Benefits of Project Management in Developing India's Infrastructure
During the past couple of years, India has enjoyed the privilege of being amongst the most favored investment destinations of the world. With the sharp vision of Prime Minister Narendra Modi and compelling faith in technological advancement as a key driver of modernization, India is expected to grow at a faster rate. The International Monetary Fund (IMF) recently forecasted accelerated economic reforms for India to achieve a higher growth trajectory, while retaining its GDP growth projection of 7.2 percent for 2017-18. According to multilateral funding agency estimates, India’s medium-term growth prospects are favorable, with growth expected to rise to about 8 percent due to implementation of key reforms, loosening of supply-side bottlenecks, and appropriate fiscal and monetary policies. India’s economy has grown at a strong pace in recent years owing to the implementation of critical structural reforms, favorable terms of trade, and lower external vulnerabilities.
There is also a huge emphasis on infrastructure development as it is considered to be one of the key growth drivers. Performing qualitative and quantitative risk analysis and developing risk management strategies is important to execute big infra projects successfully. These activities require a lot of time and considerable coordination to complete because they can range from simple to sophisticated and complex, depending on project, scope, size, and other factors. The more risk points or the greater the consequences, the more planning is required.
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NBM&CW July 2017
