The National Highways Authority of India (NHAI) continues to accumulate debt at a fast clip. The highway agency’s debt reached a new high of Rs 3.17 trillion at the end of FY21, up 27 per cent from Rs 2.49 trillion at the end of March 2020.

       In comparison, the highway toll revenues are estimated to have declined by 4 per cent last financial year to around Rs 26,000 crore, according to an analysis by ICRA Ratings. As a result, the gap between the NHAI’s financial liabilities and its internal accruals or toll revenues from highways grew to an all-time high of 12.3X in ...