evidence: Bharatmala Pariyojana: It is an umbrella program for the highways sector envisaged by the Ministry of Road Transport and Highways. Under Phase-I of Bharatmala Pariyojana, implementation of 34,800 km of national highways in 5 years (from 2017 to 2022) has been approved at an estimated outlay of Rs. National Highways Authority of India (NHAI) has mandated the development of about 27,500 km of national highways under Phase-I. However, as per ICRA Limited, Phase-I is likely to be delayed by four years due to the prevailing uncertainty due to Covid-19 and consequent impact on valuations.