New Delhi: A recent report from the Ministry of Statistics and Programme Implementation revealed that 411 infrastructure projects, each requiring an investment of Rs 150 crore or more, faced cost overruns exceeding Rs 4.31 trillion in October 2023.
Out of 1,788 monitored projects, 411 reported cost overruns, with an overall cost increase of 17.39% from the original projection of Rs 24,78,446.60 crore to an anticipated completion cost of Rs 29,09,526.63 crore, the report said.
As of October 2023, project expenditures reached Rs 15,27,102.91 crore, representing 52.49% of the anticipated project cost. Among the 837 delayed projects, 202 experienced delays of 1 to 12 months, 188 faced delays of 13 to 24 months, 324 were delayed for 25 to 60 months, and 123 projects were stalled for over 60 months, with an average time overrun of 36.94 months.
The report highlighted various reasons for delays, including challenges in land acquisition, obtaining clearances, lack of infrastructure support, and the impact of state-wise COVID-19 lockdowns. Concerns were raised about underreported figures, as many project executing agencies did not provide revised cost estimates and commissioning schedules, emphasising the need for increased transparency in project reporting.
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