The normally voluble minister for road transport and highways, Nitin Gadkari, has been giving cryptic answers this month in Parliament, on only one topic. It is about the financial health of National Highways Authority of India (NHAI). It is a Rs 3.38 trillion question.

       The outstanding debt of India’s road builder has reached this amount as of November 2021. Among all government-owned or parastatal bodies, this is the largest debt overhang, a good Rs one trillion more than the next one, which is of Food Corporation of India (FCI). It has created a challenge for the finance ...