American presidents signal seriousness by talking about their plans for the first 100 days. There?s no semi-formal and similar norm in India for incoming administrations. But the Manmohan Singh government seems to have set itself 45 days?a period in which the new government plans to devise and start implementing major economic boosters. This comes from the quarterly review idea proposed by the PM. If ministers take the new system seriously, they will be confronted with a Rs 2,20,000 crore question. Here?s why.

There are of course media reports on what can be expected from the new government?s economic strategies. There will be the usual sectoral lobbying for specific help. But it?s a safe bet that a big plan and a big spend on infrastructure will be a key part of the 45-day plan.

The question is how it will be different from infrastructure plans in the first two stimulus packages announced by the previous Manmohan Singh government. The context of those stimulus packages needs to be remembered. That was when, in the aftermath of global financial shocks, long-term credit and international suppliers? credit lines had dried up. There was a threat to investment sentiment generally. Plus, at a time of slowing growth impetus, big infrastructure projects become crucial not just because of their second-order effects on sectors like capital goods, steel and cement, but also because many big projects are employment intensive.

It is in this context that the India Infrastructure Finance Corporation Ltd was authorised to raise Rs 10,000 crore in 2008-09 and another Rs 30,000 crore in this fiscal to refinance bank lending for infrastructure projects. Applying the usual multiples, this should help finance projects worth Rs 3,00,000 crore.

This is a nice, round, big number and if it comes through, 2009-10 may surprise all trackers of GDP. But, there are catches.

Much has already been said about the need for better cabinet ministers in key economic ministries. Many big projects will need managerial expertise at the political leadership level. Dr Singh?s corporate results style quarterly review may help. One should assume that the ministers?many of whom would have attended the Congress parliamentary party meeting where Dr Singh announced this plan?will actually draw up 45-day plans and review progress.

The first 45 days, or at least a large part of that period, should be spent asking what has happened to all other projects planned earlier. As per the latest official data, there are as many as 853 ongoing mega, major and medium projects, costing Rs 4,22,775.04 crore across sectors such as atomic energy, coal and telecom, as well as ports, highways, civil aviation and railways.

While these numbers may seem impressive, the picture on the ground is scary. As many as 318 projects, worth just over Rs 2,20,000 crore are seriously stuck and their costs continue to escalate with every passing month. While some of these projects have been in the pipeline for 15 years, cost escalation has been reported in 116 projects. So projects that were expected to cost Rs 91,841 crore at their inception, will now require Rs 1,29,560 crore (and counting) to finish.

Some of the worst offenders in this list are major infrastructure ministries including railways, road transport and highways, coal, power and civil aviation. As many as 96 road and highway projects are stuck, some for over six years. The Golden Quadrilateral project has had five years of UPA and four and a half years of NDA nurturing. But the proposed 5,846 kilometres are still not finished. In the Railways, despite former railway minister Lalu Prasad?s acclaimed ?turnaround?, 61 projects remain incomplete for periods stretching from a month to 15 years (these would include projects cleared by Dr Singh as finance minister!).

Take, for instance, the rail link between Kashmir and the rest of India? the Udhampur-Srinagar-Baramulla line. Started in 1994 at a cost of Rs 5,550 crore, the project has been a victim of shoddy implementation. Design flaws led to tunnels built on the route collapsing within months of construction. And 15 years on, the project continues to languish?a special committee set up to prepare a new, shorter realignment for the Katra-Qazigund section sought a 15 day extension last week. Meanwhile, estimated cost has more than doubled to Rs 11,370 crore and completion date has been pushed further to 2012.

Other ministries that figure prominently on the delayed projects list include coal and civil aviation (17 projects each), telecom (20), petroleum (29) and power (31). Land acquisition and environment clearances are said to be the major reasons behind the huge lag in finishing projects.

In New Delhi?s policy circles, there?s already talk of setting up a separate regulator for public private partnerships to fast-track bidding of projects to private players. There?s the Planning Commission target of increasing infrastructure spend from the current 5% of GDP to 9% by 2012.

But all that will still leave the old projects unfinished. Maybe what?s required is a nodal agency for completing old projects. Rs 2,20,000 crores is a big stimulus?Dr Singh?s team should have a crack at it in the first 45 days.