचने की उम्मीद है, जो मौजूदा परियोजनाओं और भविष्य की धन आवश्यकताओं को पूरा करने के लिए पर्याप्त होगा।

मुख्य समस्या

A senior government official ne bataya ki ministry budgetary support mein koi bada jump expect nahi kar rahi hai. Yeh cautious outlook 2025-26 fiscal period mein kam resource utilization aur alternative funding avenues ki badhti availability se aa raha hai. Allocation mein koi bhi increase marginal hi rahegi, jo broadly government dwara plan kiye gaye overall capital expenditure ke rise se match karegi.

वित्तीय निहितार्थ

Yeh trend major infrastructure projects ko finance karne ke tareeke mein ek lagatar evolution dikhata hai. Government private investment aur non-budgetary sources ka fayda utha rahi hai, jiska ek bada example Build-Operate-Transfer (BOT) model ka revival aur uspar focus hai. BOT framework ke under, private developers roads construct karne aur operate karne ka financial burden uthate hain, toll collection se apna investment recover karte hain aur phir assets ko government ko transfer kar dete hain. Yeh upfront budgetary support ki immediate demand ko kafi kam karta hai.

Hover, funding commitments under the Hybrid Annuity Model (HAM) continue to impose long-term fiscal obligations. The government finances approximately 40% of project costs during construction and provides annuity payments over 15-20 years, creating a steady, long-term financial commitment. This dual approach to funding presents a complex financial landscape for the road sector.

बाजार की प्रतिक्रिया

Analysts aur industry experts broadly status quo ya budget allocation mein thodi upward adjustment expect kar rahe hain. BOT model ka revival government expenditure ko optimize karne ki taraf ek positive step mana ja raha hai. Jagannarayan Padmanabhan, senior director aur global head of consulting at Crisil Intelligence, ne note kiya ki jabki budgetary allocation BOT projects ki wajah se flat ya thoda decline bhi ho sakta hai, woh sharp nahi gir sakta. Iska primary reason yeh hai ki government ko HAM projects ke under apne existing commitments ko service karna hoga. Unhone yeh bhi add kiya ki ongoing HAM projects ke liye badhti funding needs ko accommodate karne aur stalled ya delayed projects ke liye targeted interventions address karne ke liye ek marginal increase possible hai.

भविष्य का दृष्टिकोण

Despite several amendments made to concession agreements over time, aimed at improving risk-sharing and developer returns, India has not yet witnessed a significant pivot from the HAM model to the BOT model. This slow transition limits the pace at which the sector can reduce its dependence on direct budgetary support. Nonetheless, the government's focus on alternative financing mechanisms indicates a long-term strategy to sustain infrastructure development while managing fiscal constraints.

प्रभाव

Yeh scenario direct government-funded infrastructure development ki potentially slower pace ko lead kar sakta hai. Government contracts par heavily depend companies ko private funding aur project execution ke liye increased competition ko adapt karna pad sakta hai. Infrastructure growth par overall impact private financing models ki successful implementation aur scaling par nirbhar karta hai. BOT aur HAM par reliance national development ke liye public-private partnerships mein ek broader trend ko signify karta hai.

Impact rating: 6/10

Difficult Terms Explained

• Build-Operate-Transfer (BOT): Ek project delivery method jismein ek private entity ek specified period ke liye infrastructure ko finance, build, aur operate karti hai, phir use government ko transfer kar deti hai. Yeh model upfront government spending ko kam karta hai.
• Hybrid Annuity Model (HAM): Ek hybrid funding approach jismein government project cost ka ek portion upfront pay karti hai, aur baki ka payment samay ke saath annuities ke through kiya jata hai, jo aksar project ke performance aur toll revenue se linked hote hain.