458 infra projects affected by cost overrun of Rs 5.71 Tn
According to an official assessment, in May of this year, there were 458 infrastructure projects with an investment of at least Rs 1.50 billion that had cost overruns of more than Rs 5.71 trillion. 458 out of 1,817 projects reported cost overruns, while 831 projects were delayed, according to the Ministry of Statistics and Programme Implementation (MoSPI), which keeps an eye on infrastructure projects of Rs 1.50 billion and above. 1,817 projects were initially estimated to have cost Rs 27 trillion in total to implement; it is expected that these projects will require an additional Rs 33 trillion to complete. The study states that the total amount spent on these projects up to May 2024 is Rs 17 trillion, or 51.3% of the projects' estimated total cost.
But if the delay is determined using the most recent completion timetable, the number of projects that are delayed dropped to 554, it said. Of the 831 projects that have been postponed, 245 have been delayed for a total of 1 to 12 months, 188 for 13 to 24 months, 271 for 25 to 60 months, and 127 for longer than 60 months. Among these 831 postponed projects, the average time overrun is 35.1 months. Various project implementing agencies have claimed that land acquisition, environmental clearance, financial challenges, contractual and internal issues, staffing shortages, and legal issues are among the reasons for time overruns.
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