There is newfound enthusiasm and resolve in the highways ministry, and so it is quite likely that India may not only meet but even exceed its set targets.

The Indian highways sector wit- nessed a lot of development over the year 2009—ranging from limited to no bids for projects and significant regulatory uncertainties at the start of the year to a very positive and almost euphoric industry mood at the end of the year. The overall journey through the year can be divided into three clear phases.

Year 2009 began with the global economic slowdown affecting the fund raising ability and growth prospects of most players. Capital markets were trading at all-time lows and other alternate sources of funding were also dear.

The slowdown also affected the traffic on most project stretches and exacerbated the cash crunch for developers. Coupled with the existing operational issues like land acquisition and rampant changes in project scope, the bidders were becoming wary of bidding for new projects. Further, the regulatory environment and the impending elections added to the uncertainty.

The Analyst Magazine, Indian Highways, Land Acquisitions, Capital Markets, Foreign Players, Highways Sectors, Regulatory Frameworks, Incremental Projects, Mega Road Projects, West Bengal Projects, Private Equity Investors.