{"id":15650,"date":"2026-08-19T10:32:00","date_gmt":"2026-08-19T05:02:00","guid":{"rendered":"https:\/\/goldenpi.com\/blog\/?p=15650"},"modified":"2026-08-18T15:40:29","modified_gmt":"2026-08-18T10:10:29","slug":"how-nhai-funds-bharatmala-bonds-budget-support-asset-monetisation","status":"publish","type":"post","link":"https:\/\/goldenpi.com\/blog\/bond-news\/how-nhai-funds-bharatmala-bonds-budget-support-asset-monetisation\/","title":{"rendered":"How NHAI Funds Bharatmala: Bonds, Budget Support &#038; Asset Monetisation"},"content":{"rendered":"<div class=\"gpi-custom-widget-box\" style=\"border-left-color: #0066cc; background-color: #f0f7ff;\">\n<div class=\"gpi-custom-widget-title\" style=\"color: #0066cc;\">\ud83d\udcdd Quick Summary:<\/div>\n<h2 class=\"gpi-custom-widget-h2-content\"><span class=\"ez-toc-section\" id=\"From_a_peak_debt_of_%E2%82%B935_lakh_crore_to_a_leaner_balance_sheet_today_NHAIs_financing_story_is_one_of_Indias_more_interesting_public-finance_turnarounds_This_piece_breaks_down_how_India_funds_Bharatmalas_highways%E2%80%94cess_borrowings_monetization_and_HAM%E2%80%94with_the_latest_2026_numbers\"><\/span><strong>From a peak debt of \u20b93.5 lakh crore to a leaner balance sheet today, NHAI&#8217;s financing story is one of India&#8217;s more interesting public-finance turnarounds. This piece breaks down how India funds Bharatmala&#8217;s highways\u2014cess, borrowings, monetization, and HAM\u2014with the latest 2026 numbers.\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/div>\n\n\n<p>Most discussions around Bharatmala Pariyojana revolve around kilometers built: 22,590 km <sup>[1]<\/sup> of the proposed 34,800 km have been completed so far. However, what attracts far less interest is how the National Highways Authority of India manages to fund this and how it has affected its accounts. <\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/how-nhai-funds-bharatmala-bonds-budget-support-asset-monetisation\/#From_a_peak_debt_of_%E2%82%B935_lakh_crore_to_a_leaner_balance_sheet_today_NHAIs_financing_story_is_one_of_Indias_more_interesting_public-finance_turnarounds_This_piece_breaks_down_how_India_funds_Bharatmalas_highways%E2%80%94cess_borrowings_monetization_and_HAM%E2%80%94with_the_latest_2026_numbers\" >From a peak debt of \u20b93.5 lakh crore to a leaner balance sheet today, NHAI&#8217;s financing story is one of India&#8217;s more interesting public-finance turnarounds. This piece breaks down how India funds Bharatmala&#8217;s highways\u2014cess, borrowings, monetization, and HAM\u2014with the latest 2026 numbers.\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/how-nhai-funds-bharatmala-bonds-budget-support-asset-monetisation\/#NHAIs_Debt_Turnaround_From_%E2%82%B935_Lakh_Crore_to_Under_%E2%82%B92_Lakh_Crore\" >NHAI&#8217;s Debt Turnaround: From \u20b93.5 Lakh Crore to Under \u20b92 Lakh Crore&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/how-nhai-funds-bharatmala-bonds-budget-support-asset-monetisation\/#Where_Does_Bharatmalas_Money_Come_From\" >Where Does Bharatmala&#8217;s Money Come From?&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/how-nhai-funds-bharatmala-bonds-budget-support-asset-monetisation\/#NHAIs_Two_Monetisation_Routes_TOT_and_Its_Own_InvIT_NHIT\" >NHAI&#8217;s Two Monetisation Routes: TOT and Its Own InvIT (NHIT)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/how-nhai-funds-bharatmala-bonds-budget-support-asset-monetisation\/#HAM_The_Private_Capital_Running_Alongside_NHAIs_Debt\" >HAM: The Private Capital Running Alongside NHAI&#8217;s Debt&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/how-nhai-funds-bharatmala-bonds-budget-support-asset-monetisation\/#What_NHAIs_Financing_Shift_Means_for_Indias_Infrastructure\" >What NHAI&#8217;s Financing Shift Means for India&#8217;s Infrastructure&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/how-nhai-funds-bharatmala-bonds-budget-support-asset-monetisation\/#Conclusion_NHAIs_Financing_Playbook_Going_Forward\" >Conclusion: NHAI&#8217;s Financing Playbook Going Forward&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/how-nhai-funds-bharatmala-bonds-budget-support-asset-monetisation\/#NHAI_Funds_Bharatmala_Frequently_Asked_Questions\" >NHAI Funds Bharatmala Frequently Asked Questions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/how-nhai-funds-bharatmala-bonds-budget-support-asset-monetisation\/#Sources\" >Sources<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/how-nhai-funds-bharatmala-bonds-budget-support-asset-monetisation\/#Disclaimer\" >Disclaimer<\/a><\/li><\/ul><\/nav><\/div>\n\n\n\n\n<p>NHAI is not only a construction agency; for almost a decade, it has managed its balance sheet like a leveraged infrastructure company; it borrows heavily to fund its construction activities, then generates revenue through toll collections and asset sales to service its debts. Knowing this is essential to understanding how India&#8217;s highway network is funded, as opposed to just knowing how many kilometers are inaugurated every year. This article breaks down NHAI&#8217;s funding sources, including the cess that flows in automatically, the debt that it took and is now repaying, and the <a href=\"https:\/\/goldenpi.com\/blog\/guide\/how-infrastructure-bonds-and-invit-linked-debt-work-in-india\/\" type=\"post\" id=\"15200\">InvIT structure<\/a> that it uses to recycle capital, using the latest available data.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"NHAIs_Debt_Turnaround_From_%E2%82%B935_Lakh_Crore_to_Under_%E2%82%B92_Lakh_Crore\"><\/span><strong>NHAI&#8217;s Debt Turnaround: From \u20b93.5 Lakh Crore to Under \u20b92 Lakh Crore&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>For many years, NHAI&#8217;s borrowing levels rose to meet the pace of construction for Bharatmala. By November 2021, its outstanding debt stood at \u20b93.38 lakh crore, which peaked to an all-time high of \u20b93.5 lakh crore for the year 2021-22. However, the trend was broken as rapidly as it started, as the debt fell to \u20b92.76 lakh crore at the end of FY25 and even further to \u20b92.35 lakh crore by December 25, 2025. By April 2026, NHAI&#8217;s outstanding debt had fallen below \u20b92 lakh crore for the first time in years, reaching \u20b91.96 lakh crore <sup>[2]<\/sup> as of April 17. <\/p>\n\n\n\n<p>The deleveraging followed substantial loan prepayments, including \u20b986,000 crore of liabilities prepaid earlier, of which \u20b950,000 crore comprised loans from the National Small Savings Fund (NSSF). The Government of India has not permitted NHAI to raise funds since FY 2023-24, which is why debt reduction started. The Ministry of Road Transport and Highways&#8217; budgetary allocation rose from about \u20b931,130 crore in 2013\u201314 to \u20b93 lakh crore in 2024\u201325. Within this, the National Highways Authority of India (NHAI) received \u20b9170,266 crore in the 2025\u201326 revised estimate, with its allocation rising to \u20b9187,293 crore in Budget 2026\u201327 <sup>[3]<\/sup>.\u00a0\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Latest Bond Updates: <\/h3>\n\n\n<ul class=\"wp-block-latest-posts__list is-grid columns-3 wp-block-latest-posts\"><li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/jal-jeevan-mission-esg-debt-how-india-is-financing-water\/\" aria-label=\"Jal Jeevan Mission &amp; ESG Debt: How India Is Financing Water\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/18174418\/Jal-Jeevan-Mission-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"Jal Jeevan Mission\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/18174418\/Jal-Jeevan-Mission-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/18174418\/Jal-Jeevan-Mission-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/18174418\/Jal-Jeevan-Mission-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/18174418\/Jal-Jeevan-Mission-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/18174418\/Jal-Jeevan-Mission.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/jal-jeevan-mission-esg-debt-how-india-is-financing-water\/\">Jal Jeevan Mission &amp; ESG Debt: How India Is Financing Water<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/indias-green-hydrogen-mission-can-green-bonds-fund-the-transition\/\" aria-label=\"India&#8217;s Green Hydrogen Mission: Can Green Bonds Fund the Transition?\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/19153111\/India-Green-Hydrogen-Mission-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"India Green Hydrogen Mission\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/19153111\/India-Green-Hydrogen-Mission-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/19153111\/India-Green-Hydrogen-Mission-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/19153111\/India-Green-Hydrogen-Mission-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/19153111\/India-Green-Hydrogen-Mission-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/19153111\/India-Green-Hydrogen-Mission.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/indias-green-hydrogen-mission-can-green-bonds-fund-the-transition\/\">India&#8217;s Green Hydrogen Mission: Can Green Bonds Fund the Transition?<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/sovereign-gold-bond\/sgb-capital-gains-tax-after-budget-2026-why-secondary-market-buyers-now-pay\/\" aria-label=\"SGB Capital Gains Tax After Budget 2026: Why Secondary Market Buyers Now Pay\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/18145839\/SGB-Capital-Gains-Tax-After-Budget-2026-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"SGB Capital Gains Tax After Budget 2026\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/18145839\/SGB-Capital-Gains-Tax-After-Budget-2026-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/18145839\/SGB-Capital-Gains-Tax-After-Budget-2026-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/18145839\/SGB-Capital-Gains-Tax-After-Budget-2026-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/18145839\/SGB-Capital-Gains-Tax-After-Budget-2026-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/08\/18145839\/SGB-Capital-Gains-Tax-After-Budget-2026.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/sovereign-gold-bond\/sgb-capital-gains-tax-after-budget-2026-why-secondary-market-buyers-now-pay\/\">SGB Capital Gains Tax After Budget 2026: Why Secondary Market Buyers Now Pay<\/a><\/li>\n<\/ul>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Where_Does_Bharatmalas_Money_Come_From\"><\/span><strong>Where Does Bharatmala&#8217;s Money Come From?&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Flexible financing characterizes Bharatmala, which combines many funding sources, each with distinct features:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Central Road and Infrastructure Fund (CRIF) cess:<\/strong> A fixed levy imposed on each liter of petrol and diesel sold in the country; automatically goes into road-building funds.<\/li>\n\n\n\n<li><strong>Toll revenues:<\/strong> Funds from operational highways used to service the debt and maintenance.<\/li>\n\n\n\n<li><strong>Budgetary support:<\/strong> Direct Union Budget allocations, NHAI\u2019s primary funding source since the start of FY23.<\/li>\n\n\n\n<li><strong>Market borrowings:<\/strong> Bonds and loans issued by NHAI, though market borrowings by NHAI have mostly come to a halt since 2022-23.<\/li>\n\n\n\n<li><strong>Multilateral funding:<\/strong> Funding from institutions like the World Bank, JICA, ADB, etc. These institutions have created more than 2540 km of highways through externally aided projects.<\/li>\n\n\n\n<li><strong>Asset monetization (TOT and InvIT):<\/strong> Selling operating rights on completed highways to private investors, discussed in detail below.<\/li>\n\n\n\n<li><strong>Private sector investment via HAM:<\/strong> Developer-funded construction under the Hybrid Annuity Model.<\/li>\n<\/ul>\n\n\n\n<p>The Ministry of Road Transport and Highways manages these flows through specific funds such as the Central Road and Infrastructure Fund, the Monetization of National Highways Fund, the National Investment Fund, and the Permanent Bridge Fees Fund, which are financed by the cess, tolls, monetization, and disinvestment receipts (money raised by the government by selling its stakes in PSUs).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"NHAIs_Two_Monetisation_Routes_TOT_and_Its_Own_InvIT_NHIT\"><\/span><strong>NHAI&#8217;s Two Monetisation Routes: TOT and Its Own InvIT (NHIT)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>NHAI utilizes two separate methods to recycle capital from completed highways, which should not be confused. The first of these methods is the Toll-Operate-Transfer (TOT) model, where NHAI sells the operating rights of a bundle of highway sections to a private entity for a one-time payment. The second is NHAI\u2019s InvIT, National Highways Infra Trust (NHIT), which buys operating road assets, and NHAI receives a lump sum while distributing toll income to the unit holders over time.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>NHAI-wide monetization (TOT + NHIT combined):<\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"pcrstb-wrap\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Metric<\/strong><\/td><td><strong>Figure<\/strong><\/td><\/tr><tr><td>Total monetisation via TOT + InvIT, up to FY25<\/td><td>\u20b992,633 crore<\/td><\/tr><tr><td>TOT&#8217;s share of FY19\u2013FY25 monetisation<\/td><td>53%<\/td><\/tr><tr><td>FY25 monetisation<\/td><td>\u20b924,399 crore<\/td><\/tr><tr><td>FY26 budgeted target<\/td><td>\u20b930,000 crore<\/td><\/tr><tr><td>FY26 monetisation achieved by 30 March 2026<\/td><td>\u20b928,307 crore<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n<p><em>Sources: PIB, ICRA<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>NHIT specifically:<\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"pcrstb-wrap\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Metric<\/strong><\/td><td><strong>Figure<\/strong><\/td><\/tr><tr><td>NHIT established \/ registered as InvIT<\/td><td>19 Oct 2020 \/ 28 Oct 2020<\/td><\/tr><tr><td>Total raised across four rounds<\/td><td>\u20b946,450 crore<\/td><\/tr><tr><td>Unit capital raised<\/td><td>\u20b923,051 crore<\/td><\/tr><tr><td>Record single round \u2014 Round 4 (March 2025)<\/td><td>\u20b918,380 crore<\/td><\/tr><tr><td>Portfolio after Round 4<\/td><td>2,345 km \/ 26 operating toll roads \/ 12 states<\/td><\/tr><tr><td>Concession periods<\/td><td>20\u201330 years<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n<p><em>Sources: PIB, CARE Ratings<\/em><\/p>\n\n\n\n<p>The fourth round of NHIT raised \u20b98,340 crores in unit capital and \u20b910,040 crores in debt, bringing the cumulative realized value of the four rounds to over \u20b946,000 crores, with the Employees\u2019 Provident Fund Organisation (EPFO) making its first InvIT investment of \u20b92,035 crores in this round <sup>[4]<\/sup>. Notably, the funds raised through the InvIT route are used exclusively to service debt, meaning NHIT isn&#8217;t funding new construction directly; it&#8217;s a mechanism to convert completed highways back into cash that pays down NHAI&#8217;s borrowings.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"HAM_The_Private_Capital_Running_Alongside_NHAIs_Debt\"><\/span><strong>HAM: The Private Capital Running Alongside NHAI&#8217;s Debt&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A meaningful share of Bharatmala&#8217;s construction doesn&#8217;t touch NHAI&#8217;s balance sheet directly at all. It runs through the Hybrid Annuity Model (HAM). Under HAM, the government contributes 40% of the project cost during construction, while the private developer finances the remaining 60% through a mix of equity and bank debt, later recovered via fixed annuity payments from NHAI over the operations period, paid to the concessionaire (the private company that built and now operates the highway under the concession agreement). <\/p>\n\n\n\n<p>This shifts traffic and revenue risk fully onto the government, because the concessionaire is paid regardless of how many vehicles actually use the highway, while construction risk stays with the private developer, easing pressure on NHAI&#8217;s own borrowing needs during the build phase.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_NHAIs_Financing_Shift_Means_for_Indias_Infrastructure\"><\/span><strong>What NHAI&#8217;s Financing Shift Means for India&#8217;s Infrastructure&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>NHAI&#8217;s pivot from heavier reliance on budgetary support and monetization to being lighter on fresh market debt marks a real change in how Bharatmala gets financed going forward. It reduces NHAI&#8217;s own leverage risk, but it also means the &#8220;cost&#8221; of highway building is now more visible in the Union Budget&#8217;s numbers rather than put away as an off-balance-sheet liability. For anyone tracking India&#8217;s public finances or NHAI-linked bonds, this shift from debt-funded to monetization-and-budget-funded construction is the story to watch over the next few years.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion_NHAIs_Financing_Playbook_Going_Forward\"><\/span><strong>Conclusion: NHAI&#8217;s Financing Playbook Going Forward&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>NHAI&#8217;s story over the past few years isn&#8217;t really about how many kilometres get built; it&#8217;s about how the bill gets paid. The authority has moved from an aggressive, debt-fueled construction model to one leaning more on budgetary support, cess collections, and monetization through TOT and its own InvIT. <\/p>\n\n\n\n<p>That&#8217;s made NHAI&#8217;s balance sheet noticeably healthier, but it&#8217;s also shifted the financing burden more visibly onto the Union Budget itself. As Bharatmala Phase-I nears completion and future phases take shape, this balance-sheet discipline may be the more telling indicator of whether India&#8217;s highway-building model is actually sustainable.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"NHAI_Funds_Bharatmala_Frequently_Asked_Questions\"><\/span><strong>NHAI Funds Bharatmala Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1787046151200\"><strong class=\"schema-faq-question\">Q1. <strong>How is Bharatmala Pariyojana funded?<\/strong><\/strong> <p class=\"schema-faq-answer\">Bharatmala Phase-I was designed to be funded through a mix of Central Road and Infrastructure Fund (CRIF) cess, budgetary support, toll revenues, highway monetization, NHAI borrowings, and private-sector investment.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1787046172179\"><strong class=\"schema-faq-question\">Q2. <strong>How does NHAI repay its debt?<\/strong><\/strong> <p class=\"schema-faq-answer\">NHAI services its debt through sources including toll revenues, asset monetization, and government-supported funding flows.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1787046185352\"><strong class=\"schema-faq-question\">Q3. <strong>How much debt does NHAI currently have?<\/strong><\/strong> <p class=\"schema-faq-answer\">As of April 2026, NHAI&#8217;s outstanding debt stood at around \u20b91.96 lakh crore, down from a peak of roughly \u20b93.5 lakh crore in 2021-22.\u00a0<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1787046198468\"><strong class=\"schema-faq-question\">Q4. <strong>What is NHIT, and how is it different from TOT?<\/strong><\/strong> <p class=\"schema-faq-answer\">National Highways Infra Trust is NHAI&#8217;s own SEBI-registered InvIT; TOT is a separate route where NHAI sells operating rights directly to a private investor. Both are monetization tools, but they work through different structures.\u00a0<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1787046216575\"><strong class=\"schema-faq-question\">Q5. <strong>What is the CRIF cess, and how does it fund highways?<\/strong><\/strong> <p class=\"schema-faq-answer\">The Central Road and Infrastructure Fund is supported by a cess on petrol and diesel. A portion allocated to the highway sector is transferred to support infrastructure development, including NHAI&#8217;s activities.<\/p> <\/div> <\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Sources\"><\/span><strong>Sources<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n<li><a rel=\"nofollow\" href=\"https:\/\/www.pib.gov.in\/PressReleasePage.aspx?PRID=2272639&amp;lang=1&amp;reg=48&amp;\">https:\/\/www.pib.gov.in\/PressReleasePage.aspx?PRID=2272639&amp;lang=1&amp;reg=48&amp;<\/a>\u00a0<\/li>\n\n\n\n<li><a rel=\"nofollow\" href=\"https:\/\/www.financialexpress.com\/business\/infrastructure-nhai-debt-falls-belownbsprs-2-lakh-crore-4220070\/\">https:\/\/www.financialexpress.com\/business\/infrastructure-nhai-debt-falls-belownbsprs-2-lakh-crore-4220070\/<\/a>\u00a0<\/li>\n\n\n\n<li><a rel=\"nofollow\" href=\"https:\/\/www.indiabudget.gov.in\/doc\/Budget_at_Glance\/budget_at_a_glance.pdf\">https:\/\/www.indiabudget.gov.in\/doc\/Budget_at_Glance\/budget_at_a_glance.pdf<\/a>\u00a0<\/li>\n\n\n\n<li><a rel=\"nofollow\" href=\"https:\/\/www.pib.gov.in\/PressReleaseIframePage.aspx\/pib.gov.in\/Pressreleaseshare.aspx?PRID=2115309&amp;lang=2&amp;reg=48&amp;\">https:\/\/www.pib.gov.in\/PressReleaseIframePage.aspx\/pib.gov.in\/Pressreleaseshare.aspx?PRID=2115309&amp;lang=2&amp;reg=48&amp;<\/a><\/li>\n<\/ol>\n\n\n<div class=\"gpi-custom-widget-box\" style=\"border-left-color: #0066cc; background-color: #f0f7ff;\">\n<div class=\"gpi-custom-widget-title\" style=\"color: #0066cc;\">Ready to Invest?<\/div>\n<div class=\"gpi-custom-widget-content\">\n<p>Visit <a href=\"https:\/\/goldenpi.com\/\">GoldenPi<\/a> to explore current bond options. Compare yields, ratings, and tenures in one place and invest online with as little as \u20b930,000.<\/p>\n<\/div>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Disclaimer\"><\/span>Disclaimer<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Fixed returns do not constitute guaranteed or assured returns. Investments in corporate debt securities and municipal debt securities\/securitized debt instruments are subject to credit risks, market risks, and default risks, including delay and\/or default in payment. Read all the offer-related documents carefully. This blog\/article should not be construed as financial advice or as an offer or recommendation to buy or sell any security or any products\/services of\/on GoldenPi or any product\/services of its third-party client(s). For a detailed calculation of YTM, visit our website.&nbsp;<a href=\"https:\/\/delivery.goldenpi.com\/XPRBSN?id=162365=ch0GCFVXBVBUH1QDUlZXUlgBVgNSUwJVWgQGDFJQAVsEUwRfBldSBFVUAglRBFJSAA0ZBgxfQFBbERxBFSNTV10FU1cTDBgFDg5OAFIKVVFQBlZTVwQBBgFSAg0aC0BMQRIMFkwBUwoIFVdDHBwCCw1QAAsTWBpSVwgebDYxdmt\/Xl9dHxMF&amp;fl=WRVCSRBfGUkETltfVwNLAxVbCQwNWhpYVkpFGwMOBRcEWQMNUEoHSQJaV1BQAQQHTAZXA1IcAAMOBBxWB1IMFQUEVQxXXAEFBVQEUkpTVlMCUFEHU1JVAwhUAFECAQZaVFEADVAAVQBXVFRUUw==\" target=\"_blank\" rel=\"noreferrer noopener\">T&amp;C\u2019s Apply<\/a>.<\/p>\n\n\n\n<script type=\"application\/ld+json\">\n[\n  {\n    \"@context\": \"https:\/\/schema.org\",\n    \"@type\": \"NewsArticle\",\n    \"@id\": \"https:\/\/goldenpi.com\/blog\/bond-news\/how-nhai-funds-bharatmala-bonds-budget-support-asset-monetisation\/#article\",\n    \"isPartOf\": {\n      \"@id\": \"https:\/\/goldenpi.com\/blog\/bond-news\/how-nhai-funds-bharatmala-bonds-budget-support-asset-monetisation\/\"\n    },\n    \"headline\": \"How NHAI Funds Bharatmala: Bonds, Budget Support & Asset Monetisation\",\n    \"description\": \"How is Bharatmala actually funded? 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