ICRA pruned its forecast of road awards by the Ministry of Road Transport and Highways (MoRTH) in FY2024 to 7,000-7,500 km, a YoY decline of 40-43 per cent (from its earlier estimate of 9,000-9,500 km. In 7M FY2024, road awards stood at 2,595 km, 48 per cent lower than 5,007 km awarded in 7M FY2023. If the model code of conduct for the General Elections comes into effect in Q4 FY2024, the awarding activity may get further curtailed as the month of March itself typically accounts for 40-45 per cent of awards in a year. Nonetheless, ICRA highlighted that road execution may increase by 16-21 per cent to 12,000-12,500 km in FY2024 due to healthy awards in the last few years, increased capital outlay by the Government and focus on completion of projects.Contact: ICRAWebsite: www.icra.in