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

02 May 2024 CW Team

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.

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