Signals mixed on Recovery Road

Photo: For representational purpose

The COVID-19 pandemic-induced lockdowns had virtually halted movement of people and goods in April and May, but curbs are being lifted slowly and the economy is beginning to hum.

Consider the latest three indicators – on toll collection, road construction, and capital outlay:

Electronic toll collection in June has rebounded to March levels and touched 75 per cent of February levels. For an idea of how hard the pandemic had slammed the brakes, toll collection had dropped off the cliff from 11 crore vehicles paying in February 2020 to just 1 crore in April.

Construction across national highways is picking up, too. It rebounded to 637 km in May from just 210 km in April. But key construction months were lost in the lockdown and labour migration continues to pinch. Normalcy might return only after the monsoon. Overall, we are bracing for a 10-13 per cent decline in highway construction on-year this fiscal, according to CRISIL Research.

Meanwhile, the Ministry of Road Transport and Highways (MoRTH) spent Rs 18,700 crore in April-May, a 46x jump from Rs 400 crore in the same period last fiscal. While this was mainly because milestone payments were made and to ease the cash flows of developers, it will have a trade-off – constrained future spending by MoRTH.

Project awarding, too, spurted 3x in April-May on-year. But that was because of a backlog of already bid-out projects that were awaiting award following the lockdown. 

Net-net, while toll collection signal looks good, spending on roads may take a backseat given that priority in the rest of this fiscal will be on healthcare and social welfare spending. That would keep project awarding and recovery on a moderate path.

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..