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As many as 322 infrastructure projects worth Rs 150 crore or above each have seen cost overrun of Rs 1.71 lakh crore due to delays and other reasons by March 2017, according to a report.
"Total original cost of implementation of the 1,231 projects was Rs 15,59,571.06 crore and their anticipated completion cost is likely to be Rs 17,31,162.47 crore, which reflects overall cost overruns of Rs 1,71,591.41 crore (11 per cent of original cost)," a flash report by the Ministry of Statistics and Programme Implementation (MoSPI) said.
Out of 1,231 projects, a total 322 projects reported cost overrun, the report said.
The flash report provides details on the status of the 1,231 central infrastructure projects that cost Rs 150 crore and above.
In March 2017, out of 1,231 projects, nine were ahead of schedule, 324 were on schedule, 327 were delayed and 322 projects showed cost overrun.
The report said that 105 projects showed both time and cost overrun with respect to original implementation schedules.
The number of delayed projects decreases to 233 if the delay is calculated with reference to latest revised schedule of completion, the report said.
It stated that out of 327 delayed projects, 63 projects have an overall delay in the range of 1 to 12 months, 67 projects have a delay in the range of 13 to 24 months, 119 projects have delay in the range of 25 to 60 months, and 78 projects have delay of 61 months and above.
The report stated that the expenditure incurred on these projects till March 2017 is Rs 7,46,480.94 crore, which is 43.12 per cent of the anticipated cost of the projects.
According to the report, there were 311 projects showing time overrun of more than six months while 231 projects showing cost overruns of more than Rs 100 crore.
There were 76 projects showing both time overruns of more than six months and cost overruns of more than Rs 100 crore.
It found that the expenditure has exceeded the approved cost in 156 projects and in 875 projects milestones have not been reported.
The Ministry of Statistics and Programme Implementation keeps track of such projects on time and cost overruns through its online computerisation monitoring system (OCMS) based on information provided by project implementation agencies.
The report has attributed the time overrun to a host of issues including delay in land acquisition, forest clearance, supply of equipment, funds constraints, the Maoist incursion, legal cases and law and order situation.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
