New Delhi, Nov. 20 -- India's ambitious highway programme - from expressways to economic corridors - requires massive capital. But with the National Highways Authority of India's high debt load and government budget support reaching its limits, the Centre is turning to a new financial vehicle: infrastructure investment trusts (InvITs).

Over the past four years, InvITs have emerged as one of the most important tools for recycling capital, monetising completed highway assets and attracting long-term domestic and global investors. NHAI's dedicated trust - NHAI InvIT - has already raised over Rs.46,000 crore by leasing operational highways to investors for 20-30 years.

The model is transforming how highways are financed, shifting from debt-...