There is a need to prioritize action and reforms under the present conditions to facilitate increased private sector investments and faster execution of projects across the infrastructure sectors.
This current investment target, although considerable, is achievable, provided prompt actions and active monitoring is carried out. The Twelfth Plan period has already begun and action needs to be taken now.
This needs to be supported by initiating policy measures and other reforms that create a environment conducive to private investment in infrastructure and thus impact infrastructure development in long-run.
Need for change of approach
There is also a need to change the way we approach infrastructure development. The change required is needed across planning, bidding and execution of infrastructure projects. More thorough and forward-looking project preparation and a sound land-acquisition process can go a long way in facilitating successful implementation of projects.
Similarly, enhanced dispute resolution and regular monitoring will increase the confidence of the private sector to invest in infrastructure projects in the country. With the Twelfth Plan focusing on attracting private sector to fund about 50% of the total infrastructure investment target, there is need to start both short-term actions and long-term measures at the earliest.
Some of the broad action points are recapped below:
- Streamlining the land-acquisition process
- Fast-tracking policy and regulation reforms for their enhanced implementation
- Effective and faster resolution of disputes
- Enhanced monitoring of projects for speedy regulatory approvals
- Facilitation of funding for infrastructure projects
There is a need to prioritize action and reforms under the present conditions to facilitate increased private sector investments and faster execution of projects across the infrastructure sectors. We believe that infrastructure dream can be realized and can place India’s economy on a high growth trajectory sectors. The infrastructure dream can be realized and place India’s economy on a high growth trajectory.