‘PRAGATI spurring fresh interest in infra investments’

‘The government has resolved issues impeding 62 mega private investment projects worth about %10.57 trillion, through the ‘Pro-Active Governance And Timely Implementation’ (PRAGATI) platform, which has also helped 3,300 stalled public -sector and public-private partnership (PPP) projects worth over 285 trillion, get off the ground since it was set up in 2015.

- VIKAS DHOOT & SUDHEER PAL SINGH

The positive outcomes of interventions made through the PRAGATI platform, monitored by Prime Minister Narendra Modi who chaired the soth review of projects under the platform on December 31, have also revived private investors’ interest in infrastructure sectors, Cabinet Secretary TV Somanathan said on Friday.

“There is greater confidence in the timely execution of projects, particularly in the roads and highways sector, which has enabled larger investment flows, both domestic and foreign, into vehicles like Infrastructure Investment Trusts or InvITs in the recent past. There is a marked increase in the interest in infrastructure financing vehicles now,” Somanathan underlined.

An important learning from PRAGATI which has led to a system-level improvement is that more accurate information is needed beforehand on the physical features of projects which are actually encountered during their execution.

“Traditionally, we have relied on Detailed Project Reports (DPRs) prepared by consultants based on surveys, etc. These DPRs have often been prepared with incomplete information, and many things that are assumed in the DPRs are actually not implementable. So, Lesson number 1 is the improved quality of DPRs and all the ministries have worked on this,” Somanathan said, adding that PRAGATI has led to the learning that more detailing at the time of project planning leads to much faster execution.