The report revealed that the cost incurred on these projects till November 2023 stood at Rs 15,58,038.07 crore, or 52.80% of the planned cost.
An official report has revealed that as many as 421 infrastructure projects, each requiring an investment of Rs 150 billion or more, have faced significant cost overruns exceeding Rs 4.40 billion Rs as of November 2023. The Ministry of Statistics and Program Implementation monitors these projects and the latest data highlight the scale of the problem.
Project statistics and cost overruns
Of the total 1,831 projects, 421 projects had cost overruns, while 845 projects were behind schedule. The initial implementation cost was Rs 25,10,577.59 crore, with an expected completion cost of Rs 29,50,997.33 crore, reflecting an alarming overall cost overrun of 17.54%. Costs and delays
The report revealed that the cost incurred on these projects till November 2023 stood at Rs 15,58,038.07 crore, or 52.80% of the planned cost. The number of projects behind schedule decreased to 629 when considering the latest completion progress.
Deliver late projects
Of the 845 infrastructure projects behind schedule, 204 projects are delayed from 1 to 12 months, 198 projects are delayed from 13 to 24 months, 322 projects are delayed from 25 to 60 months and 121 projects are delayed. over 60 months. The average time overrun for these projects is significant at 36.64 months.
Many project implementation agencies reported many reasons for missing deadlines. These include delays in land acquisition, obtaining permits, and inadequate infrastructure support and linkages. Other contributing factors include delays in project financing, finalizing detailed engineering, changes in scope, bidding, orders and equipment supply, order problems public and the impact of state COVID-19 lockdowns in 2020 and 2021.
Differences in reporting
The report notes that project implementing agencies often fail to communicate revised cost estimates and commissioning schedules for many projects. This suggests that the reported figures for time and cost overruns may be underrepresented, suggesting potential discrepancies in the data.
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