The Ministry of Finance has recently mandated a high-level committee led by Mr. Bibek Debroy, chairman of the Economic Advisory Council to the Prime Minister of India, to redefine the scope of activities and sub-sectors to be classified under the infrastructure sector. The high-level committee has been called to action for undertaking a comprehensive evaluation of the parameters for defining infrastructure and
highlight various segments which are crucial for the economic development, and which urgently require the financial augmentation due for critical infrastructure sectors. Experts believe that this re-evaluation of the sectoral classification is being done in light of the economic, social, and technological changes in the economy over the last few years.
The document is a report from the High Level Committee on Financing Infrastructure that makes recommendations to improve infrastructure financing in India during the Twelfth Five-Year Plan period from 2012-2017. The Committee assessed investment needs across 10 infrastructure sectors and found that actual investments have lagged targets and projections. It recommends establishing an Infrastructure Development Council chaired by the Prime Minister to guide policy. It also recommends reforms such as developing capital markets, reviewing regulations, and attracting more private and international investment to help close India's large infrastructure funding gap.
This document provides an overview of debt restructuring options and the Indian port sector. It discusses infrastructure development and financing in India, with a focus on the objectives of the project, key issues, and fiscal incentives. It then provides details on the Indian port sector and Gujarat Adani Ports Limited (GAPL), the company developing the Mundra Port. GAPL's promoters, board of directors, and business development efforts are summarized.
Emerging Professional and Ethical Challenges for Railway EngineersAnil Kumar Gupta
This document discusses emerging professional and ethical challenges for railway engineers in India. It outlines several new opportunities and changes that require railway engineers to adapt, including: leveraging surplus railway land for commercial development; utilizing new contract forms like PPPs that allocate more risk to contractors; augmenting project management capacity through project management consultancy; and strengthening the organization and responsibilities of contractors. It argues that railway engineers must develop new skills in project structuring, financing, and management to successfully implement large infrastructure projects and attract private investment in the changing environment.
Budget FY16-17 : An opportunity to revitalise the infrastructure sectorZubin Poonawalla
The document discusses steps the Indian government could take in the upcoming budget to revitalize the country's infrastructure sector and encourage private investment. It recommends (1) allowing for renegotiation of long-term PPP contracts to address unforeseen risks, (2) establishing committees and tribunals to resolve stalled "legacy" infrastructure projects, particularly in roads and power, and (3) setting up 3P India, a center of excellence for PPP, as a public-private partnership to enhance capacity across the infrastructure sector. It also calls for reforming banking regulations, strengthening public sector banks, and facilitating the resolution of stressed infrastructure loans to boost financing for new projects.
The document discusses India's 2012-13 budget and its impact on the infrastructure sector. Some key points:
- Investment in infrastructure is projected to reach Rs. 50 lakh crore over the Twelfth Five Year Plan period, with half expected from the private sector.
- Tax-free bonds of Rs. 60,000 crore will be allowed to finance infrastructure projects in 2012-13. More sectors are eligible for viability gap funding.
- Measures like allowing ECB for infrastructure maintenance and operations, and permitting direct aviation fuel imports, will ease financing constraints and spur infrastructure growth. However, the year-over-year growth of infrastructure allocations has increased by only 7.4% compared to 36
The document discusses India's 2012-13 budget and its impact on the infrastructure sector. Some key points include:
- Investment in infrastructure is projected to reach Rs. 50 lakh crore over the next five years, with half coming from the private sector.
- Tax-free bonds of Rs. 60,000 crore will be issued to finance infrastructure projects in 2012-13.
- More sectors were added as eligible for viability gap funding to encourage public-private partnerships.
- Measures like extra funding and allowing external commercial borrowing will help ease financing constraints and spur growth in the infrastructure industry.
The document discusses India's infrastructure sector and budget proposals for 2011-12. It notes that infrastructure investment through the 11th plan was lower than targets in some areas like power and roads. The budget for 2011-12 allocates Rs. 2,14,000 crore for infrastructure, a 23.3% increase. It introduces tax-free bonds and raises limits on FII investments to boost infrastructure financing. However, concerns remain around fully financing the estimated USD 1 trillion needed for infrastructure through the 12th plan.
The document discusses India's infrastructure sector and budget proposals for 2011-12. It notes that private sector investment in infrastructure during the 11th plan was 33.74% of the total. The budget for 2011-12 allocates Rs. 2,14,000 crore for infrastructure, a 23.3% increase over 2010-11. It also proposes tax-free bonds worth Rs. 30,000 crore to boost infrastructure development. Challenges include timely capacity addition and ensuring projects provide value. The budget aims to attract more foreign funding through measures like infrastructure debt funds.
The document is a report from the High Level Committee on Financing Infrastructure that makes recommendations to improve infrastructure financing in India during the Twelfth Five-Year Plan period from 2012-2017. The Committee assessed investment needs across 10 infrastructure sectors and found that actual investments have lagged targets and projections. It recommends establishing an Infrastructure Development Council chaired by the Prime Minister to guide policy. It also recommends reforms such as developing capital markets, reviewing regulations, and attracting more private and international investment to help close India's large infrastructure funding gap.
This document provides an overview of debt restructuring options and the Indian port sector. It discusses infrastructure development and financing in India, with a focus on the objectives of the project, key issues, and fiscal incentives. It then provides details on the Indian port sector and Gujarat Adani Ports Limited (GAPL), the company developing the Mundra Port. GAPL's promoters, board of directors, and business development efforts are summarized.
Emerging Professional and Ethical Challenges for Railway EngineersAnil Kumar Gupta
This document discusses emerging professional and ethical challenges for railway engineers in India. It outlines several new opportunities and changes that require railway engineers to adapt, including: leveraging surplus railway land for commercial development; utilizing new contract forms like PPPs that allocate more risk to contractors; augmenting project management capacity through project management consultancy; and strengthening the organization and responsibilities of contractors. It argues that railway engineers must develop new skills in project structuring, financing, and management to successfully implement large infrastructure projects and attract private investment in the changing environment.
Budget FY16-17 : An opportunity to revitalise the infrastructure sectorZubin Poonawalla
The document discusses steps the Indian government could take in the upcoming budget to revitalize the country's infrastructure sector and encourage private investment. It recommends (1) allowing for renegotiation of long-term PPP contracts to address unforeseen risks, (2) establishing committees and tribunals to resolve stalled "legacy" infrastructure projects, particularly in roads and power, and (3) setting up 3P India, a center of excellence for PPP, as a public-private partnership to enhance capacity across the infrastructure sector. It also calls for reforming banking regulations, strengthening public sector banks, and facilitating the resolution of stressed infrastructure loans to boost financing for new projects.
The document discusses India's 2012-13 budget and its impact on the infrastructure sector. Some key points:
- Investment in infrastructure is projected to reach Rs. 50 lakh crore over the Twelfth Five Year Plan period, with half expected from the private sector.
- Tax-free bonds of Rs. 60,000 crore will be allowed to finance infrastructure projects in 2012-13. More sectors are eligible for viability gap funding.
- Measures like allowing ECB for infrastructure maintenance and operations, and permitting direct aviation fuel imports, will ease financing constraints and spur infrastructure growth. However, the year-over-year growth of infrastructure allocations has increased by only 7.4% compared to 36
The document discusses India's 2012-13 budget and its impact on the infrastructure sector. Some key points include:
- Investment in infrastructure is projected to reach Rs. 50 lakh crore over the next five years, with half coming from the private sector.
- Tax-free bonds of Rs. 60,000 crore will be issued to finance infrastructure projects in 2012-13.
- More sectors were added as eligible for viability gap funding to encourage public-private partnerships.
- Measures like extra funding and allowing external commercial borrowing will help ease financing constraints and spur growth in the infrastructure industry.
The document discusses India's infrastructure sector and budget proposals for 2011-12. It notes that infrastructure investment through the 11th plan was lower than targets in some areas like power and roads. The budget for 2011-12 allocates Rs. 2,14,000 crore for infrastructure, a 23.3% increase. It introduces tax-free bonds and raises limits on FII investments to boost infrastructure financing. However, concerns remain around fully financing the estimated USD 1 trillion needed for infrastructure through the 12th plan.
The document discusses India's infrastructure sector and budget proposals for 2011-12. It notes that private sector investment in infrastructure during the 11th plan was 33.74% of the total. The budget for 2011-12 allocates Rs. 2,14,000 crore for infrastructure, a 23.3% increase over 2010-11. It also proposes tax-free bonds worth Rs. 30,000 crore to boost infrastructure development. Challenges include timely capacity addition and ensuring projects provide value. The budget aims to attract more foreign funding through measures like infrastructure debt funds.
The document discusses using external commercial borrowings (ECBs) to finance infrastructure development in India. It provides background on ECBs and how they are regulated in India. Key points:
1) ECBs are permitted by the Indian government to provide additional financing for companies and projects, especially in priority sectors like power and core infrastructure.
2) Infrastructure development, including power generation, transmission, and distribution, presents many investment opportunities for domestic and foreign private investors using ECBs.
3) Factors that affect private investment in the power sector include government policies, regulatory mechanisms, guarantees, efficiency, legal protections, and other economic and risk factors.
The document outlines two schemes introduced by the Government of Gujarat to improve industrial infrastructure:
1) Scheme 1 provides financial assistance up to 60% of project costs for critical infrastructure projects in industrial areas. Eligible projects include roads, utilities, and common facilities.
2) Scheme 2 provides viability gap funding up to 20% of project costs for developing industrial parks through public-private partnerships. It defines criteria for parks at different levels of development and sets rules for land acquisition and project implementation.
Destination Bihar : Opportunities in Bihar State’s Transmission and Distribut...pManifold
The prime objective of the presentation is to create an awareness, amongst investors, of the substantial opportunity present in the State as well as the support provided by the State to private players participating in the Sector
This document provides an overview of Build-Own-Operate-Transfer (BOOT) projects. It discusses that BOOT projects involve a private company building, owning, and operating an infrastructure project, like a road or power plant, for a set period of time before transferring it back to public ownership. The document outlines the structure of BOOT projects, including the various parties involved like the government, private sponsors, contractors, and financiers. It also provides a brief history of how BOOT models have been used for infrastructure development in Nepal and other countries.
CII has been strongly advocating for an Action Agenda towards creating an enabling and integrated policy & regulatory framework, the impact of which could facilitate considerable investments in the Infrastructure sector thus taking India’s Infrastructure story forward.
This issue of Policy Watch takes an in-depth look at the sectoral issues and has outlined some specific recommendations to reinvigorate the growth momentum in the sector.
The document provides an overview of three major "Make" projects in India: the Futuristic Infantry Combat Vehicle (FICV), Tactical Communication System (TCS), and Battlefield Management System (BMS). It discusses the status and timeline of each project, highlighting that they have been under consideration for a long time but have yet to see significant progress. The total estimated cost of the three projects is around $20 billion. Five consortia submitted proposals for the FICV project in 2016 but the selected developers have not been announced. The TCS project aims to replace aging communication systems and is estimated to cost $4 billion. Both projects face delays and have proven challenging to implement despite being priorities for indigenous defense manufacturing in India
The general public and the society including top bureaucrats, politicians, media personnel, social activists, thinkers, intellectuals and policy makers and those who determine the future directions of the society and the economy expect the auditing profession to perform the roles of a watchdog who can monitor the auditee entity comprehensively to ensure that interest of owners, minority shareholders, investors, bankers, government, regulators, suppliers, customers and other stake holders are fully protected. Most importantly interest of the auditee entity are preserved and various financial and operational decisions taken by the management at various levels were in the interest of the company and were within the policy framework laid down by the Board.
DMIC Summit - Implementation and Institutional Framework - Part - 2Resurgent India
The effective implementation of such large and complex project, involving multiple states and agencies calls for immaculate planning and a robust administrative structure. In order to ensure that the traditional pitfalls of project implementation are overcome, it is proposed that a Project Development approach be adopted, wherein each facet of the project is rigorously developed from an engineering, financial, contractual, environmental and social perspective, along with interlinkages, on prioritization and selective basis and prior to commencement of implementation
PM Gati Shakti is a digital platform that connects 16 central ministries to ensure coordinated planning and execution of infrastructure projects. It aims to improve multimodal connectivity between roads, railways, airports, ports, mass transport, waterways and logistics infrastructure. Prime Minister Modi launched the Rs 100 lakh crore Gati Shakti Master Plan to provide connectivity to more than 1,200 industrial clusters. The plan will have important economic benefits like reducing logistics costs, saving time, boosting employment and facilitating seamless movement of goods and people.
The document discusses infrastructure development in India and analyzes the Union Budget for 2010-11. It provides details of projected investment in infrastructure sectors in the 11th Five Year Plan period. Key highlights include a projected total investment of $515 billion with the largest allocations to electricity, roads, and telecom. The budget increased allocation to sectors like roads and power but also imposed some taxes that may increase costs. Overall, the document finds that while the budget boosted some infrastructure sectors, increased taxes could negatively impact profitability of related industries.
This document discusses sectoral infrastructure development in India. It notes that infrastructure investment plays an important role in economic growth and development. Large investments are planned for various infrastructure sectors like roads, ports, railways, and airports to support India's growing economy. Public-private partnerships are seen as key to funding these infrastructure improvements. The regulatory environment is also being reformed and liberalized to encourage greater private and foreign investment in India's infrastructure development.
DMIC Summit – Developing Hub for Investors - Overview & Approach - Part - 1Resurgent India
Delhi-Mumbai Industrial Corridor, from here on referred to as DMIC, is a multi-modal High Axle Load dedicated freight corridor connecting Delhi and Mumbai. It is a mega infrastructure project at USD 100 billion with technical and financial aid built in from Japan. The project is a flagship programme of Government of India with the aim of creating futuristic Industrial Cities by leveraging the "High Speed - High Capacity" connectivity backbone provided by Western Dedicated Freight Corridor (DFC).
The document discusses infrastructure in India, defining it as the basic physical systems and structures needed for society and the economy. It provides examples of different types of infrastructure like transportation, communication networks, and utilities. It outlines the importance of infrastructure for economic development and prosperity. It also discusses the historical development of infrastructure in India and current challenges and opportunities, particularly in the areas of urban development and transportation.
The document discusses opportunities for direct financing of public infrastructure projects in various sectors in India such as transportation, utilities, housing, social infrastructure, and tourism. It outlines the key public infrastructure development principles used in India and notes that private partners typically take on construction, development, and revenue risks for public-private partnership projects, while financing is usually the private partner's responsibility. The document analyzes sub-sectors within each infrastructure category and identifies potential funding opportunities, investment modes, and risk profiles. It also discusses some non-traditional financing approaches such as municipal bonds and managed service contracts for smart city projects.
India faces significant infrastructure bottlenecks that are hindering its economic competitiveness and growth. These bottlenecks include inadequate road and transport infrastructure between ports, rail hubs, and industrial areas. This leads to higher business costs and negatively impacts India's exports. While the government has recognized the need for infrastructure development and established committees to accelerate projects, many initiatives have faced delays and failures due to issues like lack of private investment, land acquisition problems, and bureaucratic red tape. Addressing infrastructure bottlenecks remains a key challenge in allowing India to achieve its economic growth potential.
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online
The document discusses recommendations from a committee to empower India's State Load Despatch Centres (SLDCs) and Regional Load Despatch Centres (RLDCs). The key recommendations are:
1) Ensure functional autonomy of SLDCs through separate governance boards and financial accounts, and approval of capital expenditure plans.
2) Make LDCs financially self-reliant by recognizing three revenue streams from system operation, IT infrastructure, and market services.
3) Introduce certification for system operators, establish centralized training, and ensure all LDC personnel receive basic training and certification within two years.
4) Provide higher compensation and incentives to attract and retain talent for the specialized LDC roles.
5
The 2019 general budget did not include any major announcements to boost economic growth as expected. The government plans to reduce the fiscal deficit to 3% of GDP by 2021-2022 to strengthen the economy. The finance minister also proposed raising external sovereign debt denominated in foreign currencies to diversify debt and lower borrowing costs for companies. Infrastructure investment was emphasized to reach the $5 trillion GDP goal over the next five years. Overall the budget focused on fiscal prudence and continued existing economic measures rather than new initiatives.
The document outlines procedures for the 'Make' category of defence acquisition in India. It aims to promote self-reliance and wider participation of the domestic industry. Key points include:
- Establishing Project Management Units in each Service Headquarters to oversee 'Make' projects.
- Dividing 'Make' projects into Make-I (government funded) and Make-II (industry funded) categories. Make-I projects involve critical technologies while Make-II focuses on import substitution.
- Outlining the acquisition process which involves feasibility studies, developing requirements, selecting developers, prototyping, trials and commercial negotiations.
- Reserving Make-I and Make-II projects under certain budget limits for Micro
The document summarizes India's major industrial policies from 1948 to the late 1970s. The key points are:
1) The 1948 policy established a mixed economy with industries divided between public, private, and joint sectors. It emphasized balanced regional development and harmonious labor relations.
2) The 1956 policy expanded the public sector and classified industries into schedules A, B, and C based on state involvement. It aimed to accelerate industrialization and reduce economic inequalities.
3) Subsequent policies in the 1970s gradually liberalized the economy by raising investment limits, delicensing industries, and providing incentives for exports and backward area development. This moved India toward a more market-oriented economy.
Sangyun Lee, 'Why Korea's Merger Control Occasionally Fails: A Public Choice ...Sangyun Lee
Presentation slides for a session held on June 4, 2024, at Kyoto University. This presentation is based on the presenter’s recent paper, coauthored with Hwang Lee, Professor, Korea University, with the same title, published in the Journal of Business Administration & Law, Volume 34, No. 2 (April 2024). The paper, written in Korean, is available at <https://shorturl.at/GCWcI>.
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1) ECBs are permitted by the Indian government to provide additional financing for companies and projects, especially in priority sectors like power and core infrastructure.
2) Infrastructure development, including power generation, transmission, and distribution, presents many investment opportunities for domestic and foreign private investors using ECBs.
3) Factors that affect private investment in the power sector include government policies, regulatory mechanisms, guarantees, efficiency, legal protections, and other economic and risk factors.
The document outlines two schemes introduced by the Government of Gujarat to improve industrial infrastructure:
1) Scheme 1 provides financial assistance up to 60% of project costs for critical infrastructure projects in industrial areas. Eligible projects include roads, utilities, and common facilities.
2) Scheme 2 provides viability gap funding up to 20% of project costs for developing industrial parks through public-private partnerships. It defines criteria for parks at different levels of development and sets rules for land acquisition and project implementation.
Destination Bihar : Opportunities in Bihar State’s Transmission and Distribut...pManifold
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This document provides an overview of Build-Own-Operate-Transfer (BOOT) projects. It discusses that BOOT projects involve a private company building, owning, and operating an infrastructure project, like a road or power plant, for a set period of time before transferring it back to public ownership. The document outlines the structure of BOOT projects, including the various parties involved like the government, private sponsors, contractors, and financiers. It also provides a brief history of how BOOT models have been used for infrastructure development in Nepal and other countries.
CII has been strongly advocating for an Action Agenda towards creating an enabling and integrated policy & regulatory framework, the impact of which could facilitate considerable investments in the Infrastructure sector thus taking India’s Infrastructure story forward.
This issue of Policy Watch takes an in-depth look at the sectoral issues and has outlined some specific recommendations to reinvigorate the growth momentum in the sector.
The document provides an overview of three major "Make" projects in India: the Futuristic Infantry Combat Vehicle (FICV), Tactical Communication System (TCS), and Battlefield Management System (BMS). It discusses the status and timeline of each project, highlighting that they have been under consideration for a long time but have yet to see significant progress. The total estimated cost of the three projects is around $20 billion. Five consortia submitted proposals for the FICV project in 2016 but the selected developers have not been announced. The TCS project aims to replace aging communication systems and is estimated to cost $4 billion. Both projects face delays and have proven challenging to implement despite being priorities for indigenous defense manufacturing in India
The general public and the society including top bureaucrats, politicians, media personnel, social activists, thinkers, intellectuals and policy makers and those who determine the future directions of the society and the economy expect the auditing profession to perform the roles of a watchdog who can monitor the auditee entity comprehensively to ensure that interest of owners, minority shareholders, investors, bankers, government, regulators, suppliers, customers and other stake holders are fully protected. Most importantly interest of the auditee entity are preserved and various financial and operational decisions taken by the management at various levels were in the interest of the company and were within the policy framework laid down by the Board.
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The effective implementation of such large and complex project, involving multiple states and agencies calls for immaculate planning and a robust administrative structure. In order to ensure that the traditional pitfalls of project implementation are overcome, it is proposed that a Project Development approach be adopted, wherein each facet of the project is rigorously developed from an engineering, financial, contractual, environmental and social perspective, along with interlinkages, on prioritization and selective basis and prior to commencement of implementation
PM Gati Shakti is a digital platform that connects 16 central ministries to ensure coordinated planning and execution of infrastructure projects. It aims to improve multimodal connectivity between roads, railways, airports, ports, mass transport, waterways and logistics infrastructure. Prime Minister Modi launched the Rs 100 lakh crore Gati Shakti Master Plan to provide connectivity to more than 1,200 industrial clusters. The plan will have important economic benefits like reducing logistics costs, saving time, boosting employment and facilitating seamless movement of goods and people.
The document discusses infrastructure development in India and analyzes the Union Budget for 2010-11. It provides details of projected investment in infrastructure sectors in the 11th Five Year Plan period. Key highlights include a projected total investment of $515 billion with the largest allocations to electricity, roads, and telecom. The budget increased allocation to sectors like roads and power but also imposed some taxes that may increase costs. Overall, the document finds that while the budget boosted some infrastructure sectors, increased taxes could negatively impact profitability of related industries.
This document discusses sectoral infrastructure development in India. It notes that infrastructure investment plays an important role in economic growth and development. Large investments are planned for various infrastructure sectors like roads, ports, railways, and airports to support India's growing economy. Public-private partnerships are seen as key to funding these infrastructure improvements. The regulatory environment is also being reformed and liberalized to encourage greater private and foreign investment in India's infrastructure development.
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Delhi-Mumbai Industrial Corridor, from here on referred to as DMIC, is a multi-modal High Axle Load dedicated freight corridor connecting Delhi and Mumbai. It is a mega infrastructure project at USD 100 billion with technical and financial aid built in from Japan. The project is a flagship programme of Government of India with the aim of creating futuristic Industrial Cities by leveraging the "High Speed - High Capacity" connectivity backbone provided by Western Dedicated Freight Corridor (DFC).
The document discusses infrastructure in India, defining it as the basic physical systems and structures needed for society and the economy. It provides examples of different types of infrastructure like transportation, communication networks, and utilities. It outlines the importance of infrastructure for economic development and prosperity. It also discusses the historical development of infrastructure in India and current challenges and opportunities, particularly in the areas of urban development and transportation.
The document discusses opportunities for direct financing of public infrastructure projects in various sectors in India such as transportation, utilities, housing, social infrastructure, and tourism. It outlines the key public infrastructure development principles used in India and notes that private partners typically take on construction, development, and revenue risks for public-private partnership projects, while financing is usually the private partner's responsibility. The document analyzes sub-sectors within each infrastructure category and identifies potential funding opportunities, investment modes, and risk profiles. It also discusses some non-traditional financing approaches such as municipal bonds and managed service contracts for smart city projects.
India faces significant infrastructure bottlenecks that are hindering its economic competitiveness and growth. These bottlenecks include inadequate road and transport infrastructure between ports, rail hubs, and industrial areas. This leads to higher business costs and negatively impacts India's exports. While the government has recognized the need for infrastructure development and established committees to accelerate projects, many initiatives have faced delays and failures due to issues like lack of private investment, land acquisition problems, and bureaucratic red tape. Addressing infrastructure bottlenecks remains a key challenge in allowing India to achieve its economic growth potential.
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2) Make LDCs financially self-reliant by recognizing three revenue streams from system operation, IT infrastructure, and market services.
3) Introduce certification for system operators, establish centralized training, and ensure all LDC personnel receive basic training and certification within two years.
4) Provide higher compensation and incentives to attract and retain talent for the specialized LDC roles.
5
The 2019 general budget did not include any major announcements to boost economic growth as expected. The government plans to reduce the fiscal deficit to 3% of GDP by 2021-2022 to strengthen the economy. The finance minister also proposed raising external sovereign debt denominated in foreign currencies to diversify debt and lower borrowing costs for companies. Infrastructure investment was emphasized to reach the $5 trillion GDP goal over the next five years. Overall the budget focused on fiscal prudence and continued existing economic measures rather than new initiatives.
The document outlines procedures for the 'Make' category of defence acquisition in India. It aims to promote self-reliance and wider participation of the domestic industry. Key points include:
- Establishing Project Management Units in each Service Headquarters to oversee 'Make' projects.
- Dividing 'Make' projects into Make-I (government funded) and Make-II (industry funded) categories. Make-I projects involve critical technologies while Make-II focuses on import substitution.
- Outlining the acquisition process which involves feasibility studies, developing requirements, selecting developers, prototyping, trials and commercial negotiations.
- Reserving Make-I and Make-II projects under certain budget limits for Micro
The document summarizes India's major industrial policies from 1948 to the late 1970s. The key points are:
1) The 1948 policy established a mixed economy with industries divided between public, private, and joint sectors. It emphasized balanced regional development and harmonious labor relations.
2) The 1956 policy expanded the public sector and classified industries into schedules A, B, and C based on state involvement. It aimed to accelerate industrialization and reduce economic inequalities.
3) Subsequent policies in the 1970s gradually liberalized the economy by raising investment limits, delicensing industries, and providing incentives for exports and backward area development. This moved India toward a more market-oriented economy.
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1. www.induslaw.com
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A r t i c l e s & P u b l i c a t i o n s J u n e 2 0 2 3
REDEFINING INFRASTRUCTURE: A PATHWAY FOR FUTURE
1. INTRODUCTION
The Ministry of Finance has recently mandated a high-level committee led by Mr. Bibek Debroy, chairman
of the Economic Advisory Council to the Prime Minister of India, to redefine the scope of activities and
sub-sectors to be classified under the infrastructure sector. The high-level committee has been called to
action for undertaking a comprehensive evaluation of the parameters for defining infrastructure and
highlight various segments which are crucial for the economic development, and which urgently require
the financial augmentation due for critical infrastructure sectors. Experts believe that this re-evaluation of
the sectoral classification is being done in light of the economic, social, and technological changes in the
economy over the last few years.
2. CONUNDRUM OF DEFINITIONS
Despite infrastructure being recognised as a crucial cog in the machinery of the economy, the Indian legal
framework still does not have a uniform definition of infrastructure or the sectors which comprise the
category of infrastructure. Throughout various stages of economic development the Union Government of
India appointed different committee of experts to classify various activities comprising the infrastructure
sector. Some of the prominent committees and their attempts at classifying infrastructure are as follows:
2.1. Dr Rakesh Mohan Committee (1996)
The earliest attempt to provide a comprehensive definition of infrastructure was by Dr Rakesh Mohan
Committee in the “India Infrastructure Report” in 19961, wherein they classified electricity, gas, water
supply, telecom, roads, industrial parks, railways, ports, airports, urban infrastructure, and storage as
infrastructure. However, this definition does not comprehensively cover the entire spectrum as it did not
include oil exploration, pipelines, or irrigation systems, and the classification was devoid of any basic
understanding about the fundamental characteristics of infrastructure sector.
2.2. Rangarajan Commission (2001)
With the liberalisation of economy and further growth opportunities beckoning at the doors of the nation,
the lacunae in the classification of Dr Rakesh Mohan Committee were recognised by the Union Government
which constituted a special commission under Dr C Rangarajan in 2001 (“Rangarajan Commission”). The
Rangarajan Commission made a list of indicators or characteristics2 of sectors which are to be classified
under the larger umbrella of infrastructure, these six indicators are: (a) natural monopoly (b) high sunk costs
(c) non tradability of outputs (d) non-rivalness (up to congestion limits) in consumption, (e) possibility of price
exclusion; and (f) bestowing externalities on society.
1 Office Memorandum of the Planning Commission on the definition of Infrastructure, available at
http://www.cspm.gov.in/ocms/pi/Defination.pdf.
2 Office Memorandum of the Planning Commission on the definition of Infrastructure, available at
http://www.cspm.gov.in/ocms/pi/Defination.pdf.
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Based on these features, (except (b), (d), and (e) listed above), the Rangarajan Commission recommended
inclusion of the following sectors:
(i) railway tracks, signalling system, stations;
(ii) roads, bridges, runways, and other airport facilities;
(iii) transmission and distribution of electricity;
(iv) telephone lines, telecommunications network;
(v) pipelines for water, crude oil, slurry, waterways, port facilities; and
(vi) canal networks for irrigation, sanitation, or sewerage.
Based on the characteristics laid down in (b), (d) and (e) listed above, the Commission further
recommended the following sectors to be included as well
(i) rolling stock on railways;
(ii) vehicles, aircraft;
(iii) power generating plants;
(iv) production of crude oil, purification of water; and
(v) ships and other vessels.
However, the above classification is also seen by many experts as incomplete as various facets of social
infrastructure like schools, colleges, hospitals were not included. Further, with designated industrial areas
like special economic zones, Export Oriented Units (EOUs) being promoted by the government, the
classification by the Rangarajan Committee did not prove useful for policy formulation in the long run.
2.3. Cabinet Committee on Infrastructure and the Harmonized Master List on Infrastructure
In 2009, a new policy mechanism was set up by a special cabinet committee under the chairmanship of Dr
Manmohan Singh the erstwhile Prime Minister. This committee, namely the Cabinet Committee on
Infrastructure (“CCI”) was mandated to formulate policies and monitor implementation of programmes
across various infrastructure sectors. With this objective, the CCI felt it was imperative to first clearly define
‘infrastructure’ to have a steady base for the collection of data and its comparison in the future. The CCI
then with the Ministry of Finance went on to draw an indicative set of indicators by augmenting the initial
broad framework laid down by the Rangarajan Commission.
The initial list of sectors given by Rangarajan Commission was thus further added by three more indicators
i.e. (a) sector’s importance to the scheme of economic development; (b) their ability to contribute to human
capital; and (c) specific circumstances under which they developed in India. Based on this framework it
prepared a master list of identified infrastructure sub-sectors classified under five broad categories of
transport, energy, water and sanitation, communication, and social and commercial infrastructure. This list
was named as the Harmonized Master List on Infrastructure3 (“Master List”). The Master List was open to
all the concerned agencies responsible for supporting infrastructure policies. Each agency was authorised
to modify the Master List by providing the reasoning for the said inclusion or deletion based on the six
indicators provided by the CCI. Thus, a permanent mechanism for the revision of the Master List was also
set up under the Secretary, Department of Revenue, Chief Economic Adviser, and representatives from
Reserve Bank of India (“RBI”), Securities Exchange Board of India, Insurance Regulatory and Development
Authority of India, Pension Fund Regulatory and Development Authority and Secretary of the concerned
3 Background of the establishment of CCI and adoption of Harmonized Master List on Infrastructure, available at
https://pib.gov.in/newsite/PrintRelease.aspx?relid=80634.
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Administrative Ministry/ Department as members. The Master List is the current mechanism for the
categorisation of infrastructure sub-sectors, with the latest addition being made for data centres and energy
storage systems4.
3. ADVANTAGES OF INFRASTRUCTURE STATUS
Being classified as an infrastructure sub-sector opens companies for various forms of financial assistance.
Recently the finance minister announced a massive infrastructure financing initiative titled National
Infrastructure Pipeline5 with an outlay of over INR 111 lakh crores to be invested from 2020-2025.
Furthermore, the existing legal framework for availing debt and equity investments has provided for
separate provisions and relaxations for entities engaged in the infrastructure segment. The various
advantages which an entity can avail upon being granted infrastructure status are provided hereinbelow:
(a) Access to foreign debt capital through external commercial borrowings: Entities engaged in the
sub-sectors classified under the Master List are eligible for certain relaxations when they avail debt
from external sources under the External Commercial Borrowing (“ECB”) framework of the RBI.
The ECB framework also provide that entities engaged in the infrastructure sector who have
availed rupee term loans domestically can avail ECB for the repayment of such loans under one
time settlement arrangement with the borrowers.
(b) Exemptions under the Companies Act, 2013: The Companies Act, 2013 provides for certain special
exemptions for companies engaged in the infrastructure sector for example Section 55(2) of the
Companies Act , 2013 read with Rule 10 of the Companies (Share Capital and Debentures) Rules,
2014 allows companies in the infrastructure sector to issue preference shares for a period exceeding
twenty years, but not exceeding thirty years, subject to redemption of ten percent from the twenty
first year onwards on a proportional basis. This longer period of redemption is provided by the
lawmakers considering the long gestation periods of infrastructure projects. An infrastructure
company has also been exempted from various conditions imposed by Section 186 of the
Companies Act, 2013 governing the loans and investments to be made by a company.
(c) Availability of enhanced credit facility from domestic financial institutions:- Infrastructure
companies are eligible to avail credit facilities for long-term at low rate of interest due to the
priority sector lending norms of the Union Government and the RBI. Various non-banking
financial institutions working in the domain of infrastructure financing provide long term loans
for meeting capital expenditure needs of infrastructure companies.
Thus, sectors which are included in the larger umbrella of infrastructure under the Master List are
open to schemes and opportunities which cannot be availed by any other sub-sector or industry.
However, the concept of infrastructure is an evolving concept as noted by the CCI, this concept
cannot be rigid and has to be a fluid notion, which develops as the needs and priorities of the
society shifts or modifies with time. This evolution of the society and its needs with time makes it
urgent that the resources poised for investment as infrastructure are also suitably directed in the
appropriate segments.
4 The Harmonized Master List of Infrastructure sub-sectors (Annexure-I) (as updated on October 11, 2022), available at
https://egazette.nic.in/WriteReadData/2022/239561.pdf.
5 Policy announcement for National Infrastructure Pipeline, available at
https://www.pib.gov.in/PressReleasePage.aspx?PRID=1644812.
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4. THE NEW NOTION OF INFRASTRUCTURE
The classical definition of infrastructure has evolved over the years in India, from the traditional concept
of roads, bridges, and highways to the inclusion of social infrastructure (affordable housing, affordable
renting complexes, convention centres etc.) in the Master List. This inclusion is an admission of
policymakers that infrastructure and its ambit must evolve over time, to act as a fulcrum for social
development.
Policymakers have time and again come to realise that it may not be in the best interest to have a hard-line
definition of infrastructure as seen from the limitations in the Rangarajan Committee definition and the
constant need for updating the Master List. However, owing to the need of having a steady policy
framework and for monitoring the progress in the sector it’s important to define the activities and sub-
sectors to facilitate incentives and proper monitoring. A relevant example of fields of infrastructure which
were unprecedented in the previous definitions are software for public welfare and climate change
technologies, these fields were never considered as infrastructure. However, in today’s society post the
digital revolution and climate movements, the priority of the population has shifted massively. The
development of digital India has made strides in the incorporation of Digital Public Goods (“DPG”), into
the daily lives of citizens, like, software, data sets or artificial intelligence models which are used as public
goods for the augmentation of economic development. DPG has provided us with tools like Aadhar and
Unified Payments Interface (UPI), which through their integration in various services have brought forth
multi-faceted developments in the field of social growth and financial inclusion.
Climate consciousness and the need to eliminate the traditional fossil fuel-based sources of energy is also
shifting the way the society perceives infrastructure in the modern age. Non-conventional sources of
energy are being brought into the mainstream, as the country plans to stop adding new coal power
generation capacity6 in its power mix. However, renewable energy sources like solar, hydropower and
wind energy are unable to compete with the traditional fossil fuel sources of energy with the current
technology, consequently they need financial incentives and technological support to be commercially
viable on a large scale. The Union Government has included Energy Storage Systems in the Master List
and has other policies for the benefit of renewable energy developers; however, experts believe that having
a separate category for sustainable technologies is required if the country needs to have uniformity in
policy making and benchmarking. Furthermore, with the notification of the National Green Hydrogen
Mission, a policy push on hydrogen fuel cells and manufacturing of electrolyzers may also be deliberated
upon by the committee.
5. CONCLUSION
The high-level committee led by Mr. Bibek Debroy, is poised to submit its report by September 2023.
Experts have opined that the earlier framework of having five categories in the Master List, may be revised
to have a more indicative criterion. The committee is particularly expected to focus on the renewable sector.
The main policy initiative while providing the necessary updates to the Master List should be to create a
more indicative and flexible criteria instead of adoption of a hard-line closed box approach. Since
infrastructure is a vital plinth for the economic growth of a country it would need to be inclusive of the
6 National Electricity Plan (NEP) (Vol-I Generation) (2022-32), available at
https://cea.nic.in/wp-content/uploads/irp/2023/05/NEP_2022_32_FINAL_GAZETTE-1.pdf.
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future needs and priorities of the populace. There is an expectation that a newfound framework will be
agile and adaptable and would provide for inclusive sustainable development factors for the society of the
future.
Authors: M. Arun Kumar | Ahona Pal | Anurag Mawai
Date: June 15, 2023
Practice Areas: Projects and Infrastructure
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