Development of Techno-economic Evaluation Methodology for Proposed BoT based Highway Railway-Over-Bridge Project
Prof.(Dr.) R.K. Khitoliya, Former Professor & Head, Dr. Pardeep Kumar Gupta, Assistant Professor, Ashish Sharma, M.E. Student (Ex), Civil Engineering Department, Punjab Engineering College, Chandigarh.
Introduction
Infrastructure development including highways, bridges, power stations, dams, etc., which was the sole monopoly of the government, has now been opened to private sector participation because of the huge requirements of funds which are beyond the reach of government. A very large gap exists between the budgetary allocation of financial resources and actual requirements of funds for development and maintenance of infrastructure system in India. While traffic on highways has been growing at a rapid pace, it has not been possible for the government to provide matching funds due to competing demand from other priority sectors. The shrinking funds in the public sector have necessitated the need for attracting private funds. Since infrastructure is the most important element of any development strategy for accelerating the economic growth of a country, private financing of infrastructure has to be encouraged in a large way. The adequacy of infrastructure will help in achieving the country's success in expanding trade, reducing poverty, improving environment and creating wealth and prosperity. Toll based financing and commercialization of highways and bridges through BOT and BOOT formats have acquired significance. The importance of a sound road network for the economic growth of any nation has been realized. Ambitious plans for phased development of National Highways and Expressways have been drawn up for India. To achieve goals within the required time frame, this infrastructure sector has been opened to private sector investment. The experience, generally, is available for small sections like providing a by-pass, a bridge etc. where investments are recouped through collection of toll charges.
