Union Minister of Highways Nitin Gadkari announced to invite bids for road infrastructure projects worth Rs 2lakh crore on the build-operate-transfer (BOT) basis before the model code of conduct comes into effect ahead of the 2024 general elections. The general elections are scheduled to take place in April-May 2024. Further, the Ministry of Road Transport and Highways is also planning to replace its investor-preferred toll-operate-transfer (TOT) model with the infrastructure investment trust (InvIT) route for monetisation, Union Minister of Highways Nitin Gadkari said on Wednesday. “In the TOT model, the investors who took on projects promised us they would bring their investment, but our experience shows that they came here and took debt from Indian banks. I am also aware of the internal rate of return of some of these projects,” Gadkari said while addressing a conference of the Highway Operators Association (India). The model, alongside InvITs, has allowed several Indian and international investment funds to enter the infrastructure space by generating returns on operational roads. “The TOT model is more favourable for the concessionaire than it is for the National Highways Authority of India so we will be adopting the InvIT model more frequently,” the minister added. The government is also likely to replace the existing toll collection system, with GPS-based toll collection systems by March of next year. This is to reduce traffic congestion and charge motorists for the distance travelled on the highways.