A PMI-KPMG report reveals the silent drain on national resources
While infrastructure has been driving economic growth in India, time and cost overruns impede the sector's potential, says the Project Management Institute (PMI)-KPMG Infrastructure Study 2010.
The report also highlights how project management can help ensure efficient deployment of resources. Of the 1,035 infrastructure sector projects completed during April 1992March 2009, the study noted that 41 per cent faced cost overruns and 82 per cent witnessed time overruns.
PMI, a global association for the project management professionals released a study with leading professional services firm, KPMG titled `Study on Drivers for Success in Infrastructure Projects 2010' at a conference on `Project management in infrastructure sectors' held in New Delhi this week.
The report presents a comprehensive mapping of infrastructure projects and highlights the important roles that all stakeholders will play towards building India's infrastructure with planning and efficiency. The survey was carried out after taking the views of over 100 top management personnel representing Indian companies across infrastructure sectors, namely oil and gas, power, roads and bridges, ports and shipping, civil aviation, urban infrastructure, railways, steel and telecom. Raj Kalady, managing director, PMI India, said, "As the Indian economy drives global growth, it is critical for owners and contractors, the government, and the entire project stakeholder community, to mitigate delivery weaknesses collaboratively while consolidating strengths for successful project delivery. PMI, as a not-for-profit body, has been successful in building advocacy for the use of project management."
Geno Armstrong, global head, major project advisory services, KPMG, said, "The infrastructure industry in India has enjoyed several positive indicators. However, certain hard facts such as the on-ground delivery and extent of success achieved in terms of timely and within-budget completion sound a cautionary signal to the industry and the stakeholders."
"India is a country with tremendous potential for infrastructure growth. This sector has enjoyed a growth rate of 22 per cent in 2008-09. Moving ahead, there is a planned government spending of Rs 46.3 trillion in the 12th five year plan, with a staunch commitment to infrastructure investment proposed by the government. Despite these figures, time and cost overruns threaten to limit the potential of this sector to not only achieve growth projections, but also the huge contribution it can make to the overall GDP," he added.
Courtesy: HT Estates 13 March 2010
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