Why India pays highway builders even when roads stay empty

Summary

The piece explains how India’s hybrid annuity model shields highway developers from traffic risk while land acquisition and funding delays still shape project execution.

Why it matters

Infrastructure policy is really about how risk gets split. If the government smooths cash flows enough, projects get built; if it doesn’t, even good assets can stall.

Founder/operator read

• In infra-adjacent businesses, payment terms can matter more than headline budgets.
• Long-cycle projects need financing discipline and patience from the start.
• Risk allocation is the real design lever in public-private work.

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