Infrastructure Projects to Show Cost Overruns for Delayed Construction During 2nd Surge in Covid 19
According to a report of Ministry of Statistics and Programme Implementation, GOI as many as 470 infrastructure construction projects, each worth Rs 150 crore or more, have been hit by cost overruns totalling more than Rs 4.38 lakh crore. The Ministry of Statistics and Programme Implementation monitors infrastructure projects worth Rs 150 crore and above. Of the 1,737 such projects, 470 reported cost overruns and 525 were delayed. Total original cost of implementation of the 1,737 construction and infrastructure projects was Rs 22,33,409.53 crore and their anticipated completion cost is likely to be 26,71,440.77 crore, which reflects overall cost overruns of 4,38,031.24 crore (19.61 per cent of original cost), " the ministry's latest report for April 2021 said. One of the major contributor for the cost overrun was delayed completion and increase in cost of commodities. Reasons for time overruns as reported by various project implementing agencies include delay in land acquisit...