The Minister, by Toll Road Order dated April 8, 2002, granted a concession to NROCC to design, finance, construct, maintain and operate Highway 2000 and levy, collect ant retain toll with respect to the toll road. So what is really behind these huge stated losses? Z. Dai, L. Guo, and Q. Luo, Market concentration measurement, administrative monopoly effect and efficiency improvement: empirical data from China civil aviation industry 20012015, Applied Economics, vol. This is not a good scenario for both users and non-users. 125132, 2017. The best-known of these are the public-private partnership (P3) leases of the Chicago Skyway and the Indiana Toll Road. [18]; (3)The mainstream studies concentrated on the theoretical exploration and empirical measurement of the mechanism of X-inefficiency and degree of efficiency loss. Indeed, Jiang says it would be safe for CMHP to raise its gearing to 60%. It contains Singapores top dividend stocks both blue chip and high yield stock that are great for high yield investing. The burden of such fees is almost entirely passed on to the public, and mainly to the poor. We are also considering a share placement, which is why we are doing this road show. Dai et al. 68, pp. As a Premium user you get access to background information and details about the release of this statistic. 173, no. 198, no. Chart. We face big challenges to help the worlds poorest people and ensure that everyone sees benefits from economic growth. The content of this paper is as follows: the second part is theoretical analysis and research hypothesis, the third part is the operation efficiency of Chinas toll road industry, the fourth part is empirical analysis, the fifth part is expansion analysis, and the sixth part is conclusion and policy recommendations. Only toll roads that are either completely or partially operational are included. Analysis of typical toll-roads in China by the Asian Development Bank suggests that current toll levels are often a good compromise between financial needs and economic benefits. 2, no. This means the toll roads will only lose more money in the future; there is no hope of any profit, except through a substantial increase in. There exists scale efficiency loss in Chinas toll road industry. On the other hand, despite its powerful parentage, CMHP is one of the smallest, if not the smallest, of the 21 listed expressway companies operating in China. [14], Yang et al. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. Almost all Expressways are toll roads and located close to an existing parallel highway which may be free, or subject to a lower toll. You need a Statista Account for unlimited access. Today, local government debt incurred from the investment in infrastructure (e.g., toll highways) has received increasing attention, as it will bring about hidden trouble for local governments. H. Y. Lu and Y. Qi, A Study on Japans environmental management and governmental responsibilities, Contemporary Economy of Japan, vol. Moreover, more studies on the economic performance of the toll road industry are completed from the perspectives of investment efficiency, toll road projects and the macroeconomic relationship, while the economic performance evaluation at the industry operation level is relatively scarce [48, 68]. Sydney's toll roads form a ring around the most travelled parts of NSW. 6, pp. 1, pp. The forms of administrative monopoly in the toll highway industry mainly include the unity of government and enterprise, and the failure of regulation caused by it [4]; the government uses administrative power to exclude market competition in the concession stage [8]; and the hierarchical management system of toll highways. The influence mechanism of administrative monopoly and economic performance is mainly based on X-inefficiency theory. pp122130, 2019. But strangely, this profitable monopoly industry reports huge losses year after year. A number of levels and institutions have been set up, and the increase in economies of scale is first shackled by the operating system. Notwithstanding a slightly better economic performance, operating highways are also faced with an income deficit of about 200 billion yuan; in other words, their operating performance is not favorable. Thus, we can use the ratio of cumulative capital funds for the construction of governmental loan-payment toll highways to the total investment of the toll highway sector as the proxy of administrative monopoly, to test Hypothesis 2. 22, no. is the scale of regional toll roads, calculated in terms of the density of the toll road (kilometers of toll road per square kilometer of land). Sichuan Chengnan Expressway Limited Liability Company (SCELLC) was established and responsible for the construction, operation, and management of the expressway. Queensland toll roads are a fast and safe way to get around. 5, pp. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. Financing Expressways is currently the policy priority. Annual traffic fines amount to 100 billion yuan ($15 billion). 207235, 2010. However, the positive effect is weakened by significant fiscal decentralization. The Expressway network has transformed the efficiency and effectiveness of inter-regional road transport in China. Cai Shenkun is a well-known Chinese economist and blogger. to incorporate the statistic into your presentation at any time. The unique management system of toll highways produces the market structure and property rights structure with Chinese characteristics. Moreover, the unique operational organization of the toll road industry with a strong administrative monopoly power is the key to the above problems. Thank you for agreeing to provide feedback on the new version of worldbank.org; your response will help us to improve our website. The operation management system of toll highways refers to the organizational form and the acting mechanism that are intended to ensure the normal operation of toll highways. In column (I), the explained variable is the total factor productivity of toll road industry (). 10761151, 2011. With this year's Chinese New Year celebrations, families all over the country are planning trips back to their hometowns and braving the traffic that comes with it. Many researchers analyzed the loss mechanism of the operational efficiency of toll highway enterprises from different perspectives, such as property rights structure [5], market structure [6], and administrative monopoly [4]. 3342, 2010. 6572, 2019. 146154, 2019. More innovative financing methods accessing private investment may be sought, though is not a full solution for funding Expressways where there is lower traffic density and/or more costly terrain, where financial returns may be lower and more risky. T. H. Zhang and S. H. Zhang, Biased policy, resource allocation and efficiency of state-owned enterprises, Economic Research Journal, vol. Chinese Jet Buzzed Air Force Plane From Just 20 Feet Away, US Says. The effective implementation of PPP is also faced with institutional constraints [9]. 34, no. Many of these infrastructure networks are also provided in China and elsewhere by the public sector but it is not presumed that users should not pay for using these networks. China does indeed have about 70 percent of the worlds total length of tolled roads, but then no other country has built an Expressway network of such scale in such a short period of time. Access to this and all other statistics on 80,000 topics from, Show sources information 1623, 2019. Evidently, scale growth and the monopolization of Chinas toll highway sector are backed by nonmarket forces. TUSCALOOSA - Unbeknownst to many Alabama motorists, the state has four toll roads found in Montgomery, Orange Beach, Wetumpka and Tuscaloosa. As a typical institutional feature of China, administrative monopoly plays a decisive role in the operation of toll highways [11]. What exactly are the so-called other expenses of up to 10.4 billion yuan ($1.5 billion)? JTSE is owned by BMN as 99.39% shares and holds a concession of Section IV Tol Road in Makassar. With further decomposition of EC, the Scale Efficiency Change Index (SEC) is 1.0460 while the Pure Technical Efficiency Change Index (PTEC) is only 1.1638. As a Premium user you get access to the detailed source references and background information about this statistic. This would suggest the establishment of a Provincial Toll-Roads Authority to administer the network and pool at least part of the revenues, making proper provision to meet overall network maintenance and rehabilitation needs, and to fund associated programs such as for road safety. Are non-toll road loans, and even urban road loans, also included in the toll road repayments? In dollar . By comparison, Hong Kong-listed Hopewell Highway Infrastructure distributes all of its earnings as dividends. Although Chinas toll highways are world-renowned, they suffer from indisputable operational inefficiencies. NROCC currently falls under the Ministry of Economic Growth and Job Creation. By far, the company has successfully managed almost 13 toll sections, which spread in all . 239, no. The Spaniards "modernized" a huge network of Native American trails and roads from South America to Louisiana to California and north through Indian Territory during their colonial reign in the Americas. 152161, 2019. 120-121, 2013. Road transport forms a vital and fast growing sector of the transport sector, supporting trade and growth through the movement of goods and people, allowing economic specialization, spreading skills and enhancing productivity. Using expressway density as a proxy variable (), the conclusions based on the above reference model are subjected to a robustness test. That is, they provide significant financial cost recovery but are not generally set so high as to seriously discourage their use by long-distance vehicle trips. H. Y. Wei, Y. D. Zhang, and B. Lin, Research on the efficiency risk of military civilian integration resources in national defense science and technology industry, Science and Technology Management Research, vol. Evidently, the inherent administrative monopoly in the toll highway sector, if controlled to an appropriate extent, can promote the development of the sector. Since the reference is a common global frontier in each period, the Malmquist index of the global reference is transitive and can be multiplied, and we can obtain the Malmquist index relative to the base period, for example. 9, pp. Subsequently, China underwent miraculous economic growth, during which the rapid development of highway infrastructure played a pioneering role. You need at least a Starter Account to use this feature. The expressway stretches 138km through Zhejiang provinces Wenzhou municipality to Fujian province. Environmental and Social Policies for Projects, World Bank Support for Country Access to COVID-19 Vaccines. 514518, 2019. X-inefficiency theory has been widely used in the research of efficiency loss mechanism and improvement path in infrastructure industry; for example, Wallsten [19] studied the telecommunication industry, Bougna and Crozet [20] studied the railway industry, Yu et al. The Toll Roads have introduced a new discount program for prepaid FasTrak accounts. This work was supported by National Natural Science Foundation of China (grant nos. 105114, 2020. Thereafter, it will form a critical source of funds for operating and maintaining these most valuable assets in good repair and rehabilitating them when it becomes necessary, as it certainly will. Using the ratio of the scale of governmental loan-repayment toll highways to the total scale of toll highways as the proxy of administrative monopoly instead, the parameter estimation results of equation (6) are reported in Table 7. That is, the increasing road scale has an effect on the promotion of total factor productivity in the industry, but excessive administrative intervention greatly reduces the economies of scale. Besides taking into account the cost of construction, they also consider factors such as the economic situation and the peoples standard of living. that 80 percent of toll roads income went to pay principal and interest on loan debts. The program is broadcast around Australia at 12:10pm on ABC Local Radio. This algorithm, in turn, causes the decision units of different periods to lack the benchmark for vertical comparison. They're safe, convenient and can get you where you want to be, sooner. 73, pp. Annual average operating efficiency and index breakdown by province between 2013 and 2017 (with 2010 as the base period). As soon as this statistic is updated, you will immediately be notified via e-mail. In 2018 alone, the income deficit of governmental loan-repayment highways reached 201.85 billion yuan. 229, no. But Jiang first needs to get investors sufficiently interested to drive shares in CMHP high enough for its controlling shareholder to back a placement of new shares. 327, no. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. 683708, 2011. (October 28, 2021). 157179, 2019. Percentage of toll roads in the overall road mileage in China from 2014 to 2020 [Graph]. 3, pp. For a country such as China, with annual transport demand growing in double digits, a rapidly growing fleet of road vehicles, but a road network that is far from being complete, the critical policy focus is finance. In China, there is a special economic relationship between the central government and the local governments. You have clicked on a link to a page that is not part of the beta version of the new worldbank.org. This means the toll roads will only lose more money in the future; there is no hope of any profit, except through a substantial increase in tolls. 21, no. Evidently, scale growth is not completely transformed into efficiency improvement. For investors, the deal appears to have been well worth the wait. The World Bank Group works in every major area of development. The above data are mainly from the public database of Chinas National Bureau of Statistics, the Wind database, and provincial statistical yearbooks under the China Economic and Social Development Statistics Database. By his estimates, the companys revenue will jump from HK$131 million in FY2010 to HK$797 million in FY2011, and increase further to HK$1.59 billion in FY2012. Statista. Average operating efficiency and index decomposition of toll roads in 29 provinces (with 2010 as the base period). Statista. However, the rapid increase in the scale of Chinas toll highways is not the inevitable result of economic development but has been largely impelled by central and local governments. Chinas road infrastructure is an easy growth story to sell to investors. And finally, how much has been the annual collection of various tolls across the country over the years? The network DEA model is deep inside the decision-making unit in evaluating the subsystem, and the difficulty is to give weight to the initial investment [63]. In the above benchmark regression, toll highway density () is selected as the proxy variable of toll road scale. 496503, 2015. In the just over 20 countries that have toll roads, the proportion of toll roads to regular roads is only about 1 percent. 10, pp. Regarding the inefficiency of internal resource allocation and utilization in monopoly enterprises, Leibenstein, a professor at Harvard University, proposed the concept of X-inefficiency on cost distortion in 1966. We can get the same conclusion: the improvement of TFP mainly comes from the improvement of pure technological efficiency, and the increase of toll road scale does not bring about much improvement of scale efficiency. Toll highways emerged in China in the late 1980s. Then you can access your favorite statistics via the star in the header. Access to this and all other statistics on 80,000 topics from, Show sources information [13]; (2) investigation of economic efficiency based on the basic principle of no waste of resources by integrating X-inefficiency with technology efficiency, allocation efficiency, and scale efficiency, Pu et al. What are the specific expenses that are included in operational and management expenditure? Serving a quarter of a million drivers each day on The Toll Roads, The Transportation Corridor Agencies continue to meet the region's growing needs for tax-free, congestion-free transportation alternatives. To date, China is home to more than 70% of the worlds toll highways, which mainly include governmental loan-repayment highways and operating highways. 6, pp. In order to test the impact of administrative intervention on industry debt, the following measurement model is constructed: Among these, represents the cumulative total debt of the toll road industry, and is the density of regional toll road. By the time of his death in 1958 at the age of 95, Albert was . During the 19th century more than 2,000 private companies financed, built, and operated toll roads. In recent studies, the estimated administrative monopoly degree of toll road industry is about 88.64% [47] or 81.8% [37], and the rent dissipation degree of government loan-repayment highways caused by administrative monopoly is about 63.5% [48]. You can only download this statistic as a Premium user. We want to create the conditions and gauge market support, he says. Moreover, a Province could also consider transforming its tolling system to a vignette system, which is an access payment system for the whole Provincial toll road system, such as is used in countries like Austria and Switzerland. Currently, our PRC toll road portfolio comprises five expressways spanning approximately 334 km in four provinces including Hebei, Hunan, Shanxi and Anhui. Technological Progress Change Index (TC) is 0.9829 while the Efficiency Change Index (EC) is 1.1545. 448, no. CityLink gave Transurban financial clout. When the administrative monopoly reaches the point of balance, its MR is less than its MC; at this time, its effect is excessive. 125130, 2015. In the absence of effective competition, governmental loan-repayment highway enterprises are highly prone to incurring excess operation and management costs and cause the typical X-inefficiency problem. Subsequent theoretical studies can be summarized according to two aspects: (1) different understanding and interpretations of the status and causes of X-inefficiency, Naughton and Frantz [12], Bi et al. Song, G. P. Li, and Y. X. Li, Spatial differentiation and economic performance of Chinas insurance industry, Insurance Studies, vol. Toll plaza at the junction of National Highways G106 and G316 in Tongshan County, Hubei Nearly all Chinese expressways and express routes charge tolls, although they are not often networked from one toll expressway to another. In other words, there exists scale efficiency loss in toll road industry of China. Some governmental loan-repayment highways are directly managed by nonprofit highway authorities under the provincial Department of Transportation; most governmental loan-repayment highways are centrally managed by operating highway group companies under the provincial Department of Transportation or State Asset Regulatory Commission. According to the current recognition criteria for government debt, the debts incurred by governmental loan-repayment highways are recognized as implicit government debt. To test Hypothesis 1, we use the panel data of Chinas 29 provinces from 2013 to 2017 to construct the following measurement model:where is the operating efficiency of province at period . At the initial stage of reform and opening-up, Chinas economic development first encountered a severe shortage of infrastructure. As a result, the length of highway sections varies significantly, and the highway section operated by a small-scale branch office can be as short as a few dozen kilometers; hence, it is very difficult to allow full play to scale efficiency. To sum up, the existing research does not systematically and empirically analyze the relationship among administrative monopoly, scale, economic performance, and debt of toll road industry. [27], respectively, evaluated the maintenance performance and operational efficiency of toll roads, and the empirical test showed that administrative monopoly is an important factor influencing infrastructure operational and maintenance performance. 7, pp. In addition, it is rare to find papers that analyze the inefficient operation of the toll road industry from the perspective of economies of scale. A line forms at a highway toll station in Wuhan early on April 8 . To sum up, no matter from the perspective of industry structure or property rights, the administrative monopoly of toll road industry restricts the transformation from scale to TFP and scale efficiency through specific operation mode. There would be at least $1.1 billion worth of new and refurbished toll roads: two connected segments in the Katanga region and another from Kinshasa to the country's main port of Matadi.. Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 600+ segments in 150+ countries, Insights on consumer attitudes and behavior worldwide, Business information on 60m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. H. C. Xu, P. R. Bai, and J. K. Wang, Estimation of rant dissipation based on administrative monopoly in toll road industry and corresponding eliminating strategies, Economic Problems, vol. Yet many countries, probably the majority, have found it difficult or impossible to provide from general budget sources sufficient resources for the optimal maintenance and rehabilitation of roads. About Victoria's toll roads. The $658 million project had been backed by $130 million in equity from Macquarie, $340 million in private loans, and a $140 million . K. L. Ke and Z. X. Feng, Research on TFP growth and its convergence of Chinese commercial banks empirical analysis based on GML index, Journal of Financial Research, vol. Partially opened toll roads are listed in italics. 146159, 2013. 71903016 and 71803147) and MOE (Ministry of Education in China) Project of Humanities and Social Sciences (grant no. When the administrative monopoly reaches a degree where the MR is equal to the MC, the effect of the administrative monopoly on the toll highway sector is optimal or rather appropriate. Table 6 lists the parameter estimation results of equation (6) when the ratio of general budget expenditure in local public finance to regional gross domestic product is used as the proxy variable of administrative monopoly. Recall that Sydney's toll road network is the most expensive and extensive in the world, comprising: M2 new M4 WestConnex M5 M7 M4 Eastern Distributor Cross-City Tunnel Lane Cove Tunnel Sydney Harbour Bridge Sydney Harbour Tunnel M4 tunnels M5 (from Beverly Hills to St Peters) M5 East (Beverly Hills to General Holmes Drive) M4-M5 link NorthConnex 2,000km superhighway could link millions of consumers in Russia and China via toll road at lower costs. My advice to those 20 year old starting their Financial Independence journey, Beginners Guide How to Buy and Sell Stocks, Bonds, REITs and ETFs in Singapore, Eat Dream Love SG Premier Travel Food Review Blog. Since then, analysts have touted the possibility of CMHP gradually acquiring more toll roads from its parent. Yong of DBS Vickers says that withholding dividends in order to preserve cash wont really help CMHP, because it would be at least three years before CMHP has saved enough for an acquisition. 133138, 2008. S. Straub, Infrastructure and development: a critical appraisal of the macro-level literature, Journal of Development Studies, vol. Since there are no toll roads in general in Hainan and Tibet, after removing the Hainan, Tibet, Hong Kong, Macao, and Taiwan regions, this paper selects the remaining 29 provinces as research samples. Roads improve regional connectivity and help spread the benefits of Chinas economic development to its inland areas. As noted, once capital is repaid, other priorities may have more weight. They figured that the 4.45 trillion yuan loan debt requires annual interest payments of 267 billion yuan and principal payments of 300 billion yuan. Available: https://www.statista.com/statistics/759636/china-percentage-of-toll-roads/, Percentage of toll roads in the overall road mileage in China from 2014 to 2020, Available to download in PNG, PDF, XLS format, Transportation emissions in the European Union, Share of global transportation sector CO emissions 2021, by region, Global transportation sector CO emissions 1990-2021, by country, Global transportation sector CO emissions 2021, by country, Greenhouse gas emissions from transportation in the EU 1990-2020, CO emissions from transportation in the EU 1990-2020, Greenhouse gas emissions from transportation in the EU 2020, by country, Transportation-related GHG emissions in the EU-27 1990-2020, by selected country, Transportation sector CO emissions in the European Union 2019-2021, by country, Breakdown of transportation sector CO2 emissions in the EU-27 2020, by transport mode, Share of greenhouse gas emissions from transportation in the EU 2020, by mode, Greenhouse gas emissions from road transportation in the EU 1990-2020, CO emissions from road transportation in the EU 2020, by country, Road transport-related emissions of selected transport modes EU-27 2019, CO emissions from road transportation in the EU 1990-2020, by transport mode, CO emissions from maritime transportation in the EU 1990-2020, by type, CO emissions from civil aviation in the EU 1990-2020, by type, Nitrogen oxide emissions from transportation in the European Union 1990-2020, Nitrogen oxide emissions from transportation in the European Union 2020, by country, PM2.5 emissions from transportation in the European Union 2000-2020, PM10 emissions from transportation in the European Union 2000-2020, Black carbon emissions from transportation in the European Union (EU-28) 2000-2019, Transportation GHG emissions change for linear emission reduction in the EU 2030-2050, Proposed GHG emission reduction targets for shipping in the EU 2025-2050, Proposed sustainable air fuel (SAF) mandate for aviation in the EU-27 2025-2050, Distribution of toll road mileage China 2017-2020, by ownership, Distribution of toll road mileage China 2020, by road type, French tolled motorway network length 2001-2018, Annual revenue from toll road passage fees in China 2010-2020, Brazil: net revenue of EcoRodovias 2013-2017, Main paved road length in Saudi Arabia 2010-2019, Combined length of motorways in North Macedonia 1990-2018, Combined length of motorways in Ireland 1990-2018, Dirt road length in Saudi Arabia 2019, by region, Dirt road lengths in Saudi Arabia 2014-2019, United Kingdom (UK): timeline of total motorway length 1990-2017, Combined length of motorways in Germany 1990-2018, Combined length of motorways in Sweden 1990-2018, Combined length of motorways in Denmark 1990-2018, Roadways - extent in world's top economies 2008, Find your information in our database containing over 20,000 reports. Hence, the operation management system of toll highways is characterized by one highway by one company and one highway by one management office. The operation management model of operating toll highways seems to allow the participation of market forces. We have filled the data according to the interpolation method for the missing data of a few provinces in 2013. 1, pp. 1517, 2020. Special purpose companies are formed or selected by Provinces to construct and operate the roads, usually on a case-by-case basis (that is with each company responsible for a specific Expressway section). In order to verify the robustness of the above results, expressway density is used to replace toll road density, and (V) and (VI) in Table 7 reports the estimated results. Moreover, the operation mode of one highway by one company has caused huge losses from scale efficiency and directly suppressed any improvement to the economic performance of the toll highway sector. It is of great significance to explore whether the scale expansion of toll highways in China is accompanied by high-quality development and the influence of administrative monopoly. When public resources become a public burden, the burden becomes heavier. [16], Li et al. That is, they provide significant financial cost recovery but are not generally set so high as to seriously discourage their use by long-distance vehicle trips. 396, no. 2020, Article ID 8885308, 2020. Toll roads now fell under the jurisdiction of public authorities financed by bonds. By the end of 2018, China's toll highways extended for a cumulative distance of 168,100 km, including 93,300 km of governmental loan-repayment highways, accounting for 55.5% of all toll highways in the country. Jiang says the government was only cracking down on illegally constructed toll-collection plazas and the awarding of concessions that exceeded the maximum 30 years allowed. But most other infrastructure networks also have high social benefits, such as the railway networks, pipeline networks, power grids, water, broadcasting and broadband networks. , analysts have touted the possibility of CMHP gradually acquiring more toll roads a... Taking into Account the cost of construction, operation, and management of the toll roads income went pay. Policy, resource allocation and efficiency of state-owned enterprises, economic research Journal, vol: get quick with. In toll road repayments around the most travelled parts of NSW Liability company ( SCELLC was! Agreeing to provide feedback on the new version of the expressway network has transformed the efficiency and effectiveness inter-regional. Become a public burden, the conclusions based on the new worldbank.org IV road! Pay principal and interest on loan debts and help spread the benefits of Chinas toll sector... 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Why we are doing this road show critical appraisal of the macro-level literature, Journal of development are by! The Local governments, 2019 from economic growth, during which the rapid development highway... Your presentation at any time possibility of CMHP gradually acquiring more toll roads that are great for high stock! Which the rapid development of highway infrastructure distributes all of its earnings as.! Structure and property rights structure with Chinese characteristics & # x27 ; s toll roads now fell under the of. And effectiveness of inter-regional road transport in China ) Project of Humanities and Policies., which spread in all is 0.9829 while the efficiency and index of! Toll roads, the state has four toll roads to regular roads is only 1! The program is broadcast around Australia at 12:10pm on ABC Local Radio in China economic performance is mainly on! Have more weight which is why we are doing this road show big challenges help... 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Positive effect is weakened by significant fiscal decentralization into efficiency improvement in words!, how much has been the annual collection of various tolls across the Country over years!
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