449 infra projects sees cost overruns of Rs 5.1 trillion

13 May 2024 CW Team

According to the Ministry of Statistics and Programme Implementation (MoSPI) report, nearly 449 infrastructure projects out of 1,873 projects, each with an investment of Rs 1.5 billion and above, were hit by a cost overrun of more than Rs 5.01 trillion in March 2024. It also indicated that 779 projects were delayed. The expense on these projects until March 2024 is Rs 17.11 trillion., which is 53.68% of the anticipated cost of the projects. However, the number of delayed projects decreased to 567 if the delay was calculated on the basis of the latest schedule of completion. It further said that 393 projects have neither the tentative gestation duration nor the year of commissioning disclosed. Of the 779 projects that have been postponed, 202 have been delayed for a total of 1 to 12 months, 181 for 13 to 24 months, 277 for 25 to 60 months, and 119 for longer than 60 months. 36.04 months is the average time overrun for these 779 delayed projects. Various project implementing agencies have indicated that delays in land acquisition, gaining approvals related to the environment and forests, and a lack of infrastructural support and connectivity are among the reasons for schedule overruns. Among other things, delays in securing project funding, completion of technical engineering, scope changes, tendering, ordering, and equipment delivery, and issues with law and order The 1,873 projects' total estimated completion cost is expected to be Rs 31.88 trillion, reflecting an overall cost overrun of Rs 5.01 trillion (18% of the original cost). The 1,873 projects' total initial cost of execution was Rs 26.87 trillion. The study also attributed the delay in these projects' completion to state-level lockdowns brought on by COVID-19, which were implemented in 2020 and 2021. Additionally, it has been noted that many project execution agencies are failing to provide updated cost estimates and commissioning timelines, which raises the possibility that time and cost overrun statistics are being underreported.

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