Task force in place, listing big ticket infra projects
The Centre has set up an inter-ministerial task force under the Department of Economic Affairs to draft a list of big ticket infrastructure projects coming up in the next five years. The panel will identify projects to boost modern infrastructure worth ₹100 trillion and projects would be monitored to accelerate capital expenditure and investments. The FM added that an organization would be set up to provide credit enhancement for infrastructure and housing projects, to increase the flow of funds. New businesses, capacity expansion and additional infrastructure will need equity and debt as each new factory and project has a multiplier effect in terms of jobs, economic activity, new value chains, and a small ecosystem that gets built around it. In order to resolve the ongoing contractual disputes and delayed payments by the government departments and central public sector enterprises (CPSEs), these would be monitored by the Cabinet secretariat. The announcements evoked mixed reactions in the industry, which felt that that the arbitration award point does not help, because banks do not give guarantees, which is needed to claim 75 percent of the arbitration. Manish Agarwal, Leader - Capital Projects & Infrastructure, PWC India, said that it is a good move to formalize projects, but even if the government spends continue, more measures are needed to ensure that EPC companies can match up to the requirements in terms of availability of working capital and expertise.
📅Published on:
27 August 2019
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