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Regulate PSU projects: Assocham

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The Associated Chambers of Commerce and Industry of India (Assocham) has appealed to the government to have an Effective Project Implementation Regulator to monitor timely execution of projects of Navratna and Mini-Navratna public sector undertaking (PSU) companies.
In a representation submitted to Ministries of Finance, Commerce & Industry and Planning Commission including the Prime Minister’s Office by Assocham President, Dr Swati Piramal, the Chamber has made a strong case for a regulator since vast majority of PSU projects are delayed in the absence of a watchdog, according to a statement issued.
According to Assocham estimates – the statement said – cost of delays on projects implementation in the last one decade is conservatively pegged at Rs2 lakh crore for whole of economy and PSUs, especially those in category of Navratna and Min-Navratna slightly lesser than Rs1 lakh crore.
A case in example can be cited for inspiration from Delhi Metro Railway Corporation (DMRC) which has already set up a precedent for executing all it’s projects in phased manner much before the rolled out time period, the statement added.
The proposed regulator can only be effective if it is ensured and conferred upon power that have been released for project execution for DMRC, said Dr. Piramal adding that sufficient representation should be given to public sector companies in the regulatory mechanism and senior functionaries be drawn into it from PMO, Ministries of Finance, Commerce & Industry, Planning Commission as also law & justice, besides Ministry of Urban Development.

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