Owing to the delays, as many as 359 infrastructure projects have shown cost overrun that amounts to Rs 2.05 lakh crore, PTI reported citing a government report. Each of the infrastructure projects mentioned in the report is worth Rs 150 crore and above, PTI report said. Infrastructure projects worth Rs 150 crore and above are monitored by the Ministry of Statistics and Programme Implementation. According to the ministry’s report for November 2017, Rs 16,05,157.01 was the total original cost of implementation of 1,289 projects. The projected cost of completion was Rs 18,10,733.70 crore. So, the overall cost overrun comes to the tune of Rs 2,05,576.69 crore. It amounts to 2.8 percent of original cost. The cost overruns were reported in 359 cases and 297 projects reported time escalation.
The foremost issues which are affecting the progress of these projects are funds constraints, legal cases, delay in land acquisition to name a few. Till November 2017, expenditure incurred on the projects mentioned in the report stands at Rs 6,45,872.52 crore, which is 35.67 percent of the projected cost of the completion of projects.
The gross domestic product (GDP) for the fiscal third quarter i.e. October-December quarter jumped to 7.2 percent from 6.3 percent in the second quarter i.e. July-September. In the April-June quarter, India’s GDP clocked 5.7 percent growth and 6.1 percent in January-March last year. The GDP estimates have been revised from 6.3 percent to 6.5 percent for July-September quarter by the CSO. The GDP growth for full FY17-18 has been pegged at 6.6 percent from the earlier 6.5 percent in the second advance estimate. The GVA for FY17-18 growth was recorded at 6.7 percent.
Agriculture record a 4.1 percent growth (QoQ); trade, hotel, transport climbed to 9 percent (QoQ); and manufacturing growth was pegged at 8.1 percent (QoQ).