Public–Private Partnership (PPP) models have become instrumental in advancing infrastructure projects, especially in the highway sector. However, the success of such projects depends on a range of Critical Success Factors (CSFs). This study investigates the most influential CSFs for PPP highway projects in India using a combination of literature review and stakeholder analysis. Factors such as policy stability, legal frameworks, financial risk management, and social responsibility emerged as pivotal. The study utilizes the Relative Importance Index (RII) to rank these factors based on a structured questionnaire administered to key stakeholders. Additionally, the paper addresses gaps identified by reviewers, including Value for Money (VfM) assessments, documentation of stakeholder responsibilities, and cost overrun management. The outcomes aim to inform policymakers and practitioners to enhance the delivery and sustainability of PPP highway projects in India.