India said it requires funds worth Rs9 lakh crore ($200bn) until 2031-32 to implement its public private partnership road projects.

The National Highways Authority of India (NHAI) said it would have to borrow Rs 20,000 crore ($4.4bn) a year for 15 years.

NHAI chairman Brijeshwar Singh said the 54 EC tax exemption bonds were the main source of funding for the government’s portion in the highways project.

The government is depending on a number of other sources such as market borrowings, FDI and additional toll revenue to finance the seven-phase NHDP programme, Singh said.

The work currently in progress will total 19,000km by March 2011.

India has set a target of constructing 20km road every day and contracts for the construction of 36,000km of roads will be completed within the next three years, according to