Govt reports Rs 5.55 tn cost overrun for 448 infra projects in Oct-Dec
ECONOMY & POLICY

Govt reports Rs 5.55 tn cost overrun for 448 infra projects in Oct-Dec

During the December quarter of 2023, a significant number of infrastructure projects faced cost overruns, totalling more than Rs 5.55 trillion. The report, known as the Quarterly Project Implementation Status Report (QPISR) on Central Sector Projects, provides detailed insights into 1,897 projects that each require an investment of Rs 1.50 billion or more. This report is compiled by the Ministry of Statistics and Programme Implementation.

Among the 1,897 projects analysed, 448 projects experienced a cost overrun of Rs 5.55 trillion, representing 65.2% of their sanctioned cost. Additionally, 292 projects reported a cost overrun of Rs 2.89 trillion in comparison to the latest approved cost. Furthermore, 276 projects are facing both time and cost overruns.

Regarding project schedules, 56 projects are ahead of schedule, 632 are on schedule, and 902 are delayed according to their original completion schedules. Moreover, for 307 projects, either the original or anticipated completion dates were not reported or had passed.

The anticipated completion cost for these 1,897 projects is estimated to be Rs 31.74 trillion. As of December 31, 2023, the total expenditure incurred amounted to Rs 16.89 trillion, which is 53.22% of the total anticipated completion cost and 63.9% of the original cost. A total allocation of Rs 3.70 trillion has been designated for the fiscal year 2023-24 for these projects.

During the December quarter of 2023, a significant number of infrastructure projects faced cost overruns, totalling more than Rs 5.55 trillion. The report, known as the Quarterly Project Implementation Status Report (QPISR) on Central Sector Projects, provides detailed insights into 1,897 projects that each require an investment of Rs 1.50 billion or more. This report is compiled by the Ministry of Statistics and Programme Implementation. Among the 1,897 projects analysed, 448 projects experienced a cost overrun of Rs 5.55 trillion, representing 65.2% of their sanctioned cost. Additionally, 292 projects reported a cost overrun of Rs 2.89 trillion in comparison to the latest approved cost. Furthermore, 276 projects are facing both time and cost overruns. Regarding project schedules, 56 projects are ahead of schedule, 632 are on schedule, and 902 are delayed according to their original completion schedules. Moreover, for 307 projects, either the original or anticipated completion dates were not reported or had passed. The anticipated completion cost for these 1,897 projects is estimated to be Rs 31.74 trillion. As of December 31, 2023, the total expenditure incurred amounted to Rs 16.89 trillion, which is 53.22% of the total anticipated completion cost and 63.9% of the original cost. A total allocation of Rs 3.70 trillion has been designated for the fiscal year 2023-24 for these projects.

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code