Posted By:Infra Bazaar
Infrastructure is always driven by entrepreneurial spirit. Whether it is the government or the private parties the key is arranging resources and employing a committed spirit. The infrastructure sector in India was previously associated with the Government funded projects but is now involved with partial or complete ownership of the private sector.
Currently, the infrastructure sector is in a state of boom owing to the thrust offered by the state bodies both at the centre and in the states of the country. It is poised to bounce with new opportunities. The key challenges related to the infrastructure sector are developing proper financing mechanisms, ensuring efficient project management and a wish to benefit the nation and help the citizens of today and tomorrow.
The creation of infrastructure assets is critical for India’s economic and financial development. The opportunities for growth are enormous and the infrastructure dream can soon be a vibrating reality. Infrastructure development began with an impetus received in the post liberalization era. There was great emphasis on infrastructure asset creation, with an increased focus on infrastructure development through increased investments accompanied by proactive participation as manifested by a desire to go for Public-Private-Partnership (PPP) projects.
The Gross Capital Formation has been on the rise in the past decade and presently stands at a proud 9084 Billion INR. The current challenges in infrastructure development in India can be characterized by: Identifying where government effort is needed, and where the services of private sector can be used.
The government needs to provide the capital for projects that do not attract private investors.Customer satisfaction and financial viability are the factors to be considered in a big way. Care should be taken to meet the desired expectations. Infrastructure development requires effective implementation and must be geared up to meet the needs of the nation. It needs to change people’s lives in a fast manner. India must become a fast adopter of new technologies and consider the trendy and latest developments. There should be a focus on getting the project right, with proper attracting of investment. There must be well structured projects and transparency. Corruption must be eliminated. Making the investment now and reaping the benefits in the future.
The progress of infrastructure development is assured to be smooth in the future and many of the announced projects will be completed, without large time and cost overruns hopefully.With the PM himself taking the lead the issues of Land acquisition and environmental clearance, Lack of coordination between various Government agencies, structuring of the projects, overseeing the progress of approvals and coordinating with various Government bodies, dispute resolution mechanism between private players and government agencies which slow the pace will be taken care of.
The appetite of infrastructure developers for new projects has increased significantly and this is a good omen for one and all. SEZ, Industrial Corridor, smart cities, logistics network, urban transport, water supply projects, and the rapid pace of urbanization all hold the key to it. With the current thrust expected to continue in the next 2-3 years there is a great future for this sector and the Investor friendly atmosphere is also a boon.
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