Categories: Business

421 infra projects hit by cost overrun of Rs 4.40 lakh crore in November, says MoSPI

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As many as 421 infrastructure tasks, every entailing an funding of Rs 150 crore or extra, had been hit by price overrun of greater than Rs 4.40 lakh crore in November this 12 months, an official report stated.

In response to Ministry of Statistics and Programme Implementation (MoSPI), which displays infrastructure tasks value Rs 150 crore and above, out of 1,831 tasks, 421 reported price overrun and 845 tasks had been delayed.

“Complete unique price of implementation of the 1,831 tasks was Rs 25,10,577.59 crore and their anticipated completion price was…Rs 29,50,997.33 crore, which displays general price overruns of Rs 4,40,419.74 crore (17.54 per cent of unique price),” the ministry’s newest report for November 2023 stated.

In response to the report, the expenditure incurred on these tasks until November 2023 was Rs 15,58,038.07 crore, which is 52.80 per cent of the anticipated price of the tasks.

Nonetheless, it said that the variety of delayed tasks decreases to 629 if the delay is calculated on the idea of newest schedule of completion. Additional, it stated that for 308 tasks neither the 12 months of commissioning nor the tentative gestation interval had been reported.

Out of the 845 delayed tasks, 204 have general delays within the vary of 1-12 months, 198 have been delayed for 13-24 months, 322 tasks for 25-60 months, and 121 tasks have been delayed for greater than 60 months. The common time overrun in these 845 delayed tasks is 36.64 months.

Causes for time overrun, as reported by numerous venture implementing companies, embody delay in land acquisition, in acquiring forest and atmosphere clearances, and lack of infrastructure help and linkages.

Delays in tie-up for venture financing, finalisation of detailed engineering, change in scope, tendering, ordering and gear provide, and legislation and order issues had been among the many different causes.

The report additionally cited state-wise lockdowns resulting from COVID-19 (imposed in 2020 and 2021) as a purpose for the delay in implementation of those tasks.

It has additionally been noticed that venture executing companies aren’t reporting revised price estimates and commissioning schedules for a lot of tasks, which suggests that point/price overrun figures are under-reported, it added.

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Amirul

CEO OF THTBITS.com, sharing my insights with people who have the same thoughts gave me the opportunity to express what I believe in and make changes in the world.