448 infra projects hit by cost overrun in April
11 Jun 2024
1 Min Read
CW Team
According to an official report, 448 infrastructure projects, each with an investment of Rs 1.50 billion or more, experienced a cost overrun exceeding Rs 5.55 trillion as of April 2024. The Ministry of Statistics and Programme Implementation (MoSPI), which oversees infrastructure projects costing Rs 1.50 billion and above, reported that out of 1,838 projects, 448 faced cost overruns and 792 were delayed.
The total original cost of the 1,838 projects was Rs 27.64 trillion, and their anticipated completion cost is estimated to be Rs 33.19 trillion, indicating an overall cost overrun of more than Rs 5.55 trillion, according to MoSPI's latest report for April 2024.
The report also highlighted that the expenditure incurred on these projects up to April 2024 amounted to Rs 16.93 trillion, which is 51 % of the anticipated cost. However, the number of delayed projects decreased to 514 when the delay was calculated based on the latest completion schedule.
Of the 792 delayed projects, 220 experienced delays ranging from 1 to 12 months, 192 were delayed by 13 to 24 months, 259 by 25 to 60 months, and 121 by more than 60 months. The average time overrun for these 792 delayed projects is 35.4 months.
The report cited various reasons for the time overruns, including land acquisition issues, environmental clearances, financial problems, contractual and internal issues, manpower shortages, and litigation.
(Source: Business Standard )
According to an official report, 448 infrastructure projects, each with an investment of Rs 1.50 billion or more, experienced a cost overrun exceeding Rs 5.55 trillion as of April 2024. The Ministry of Statistics and Programme Implementation (MoSPI), which oversees infrastructure projects costing Rs 1.50 billion and above, reported that out of 1,838 projects, 448 faced cost overruns and 792 were delayed.
The total original cost of the 1,838 projects was Rs 27.64 trillion, and their anticipated completion cost is estimated to be Rs 33.19 trillion, indicating an overall cost overrun of more than Rs 5.55 trillion, according to MoSPI's latest report for April 2024.
The report also highlighted that the expenditure incurred on these projects up to April 2024 amounted to Rs 16.93 trillion, which is 51 % of the anticipated cost. However, the number of delayed projects decreased to 514 when the delay was calculated based on the latest completion schedule.
Of the 792 delayed projects, 220 experienced delays ranging from 1 to 12 months, 192 were delayed by 13 to 24 months, 259 by 25 to 60 months, and 121 by more than 60 months. The average time overrun for these 792 delayed projects is 35.4 months.
The report cited various reasons for the time overruns, including land acquisition issues, environmental clearances, financial problems, contractual and internal issues, manpower shortages, and litigation.
(Source: Business Standard )
Next Story
3i Infotech Reports Rs 7.25 Bn Revenue for FY25
3i Infotech, a leading provider of digital transformation, technology services and technology solutions, announced its consolidated financial results for the fourth quarter and full year FY25, ended on March 31st, 2025. The company maintained its growth momentum, displaying consistent progress for the 3rd consecutive quarter.In Q4 FY25, 3i Infotech reported revenue of Rs 1.87 billion, reflecting steady performance compared to Rs 1.81 billion in Q3 FY25 and Rs 1.97 billion in Q4 FY24. The company delivered strong profitability improvements, with gross margin growing by 14.8 per cent Q-o-Q and 1..
Next Story
Emerald Finance Joins Baya PTE to Boost SME Bill Discounting
Emerald Finance is a dynamic company offering a spectrum of financial products and services including its flagship Earned Wage Access (EWA) in India, has entered into a strategic partnership with Singapore-based Baya PTE through its Indian subsidiary. This collaboration aims to strengthen bill discounting services for Small and Medium Enterprises (SMEs), enabling faster access to working capital and improved cash flow management.The initiative is designed to support SMEs that supply to large corporates such as JSW Steel, Delhivery, and PVR INOX, among others. By facilitating timely invoice dis..
Next Story
BLS E-Services Crosses Rs 5 Bn Revenue Mark in FY25
BLS E-Services, a technology-enabled digital service provider, announced its audited consolidated financial results for the quarter and full year period ended 31 March 2025.Speaking about the performance and recent updates, Shikhar Aggarwal, Chairman, BLS E- Services said, 鈥淲e are delighted to report a remarkable performance in FY25, as we achieved several milestones during the fiscal year. FY25 marked our highest-ever financial performance, as we surpassed Rs 5 billion milestone in Total Income during the year, which was reported at Rs 5.45 billion, a notable YoY growth of 76 per cent. The ..
