Home Business Cost of 384 infrastructure projects increased by Rs 4.52 lakh crore: Ministry...

Cost of 384 infrastructure projects increased by Rs 4.52 lakh crore: Ministry report

The average time taken in these 662 delayed projects is 42.08 months.

New Delhi:

According to a report, 384 infrastructure projects, each with an investment of Rs 150 crore or more, have seen an increase in cost of over Rs 4.52 lakh crore.

According to the Ministry of Statistics and Program Implementation, which monitors infrastructure projects worth Rs 150 crore and above, out of 1,529 projects, 384 reported cost overruns and 662 projects were delayed.

“The total original cost of implementation of the 1529 projects was Rs 21,25,851.67 crore and their estimated completion cost is likely to be Rs 25,78,197.18 crore, showing a total cost escalation of Rs 4,52,345.51 crore (21.28% of the original cost)” The ministry’s latest report for September 2022 said.

According to the report, Rs 13,78,142.29 crore or 53.45 per cent of the estimated cost of the projects was spent on these projects till September 2022.

However, the number of delayed projects comes down to 531 if the delay is calculated based on the latest schedule of completion.

Further, it shows that for 603 projects, neither the year of commissioning nor the expected construction period has been reported.

Out of 662 delayed projects, 133 have a total delay of 1-12 months, 124 have a delay of 13-24 months, 276 projects have a delay of 25-60 months and 129 projects have a delay of 61 months and above .

The average time taken in these 662 delayed projects is 42.08 months.

Reasons for overruns reported by various project implementing agencies include delays in land acquisition, delays in obtaining forest and environment clearances, and lack of infrastructure support and linkages.

Delays in tie-up for project funding, finalization of detailed engineering, changes in scope, tenders, orders and equipment supplies, and law and order problems are among other reasons.

The report also cited the state-wise lockdown due to COVID-19 as the reason for the delay in implementation of these projects.

It has also been observed that project agencies are not reporting revised cost estimates and commissioning schedules for many projects, which shows that the time/cost escalation figures are under-reported.

(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)


Forex reserves rise for third straight week to $550 billion

<!-- -->For the week ended November 18, India's reserves stood at $547.25 billion. (File)Mumbai: India's foreign exchange reserves rose for the third consecutive...

Deadline for 30% cap on UPI transactions by payments firms extended

<!-- -->UPI facilitates peer-to-peer online money transfers through mobile apps. (File)Mumbai: India has decided to extend the deadline for capping share of digital...

NSE launches new Nifty Bharat Bond Index

<!-- -->The total assets under management of all India Bond ETFs has now grown to over Rs 52,000 crore.New Delhi: NSE Indices, a subsidiary...


Please enter your comment!
Please enter your name here

Most Popular

England Sense Lead Despite Three Pakistan Centurions In First Test | cricket news

England found ways to take wickets and sensed a good lead despite hundreds from three Pakistan players on the third day of the opening...

“Keep Phones Away From Kids And Let Them Play To Avoid Obesity”: Kapil Dev | cricket news

Former Indian cricketer Kapil Dev recently shared that obesity in children can be tackled by keeping the phone away from them and letting them...

Mitchell Starc Continues Love Affair With Clean Bowling Batters. Watch | cricket news

AUS vs WI, 1st Test: Glimpse of Mitchell Starc's delivery to dismiss Da Silva© TwitterAustralia continue to dominate the ongoing first Test against West...

FIFA World Cup 2022, Round Of 16 Fixtures: Check Who Plays Whom And When In Knockout Stage | football news

Photo from Japan vs Spain match in FIFA World Cup 2022.© AFPThe FIFA World Cup 2022 in Qatar now enters its knock out stage....

Recent Comments