Five billion-dollar man

Compared to just a year ago when the National Highways Authority of India (NHAI) couldn’t seem to award too many road contracts and looked like it was going bust with the viability gap funding (VGF) rising dramatically, it is today awarding 20 km a day and is actually getting bids where contractors are willing to pay it (negative VGFs!) in order to build roads and collect toll for 20-30 years.

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