look news india
In April, delay in implementation of 448 infra projects was reported to have increased by Rs. 5.55 lakh crore. All these projects have a cost overrun of Rs. 150 crore or more. According to the Ministry of Statistics and Programme Implementation (MoSPI), out of a total of 1838 projects, cost overrun has occurred in 448 projects and 792 projects are running late. The total expenditure incurred for implementation of 1838 projects is Rs. 27,64,246.50 crore. The estimated cost on completion is likely to increase to Rs. 33,19,601.84 crore. Which shows an increase of 20.09 per cent in the original total cost. Thus, at the end of April 2024, the cost of this delayed project is estimated to increase by Rs. 5,55,355.34.
As of April, Rs 16,92,997.50 crore has been spent on the project, which is 51 per cent of the total estimated cost of the project. Based on the latest project completion schedule, the number of delayed projects has come down to 514. Out of the total 792 delayed projects, 220 projects have delays ranging from 1 to 12 months, while 192 projects have delays ranging from 13 to 24 months, 259 projects have delays ranging from 25 to 60 months and 121 projects have delays of more than 60 months.
The average delay period of 792 projects is 35.5 months. Most of the projects are delayed due to land acquisition, environmental clearance, financial issues, contractual and internal issues, labour shortage and legal issues.
