NHAI Faces 2.39 Lakh Crore Rupees Debt; Expected to Be Cleared Only by 2050

New Delhi: As of November 30, 2025, the National Highways Authority of India (NHAI) has accumulated a total debt of 2,39,818 crore rupees. These figures were revealed by Union Minister for Road Transport and Highways, Nitin Gadkari, in response to a query by MP V. Shivadasan in Parliament. Over the past five years, NHAI has borrowed 65,080 crore rupees in 2020–21 and 65,149 crore in 2021–22, with borrowing continuing through 2022–23. The authority now faces a significant repayment burden, with the current loans expected to be cleared only by 2050.

Along with domestic loans, NHAI has also raised funds through foreign borrowing. In May 2017, it raised 3,000 crore rupees via Masala Bonds, which were listed on the Singapore and London stock exchanges. While the central government permitted NHAI to raise funds from international markets, state governments raising loans in a similar manner are being scrutinized.

The central government categorizes NHAI's borrowings as "off-budget borrowings," meaning these loans are not reflected in the main financial budget. In contrast, when state governments attempt to raise loans for welfare and infrastructure projects, the Union government imposes stringent limits on such borrowings.

V. Shivadasan, MP, has criticized the central government for allowing NHAI to take large off-budget loans while preventing state governments from utilizing similar borrowing mechanisms, such as the Kerala Infrastructure Investment Fund Board (KIIFB).

Shivadasan has called on the central government to end these discriminatory practices, grant states their rightful borrowing powers, and ensure equitable financial fairness between the central and state governments.