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8/9/2019 A CRITICAL STUDY OF PUBLIC PRIVATE PARTNERSHIP FOR INFRASTRUCTURE DEVELOPMENT IN INDIA-.doc
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SYNOPSIS
ON
A CRITICAL STUDY OF PUBLIC PRIVATE
PARTNERSHIP FOR INFRASTRUCTURE
DEVELOPMENT IN INDIA:-
WITH SPECIAL REFERENCE TO
MAHARASHTRA STATE
(1997-2007
Submitted to
Rastrasant Tukadoji Maharaj Nagpur University, Nagpur
for Registration for the Degree of Doctor of Phiosophyin the !acuty of "ommerce
R!"!#$%&!$RA'ESH I CHOU)SEY
BE* MBA
S+,!$."/$
D$ MU)UL A BURHATE
BE* MBA* SET* P&D
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DR PAN'ABRAO DESHMU)H INSTITUTE OF
MANAEMENT TECHNOLOY AND REASEARCH*DNC*CONRESS NAAR * NAPUR-12
(200
CONTENTS
Chapter TITLE PAGE NO
1 Introduction 1-18
2 Objectives o the stud! 1"
# P$an o %or& 2'-21
( )esearch *ethodo$o+! 22-2,
Chapter .che/es 20-28
ib$io+raph! 2"-#1
1 INTRODUCTION
)3 PAN4A)AO E.5*675 IN.TIT6TE O *ANAGE*ENT TEC5NOLOG9 AN )EA.EA)C5: NAGP6)-123
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Govern/ent o India ;GOI< has decided to active$! pursue the Pub$ic Private
Partnership ;PPP< /ode$ to /eet the +aps in provision o basic inrastructure
services3 *inistr! o inance has underta&en a pro+ra//e o capacit! bui$din+ or
PPPs in the .tate Govern/ents and Centra$ *inistries3
As $on+-ter/ econo/ic +ro=th re>uires invest/ents in inrastructure:
+overn/ent ace a +ro=in+ need to ind a$ternative =a!s to inance inrastructure3
To /eet this need in the ace o scarce inancia$ resources: +overn/ents /a! ind it
opti/a$ to ocus on or/u$atin+ pub$ic po$icies rather than bui$din+ the needed
inrastructure3 Indeed: the evidence c$ear$! sho=s that +overn/ents have been
$ar+e$! unsuccessu$ in providin+ independent$! the /uch-needed inrastructure and
pub$ic +oods to support econo/ic +ro=th3 At the sa/e ti/e: private ir/s cannot be
re$ied upon to bui$d and de$iver these pub$ic inrastructures independent$!3 or these
reasons: /utua$$! beneicia$ partnerships bet=een pub$ic and private sectors can be
i/portant31
Attractin+ private capita$ in this critica$ sector is reco+ni?ed as a &e! strate+!
to /eet the resource deicit3 Conse>uent$!: Pub$ic Private Partnership ;PPPs< are
bein+ encoura+ed as the preerred /ode or e@ecution and operation o
inrastructure projects3 PPPs oer a nu/ber o advanta+es in ter/s o enhancin+ the
abi$it! to ta&e a $ar+er she$ o inrastructure invest/ents: introducin+ specia$i?ed
e@pertise and cost reducin+ techno$o+! as =e$$ as brin+ in eiciencies in operation
and /aintenance32
Pub$ic Private Partnership ;PPP< Project /eans a project based on a contract
or concession a+ree/ent: bet=een a Govern/ent or statutor! entit! on the one side
and a private sector co/pan! on the other side: or de$iverin+ an inrastructure
service on pa!/ent o user char+es3 Private .ector Co/pan! /eans a co/pan! in
=hich 1 or /ore o the subscribed and paid up e>uit! is o=ned and contro$$ed b!
a private entit!3
PPPs are broad$! reer to $on+-ter/: contractua$ partnerships bet=een the
pub$ic and private sector a+encies: speciica$$! tar+eted to=ards inancin+:
desi+nin+: i/p$e/entin+: and operatin+ inrastructure aci$ities and services that
=ere traditiona$$! provided b! the pub$ic sector3 These co$$aborative ventures are
bui$t around the e@pertise and capacit! o the project partners and are based on a
contractua$ a+ree/ent: =hich ensures appropriate and /utua$$! a+reed a$$ocation o
)3 PAN4A)AO E.5*675 IN.TIT6TE O *ANAGE*ENT TEC5NOLOG9 AN )EA.EA)C5: NAGP6)-123
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resources: ris&s: and returns3 This approach o deve$opin+ and operatin+ pub$ic
uti$ities and inrastructure b! the private sector under ter/s and conditions a+reeab$e
to both the +overn/ent and the private sector is ca$$ed PPP or P# or Private .ector
participation ;P.Pua$it!: price certaint!: and cost-eectiveness ;va$ue or /one!< o the
partnership3 Govern/ent re/ains active$! invo$ved throu+hout the projectBs $ie
c!c$e3 6nder the PPP or/at: the +overn/ent ro$e +ets redeined as one o aci$itator
and enab$er: =hi$e the private partner p$a!s the ro$e o inancier: bui$der: andoperator o the service or aci$it!3 PPPs ai/ to co/bine the s&i$$s: e@pertise: and
e@perience o both the pub$ic and private sectors to de$iver hi+her standard o
services to custo/ers or citi?ens3 The pub$ic sector contributes assurance in ter/s o
stab$e +overnance: citi?ensB support: inancin+: and a$so assu/es socia$:
environ/enta$: and po$itica$ ris&s3 The private sector brin+s a$on+ operationa$
eiciencies: innovative techno$o+ies: and /ana+eria$ eectiveness: access to
additiona$ inances: and construction and co//ercia$ ris& sharin+3
12 THE SALIENT FEATURES OF A PPP
Not a$$ projects =ith private sector participation are PPP projects3
Essentia$$!: PPPs are those ventures in =hich the resources re>uired b! the project in
tota$it!: a$on+ =ith the acco/pan!in+ ris&s and re=ardsreturns: are shared on the
basis o a predeter/ined: a+reed or/u$a: =hich is or/a$i?ed throu+h a contract3
PPPs are dierent ro/ privati?ation3 %hi$e PPPs invo$ve private /ana+e/ent o
pub$ic service throu+h a $on+-ter/ contract bet=een an operator and a pub$ic
authorit!: privati?ation invo$ves outri+ht sa$e o a pub$ic service or aci$it! to the
private sector3 A t!pica$ PPP e@a/p$e =ou$d be a to$$ e@press=a! project inanced
and constructed b! a private deve$oper3
A PPP project is essentia$$! based on a si+niicant opportunit! or the private
sector to innovate in desi+n: construction: service de$iver!: or use o an asset3 To be
viab$e: PPPs need to have c$ear$! deined outputs: avenues or +eneratin+
unda/enta$ >ua$ities o a PPP project
HIH PRIORITY TO OVERNMENT-PLANNED PRO'ECT: -
The project /ust have e/er+ed ro/ a +overn/ent-$ed p$annin+ and
)3 PAN4A)AO E.5*675 IN.TIT6TE O *ANAGE*ENT TEC5NOLOG9 AN )EA.EA)C5: NAGP6)-123
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prioriti?ation process3 The project /ust be such that: re+ard$ess o the
source o pub$ic or private capita$: the +overn/ent =ou$d sti$$ =ant the
project to be i/p$e/ented >uic&$!3
ENUINE RIS) ALLOCATION: - .hared ris& a$$ocation is a
principa$ eature o a PPP project3 The private sector /ust +enuine$!
assu/e so/e ris&3
MUTUALLY VALUABLE: -Da$ue shou$d be or both sides: =hich
/eans +overn/ent shou$d a$so +enuine$! accept so/e ris&s and not
transer the entire ris& to the private sector: and vice versa3 Diabi$it! Gap
undin+ .che/e non+overn/enta$ revenue and suicient capacit! in the
private sector to successu$$! de$iver project objectives3
The various PPP or/s and or/ats In a PPP: the FprivateB partner cou$d be a
private co/pan!: a consortiu/: or a non+overn/enta$ or+ani?ation ;NGO
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in$uenced b! the provisions o the e@istin+ $e+a$ and re+u$ator! ra/e=or&: the
structurin+ o the project to attract private resources: and the potentia$ to +enerate
uture cash $o=s3
1 THE )EY CONSIDERATIONS IN PPPS
PPPs oten invo$ve co/p$e@ p$annin+ and sustained aci$itation3
Inrastructure projects such as roads and brid+es: =ater supp$!: se=era+e and
draina+e invo$ve $ar+e invest/ent: $on+ +estation period: poor cost recover!: and
construction: socia$: and environ/enta$ ris&s3 %hen inrastructure is
deve$oped as PPPs the process is oten characteri?ed b! detai$ed ris& and cost
appraisa$: co/p$e@ and $on+ biddin+ procedures: diicu$t sta&eho$der
/ana+e/ent: and $on+-dra=n ne+otiations to inancia$ c$osure3 This /eans
that PPPs are critica$$! dependent on sustained and e@p$icit support o the
sponsorin+ +overn/ent3 To dea$ =ith these procedura$ co/p$e@ities and
potentia$ pita$$s o PPPs: +overn/ents need to be c$ear: co//itted: and
technica$$! capab$e to hand$e the $e+a$: re+u$ator!: po$ic!: and +overnance
issues33
13 BENEFITS AND STRENTHS:
The e/er+ence o PPPs is seen as a sustainab$e inancin+ and institutiona$
/echanis/ =ith the potentia$ o brid+in+ the inrastructure +ap3 PPPs pri/ari$!
represent va$ue or /one! in pub$ic procure/ent and eicient operation3 Apart ro/
enab$in+ private invest/ent $o=s: PPPs a$so de$iver eicienc! +ains and enhanced
i/pact o the invest/ents3 The eicient use o resources: avai$abi$it! o /odern
techno$o+!: better project desi+n and i/p$e/entation: and i/proved operations
co/bine to de$iver eicienc! and eectiveness +ains =hich are not readi$! produced
in a pub$ic sector project3 PPP projects a$so $ead to aster i/p$e/entation: reduced
$iec!c$e costs: and opti/a$ ris& a$$ocation3 Private /ana+e/ent a$so increases
accountabi$it! and incentivi?es peror/ance and /aintenance o re>uired
service standards3 ina$$!: PPPs resu$t in i/proved de$iver! o pub$ic services and
a$so pro/ote pub$ic sector reor/s3
14 ACCESS TO PRO'ECT FINANCE
The ore/ost beneit o adoptin+ the PPP route is the abi$it! to access capita$
undin+ ro/ the private sector: considerin+ that undin+ is +ettin+ increasin+$!
$i/ited ro/ pub$ic sector bud+ets3 Thus: PPPs a$$o= +overn/ents to overco/e their
)3 PAN4A)AO E.5*675 IN.TIT6TE O *ANAGE*ENT TEC5NOLOG9 AN )EA.EA)C5: NAGP6)-123
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bud+etar! and borro=in+ constraints and raise inance or hi+h-priorit! pub$ic
inrastructure projects3 Essentia$$!: +overn/ents are ab$e to use private inance
throu+h PPPs to bui$d inrastructure projects that =ou$d previous$! have been bui$t
b! the pub$ic sector usin+ pub$ic sector inance3 PPP projects a$so $evera+e avai$ab$e
pub$ic capita$ b! convertin+ capita$ e@penditure into $o=-o-service pa!/ents3
The hi+h de+ree o econo/ic e@terna$it! o pub$ic inrastructure: and the
co//ercia$ and socioecono/ic ris&s invo$ved in deve$opin+ and operatin+ the/:
has /ade it diicu$t to appropriate returns ro/ inrastructure invest/ents3 The $on+
+estation period o inrastructure projects a$so re>uires sustainab$e inancia$ and
operationa$ capacit!3 Thereore: there is increasin+ re$uctance in both the pub$ic and
private sectors to absorb a$$ the costs and assu/e a$$ the ris&s o bui$din+ and
operatin+ these assets a$one3 .ince the private sector assu/es the ris& o
nonperor/ance o assets and rea$i?es its returns i the assets peror/: the PPPProcess invo$ves a u$$-sca$e ris& appraisa$3 This resu$ts in better cost esti/ation and
better invest/ent decisions34
15 )EY CONSTRAINTS TO PRIVATE FINANCIN OF
INFRASTRUCTURE:
inancia$ sector constraints to private inancin+ o inrastructure projects are
co/p$e@: capita$ intensive: $on+ +estation projects that invo$ve /u$tip$e and oten
uni>ue ris&s to project inanciers3 Inrastructure projects are characteri?ed b! non-recourse or $i/ited recourse inancin+: i3e3: $enders can on$! be repaid ro/ the
revenues +enerated b! the project3 This $i/ited recourse characteristic: and the sca$e
and co/p$e@it! o an inrastructure project /a&es inancin+ a tou+h cha$$en+e:
=hich is urther co/pounded b! t=o actors3 irst: a co/bination o hi+h capita$
costs and $o= operatin+ costs i/p$ies that initia$ inancin+ costs are a ver! $ar+e
proportion o the tota$ costs3 .econd: inrastructure project inancin+ ca$$s or a
co/p$e@ and varied /i@ o inancia$ and contractua$ arran+e/ents a/on+st /u$tip$eparties inc$udin+ the project sponsors: co//ercia$ ban&s: do/estic and internationa$
inancia$ institutions ;Isuate e>uit! inance tends to be the /ost cha$$en+in+ aspect o
inrastructure project inancin+: as e>uit! t!pica$$! shou$ders the +reatest
$eve$ o operationa$: inancia$ and /ar&et ris&3 5o=ever: at present: $i/ited
e@it options or investors $i/its e>uit! inancin+3
Other constraints inc$ude a sha$$o= capita$ /ar&et ;a$beit continuous$!
i/provin+
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*e??anine inancin+: =hich is critica$ in undin+ inrastructure projects in
deve$oped countries: is a$so $i/ited in India3 The reasons or this are /an!:
notab$!
;i< The $ac& o a suicient$! $ar+e and varied poo$ o
inrastructure projects: =hich $eads to a preerence a/on+
undin+ institutions to opt or /ore strai+htor=ard $oans
;rather than h!bridsuit!
instru/ents ;$i&e /e??anine inancin+< co//ensurate$! =ith
the ris&s associated =ith the/3
Interest rate caps pose a constraint to attractin+ e@terna$ co//ercia$
borro=in+: but an even +reater constraint in uti$i?in+ orei+n currenc! $oans
is the $ac& o a suicient$! deep or=ards /ar&et in orei+n e@chan+e3
Inrastructure projects re>uire $on+ tenor $oans: and i inanced throu+h
orei+n currenc! borro=in+s these need to be ade>uate$! hed+ed a+ainst
currenc! ris&s since e= inrastructure projects have ore@ earnin+s to serve
as a natura$ hed+e3 Inabi$it! to hed+e $on+ ter/ currenc! ris& in a /ar&et
=hich is $i/ited to one !earBs or=ard cover poses a bi+ cha$$en+e to the use
o orei+n currenc! $oans in these projects3
6nderdeve$oped debt /ar&ets are !et another &e! constraint to inrastructure
inancin+: +iven that /ost inrastructure projects be+in to +enerate proits in
1'-1 !ears and re>uire $on+er ter/ debt3 The $ac& o si?e and depth in
IndiaBs corporate bond /ar&et is associated part$! =ith the $ac& o depth in
the +overn/ent bond /ar&et and the absence o a !ie$d curve or
+overn/ent bonds =hich cou$d serve as a bench/ar& or corporate bond3
e!ond that: corporate debt /ar&ets are constrained b! cu/berso/e pri/ar!
issuance +uide$ines inade>uate credit inor/ation ineicient c$earin+ and
sett$e/ent /echanis/s poor and $en+th! enorce/ent $a=s re$atin+ to
deau$t proceedin+s ineiciencies arisin+ ro/ =ea&nesses in re+u$ation:
inc$udin+ poor coordination a/on+ the various a+encies invo$ved in
corporate debt /ar&et re+u$ation and the absence o $on+ ter/ investors3
)3 PAN4A)AO E.5*675 IN.TIT6TE O *ANAGE*ENT TEC5NOLOG9 AN )EA.EA)C5: NAGP6)-123
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A host o re+u$ator! and institutiona$ prob$e/s acin+ inancia$ institutions
;Is< constrain their participation in inrastructure projects3 A unda/enta$
actor $i/itin+ the participation o a$$ t!pes o Is in inrastructure inancin+
re$ates to re+u$ator! uncertaint!: =hich raises the ris&-proi$e o
Inrastructure sectors: and /a&es Is re$uctant to inance inrastructure:
particu$ar$! in the ear$! sta+es: =here project ris&s are concentrated3
)estrictive +overn/ent po$icies and re+u$ator! +uide$ines have urther
constrained the participation o insurance co/panies and pension unds in
inrastructure3 or e@a/p$e: Insurance )e+u$ator! and eve$op/ent
Authorit! ;I)A< re>uires insurance co/panies to invest in debt paper =ith
a /ini/u/ credit ratin+ o FAAB: =hich auto/atica$$! e@c$udes invest/ent
b! insurance co/panies in debt paper o /ost private inrastructure
sponsors3 Insuicient &no=$ed+e and appraisa$ s&i$$s re$ated to inrastructureprojects a$so pose a constraint3
isca$ barriers
An enab$in+ isca$ environ/ent is a prere>uisite or attractin+ private sector
p$a!ers to inherent$! hi+h ris& ventures3 There are so/e isca$ issuesH
particu$ar$! in re$ation to .ections 1';2#G< and .ection 8'IA o the Inco/e
Ta@ ActHthat need to be ironed out in order to +ive urther i$$ip toinrastructure sectors3 A$so: the act that near$! a$$ states suer ro/ serious
isca$ i/ba$ances and are ridden =ith hu+e debt ob$i+ations does not /a&e
the/ the /ost ban&ab$e business partners or the private sector3,
17 RELEVANCE OF PPPS FOR INDIA
171 MASSIVE DEFICIT IN INFRASTRUCTURE SERVICES:espite
beco/in+ the second astest +ro=in+ and the ourth $ar+est econo/! o the
=or$d: India continues to ace $ar+e +aps in the de/and and supp$! o
essentia$ socia$ and econo/ic inrastructure and services3 )apid$! +ro=in+
econo/!: increased industria$ activit!: bur+eonin+ popu$ation pressure: and
a$$-round econo/ic and socia$ deve$op/ent have $ed to +reater de/and or
better >ua$it! and covera+e o =ater and sanitation services: se=era+e and
draina+e s!ste/s: so$id-=aste /ana+e/ent: roads and seaports: and po=er
supp$!3 Increased de/and has put the e@istin+ inrastructure under
tre/endous pressure and ar outstripped its supp$!3
)3 PAN4A)AO E.5*675 IN.TIT6TE O *ANAGE*ENT TEC5NOLOG9 AN )EA.EA)C5: NAGP6)-123
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172 DEFICIENT INFRASTRUCTURE IS A 6BINDIN
CONSTRAINT The inrastructure shorta+es are provin+ to be the $eadin+
bindin+ constraint in sustainin+: deepenin+: and e@pandin+ IndiaBs econo/ic
+ro=th and co/petitiveness30 This has a$so been e/phasi?ed in the /id-ter/
appraisa$ o the Tenth ive 9ear P$an3 It is =ide$! be$ieved that $ac& o +ood
>ua$it! inrastructure is costin+ India 12 +ro=th in +ross do/estic product
;GP< ever! !ear3 Good >ua$it! inrastructure has been the /ain enab$er o
hi+her $eve$ o econo/ic +ro=th in deve$oped as =e$$ as deve$opin+
countries $i&e 6.A: )ussia: *a$a!sia: and China
17 POVERTY REDUCTION:Lac& o inrastructure is preventin+ the
sectora$: re+iona$: and socioecono/ic broadenin+ o the econo/! and its
beneits: and is aectin+ inc$usive +ro=th in India3 The beneits oacce$erated +ro=th o the $ast decade have not been shared b! $ar+e sections
o the popu$ation =hich are $abor dependent: $o= s&i$$ed: rura$ based: and
=or&in+ in a+ricu$ture and /anuacturin+ sectors3 Inrastructure shorta+es
have s$o=ed the +ro=th o /anuacturin+ industries and a+ricu$ture: =hich
are the $abor-absorbin+ /ar&ets or the $o= s&i$$ed3 Povert! $eve$s re/ain
si+niicant: =ith about one-ourth o the popu$ation $ivin+ in povert!3
1 STATUS OF PPPS AND )EY OVERNMENT INITIATIVES
India had a e= notab$e PPPs as ear$! as the 1"th centur!3 The Great Indian
Peninsu$ar )ai$=a! Co/pan! operatin+ bet=een o/ba! ;no= *u/bai< and Thana
;no= Thane< ;18#
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are rea$i?ed3 The Co//ittee on Inrastructure is supported b! the E/po=ered
.ubco//ittee: =hich or/u$ates: revie=s: and approves po$ic! papers and
proposa$s or sub/ission to Co//ittee on Inrastructure: and /onitors and o$$o=s
up on i/p$e/entation o the decisions o Co//ittee on Inrastructure3 The
Co//ittee on Inrastructure has a$so or/ed a Co//ittee o .ecretaries to prepare
and i/p$e/ent an Action P$an or providin+ ade>uate road and rai$ connectivit! or
IndiaBs /ajor ports3 Guide$ines: sche/es: and action p$ans3 The +overn/ent has
pub$ished severa$ &e! docu/ents on )ai$ )oad Connectivit! o *ajor Ports
Guide$ines or inancia$ .upport to Pub$ic Private Partnerships in Inrastructure
Guide$ines on or/u$ation: Appraisa$ and Approva$ o Pub$ic Private Partnership
Projects .che/e or inancin+ Inrastructure Projects throu+h the India
Inrastructure inance Co/pan! inancin+ o the Nationa$ 5i+h=a! eve$op/ent
Pro+ra//e ;N5Puic& processin+ o cases3 In-princip$e approva$ has
been +ranted or ive projects3 E$i+ib$e sectors3 .ectors e$i+ib$e or Diabi$it! Gap
undin+ .che/e are Transportation ;roads: rai$=a!s: seaport: airport
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.che/e3 These inc$ude )oads and rid+es: Airports and .eaports: Co//uter )ai$:
6rban Transit and Par&in+ %ater .upp$! and %aste=ater .!ste/ E$ectricit! and
Gas istribution *unicipa$ .o$id %asteio/edica$ %aste Co$$ection and isposa$
Convention Center and %aterront )edeve$op/ent3
111 ELIIBILITY CRITERIA
To avoid shortco/in+s in project proposa$ and thereb! avoid de$a!s in the
approva$ process: the Diabi$it! Gap undin+ .che/e has the o$$o=in+ criteria
;i< Govern/ent or a statutor! entit! shou$d /a&e the proposa$ and not
the private part!3 The &e! to /a&in+ PPPs acceptab$e is to create an
environ/ent =here PPPs are seen to be a =a! o attractin+ private
/one! into pub$ic projects: not puttin+ pub$ic resources into private
projects3 ;Approach Paper to the E$eventh P$anuic& processin+ o cases3
The approva$ /echanis/ bein+ o$$o=ed is
;i< Diabi$it! Gap undin+ .che/e undin+ up to )s 1'' crore or each
project =i$$ be sanctioned b! the E/po=ered Institution: =hich is
chaired b! the Additiona$ .ecretar!: Econo/ic Aairs
;ii< Proposa$s up to )s 2'' crore =i$$ be sanctioned b! the E/po=ered
Co//ittee: =hich is chaired b! .ecretar!: Econo/ic Aairs and
;iii< A/ounts e@ceedin+ )s 2'' crore =i$$ be sanctioned b! the
E/po=ered Co//ittee =ith the approva$ o the inance *inister3
The centra$ +overn/ent is a$so =or&in+ on a nu/ber o initiatives to assist
and encoura+e capacit! bui$din+ at the state and centra$ $eve$3 An Inter-*inisteria$
Group ;I*Gua$iication o bidders under PPP to avoid $!-b!-ni+ht operators3 A PPP Ce$$has been estab$ished in the epart/ent o Econo/ic Aairs to ad/inister various
PPP proposa$s and coordinate various activities to pro/ote PPPs3 The Govern/ent
o India is a$so =or&in+ to strea/$ine the approva$ process or PPPs in the centra$
sector3 7no=$ed+e /ana+e/ent and disse/ination3 A co//ittee under 4oint
.ecretar! ;Inrastructureua$iication criteria or dierent sectors: standard ter/s and conditions: and
project preparation /anua$3 These +uidin+ docu/ents and /anua$s are ai/ed at the
use o standardi?ed procure/ent and appraisa$ procedures: resu$tin+ in increased
transparenc! and stab$e po$ic! environ/ent or the private sector3 The Govern/ent
o India is a$so bui$din+ a centra$i?ed database and a =ebsite on PPP projects in
India to address the $ac& o authentic and credib$e inor/ation re$atin+ to PPPs3 It
=i$$ be a d!na/ic database: =ith /onitorin+ o on+oin+ projects3 The pub$ic sector
PPP a+encies =i$$ be re>uired to provide data inputs to &eep the database updated3
The or/at is bein+ ina$i?ed and the project is bein+ outsourced to a database
/ana+e/ent a+enc!3 The database and the =ebsite =i$$ to+ether act as an
inor/ation c$earin+ house e@chan+e or a$$ pub$ic and private sector sta&eho$ders
to access inor/ation re$ated to Govern/ent o India po$icies and initiatives:
standard docu/entation: best practices: database o PPPs: /onitorin+ inor/ation:
business opportunities: +$oba$ vendors: project deve$op/ent aci$ities: consu$tin+
ir/s: PPP $endersinancia$ institutions: and other investors38
11 CAPACITY BUILDIN AT STATE LEVELS
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A &e! reason or the s$o= pace o +eneration and sub/ission o PPP project
proposa$s ro/ the states has been $ac& o e@pertise in the project sponsorin+ a+enc!
to structure and eva$uate PPP proposa$s3 The +overn/ent has a$so reco+ni?ed that
there is a dearth o projects3 To overco/e this constraint: the Govern/ent o India
has been tar+etin+ states or capacit! bui$din+ eorts and has stepped up these
eorts3 It is providin+ assistance or the creation o PPP ce$$s in various state
+overn/ents as a noda$ a+enc!3 The PPP too$&it: inor/ation database: and trainin+
=or&shops are directed at rapid$! bui$din+ up statesB capacit! to /obi$i?e PPP
projects3 The Govern/ent o India: throu+h the re+iona$ =or&shops and other
interactions: is a$so identi!in+ the capacit! bui$din+ needs o state +overn/ents and
is +eared to supportin+ an! state initiatives on bui$din+ their capacit! on PPP3 An
Inter-*inisteria$ Group ;I*G
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.ectors e$i+ib$e or India Inrastructure inance Co/pan! Li/ited undin+
are )oads and brid+es: rai$=a!s: seaports: airports: in$and =ater=a!s: and other
transportation projects Po=er 6rban transport: =ater supp$!: se=era+e: so$id-=aste
/ana+e/ent: and other ph!sica$ inrastructure in urban areas Gas pipe$ine
inrastructure projects in .EJs and internationa$ convention centers and other
touris/ inrastructure projects3 An! project a=arded to a private sector co/pan! or
deve$op/ent: inancin+: and construction throu+h PPP =i$$ have overridin+ priorit!
under the sche/e3 India Inrastructure inance Co/pan! Li/ited =i$$ not ordinari$!
underta&e an! appraisa$: =hich =ou$d be done b! the $ead ban&3 Loan assistance
ro/ Fspecia$ purpose vehic$eB =i$$ not e@ceed 2' o the project cost3 A$$
disburse/ents and recoveries =ou$d be underta&en throu+h the $ead ban&3 The
$endin+ nor/s o India Inrastructure inance Co/pan! Li/ited are
The co/pan! /a! render inancia$ assistance throu+h direct $endin+ to
e$i+ib$e projects or reinance to ban&s and inancia$ institutions or $oans =ith a
tenure o ten !ears or /ore3 Ten proposa$s have been received but no undin+ has
ta&en p$ace %a! or=ard3 .trea/$ine approva$ process or PPPs on the $ines o
Govern/ent o India notiication FInrastructureB and FPPPB be entered as subjects
in the )u$es o usiness Transaction and assi+ned to one epart/ent or ocus PPP
Ce$$s be created one .ecretar!-$eve$ oicer be dec$ared the FNoda$ OicerB or
dea$in+ =ith the subject and coordination =ith Govern/ent o India Le+a$ and
institutiona$ ra/e=or& to=ards an Inrastructure Act Inrastructure depart/ents to
set o=n inancia$ .tatus o PPPs and 7e! Govern/ent Initiatives # tar+ets o
attractin+ private invest/ent throu+h PPP these be /onitored and revie=ed as FP$an
outside o P$anBHas part o the E$eventh P$an ina$it! in +overn/ent decision-
/a&in+ ;)evisitin+ decision re+ardin+ PPP erodes credibi$it!
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113 PRIVATE SECTOR PERSPECTIVE
The private sector perspective =as presented b! representatives ro/ the
Inrastructure Leasin+ and inancia$ .ervices Li/ited ;IL.
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process3 *e/ories o ho= the Enron issue =as hand$ed have a$so &ept investors
a=a!3
orei+n investors $oo& or the unda/enta$s o an invest/ent opportunit!3
This covers the ris&-return ba$ance: /ar&et potentia$: and other co/petin+
Opportunities3 or project-speciic considerationsHthe sa/e as the do/estic
investors concernsHthe! $oo& out or un/et de/and: revenue potentia$:
de/onstrated project viabi$it!: and po$itica$ co//it/ent to the project3 ut: /ost
i/portant$!: the! $oo& or opportunities that ba$ance ris&s and re=ards bet=een
pub$ic and private partners3 5o=ever: the situation is e@pected to chan+e: and the
+overn/ent needs to ta&e co+ni?ance o the &ind o PPPs that cou$d be attractive to
orei+n investors3
115 BUILD ENUINE AND MUTUALLY REWARDIN PARTNERSHIPSPPPs represent partnerships in action =ith hu+e sta&es or both the pub$ic
sector and private sector a+encies to succeed co$$ective$!3 It is i/portant that the
pub$ic and private sectors =or& to+ether: &eepin+ the project and outco/es in ocus
and not see&in+ pri/ari$! to /a@i/i?e se$-interest: co$$aboratin+ or /utua$$!
endurin+ va$ue3 It is i/portant that the $e+ac! o /istrust and patrona+e +ives =a! to
+enuine partnerships =ith the rea$i?ation that PPPs represent a ne= =a! o doin+
business: and are not about co//and and contro$3 6$ti/ate$!: the project partners
need to re/e/ber that PPPs are not /ere$! about inance: the! are a$so about
i/provin+ the >ua$it! and eicienc! o pub$ic services3
117 OPPORTUNITIES IN INDIAN INFRASTRUCTURE SECTOR:
The o$$o=in+ tab$e sho=s the opportunities e@ist in the &e! inrastructure area inIndia
OPPO)T6NITIE. ININ)A.T)6CT6)E
O6TLOO7
PO%E)10
Over "':''' *% o ne= +eneration capacit! is
re>uired b! 2'123 A correspondin+ invest/ent is re>uired intrans/ission and distribution net=or&s3 Po=er costs need to be reduced ro/ thecurrent hi+h o 8-1' cents unit b! a co/binationo $o=er AT M C $osses: increased +enerationeiciencies and added $o= cost +eneratin+capacit!3
TELECO**6NICATION.11
India e@pected to be a/on+ the astest +ro=in+te$eco/ /ar&ets in the =or$d3 Projected +ro=th o #'-(' p3a3 to reach 2'/i$$ion subscribers b! 2''"-2'1'3 Over # /i$$ion ne= users are added ever!/onth /ost$! in =ire$ess3
)3 PAN4A)AO E.5*675 IN.TIT6TE O *ANAGE*ENT TEC5NOLOG9 AN )EA.EA)C5: NAGP6)-123
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)3 PAN4A)AO E.5*675 IN.TIT6TE O *ANAGE*ENT TEC5NOLOG9 AN )EA.EA)C5: NAGP6)-123
OPPO)T6NITIE. ININ)A.T)6CT6)E
O6TLOO7
)OA.12
Annua$ +ro=th projected at 12-1 or passen+er
traic: and 1-18 or car+o traic3 Over ',' bi$$ion invest/ent is re>uired overthe ne@t !ears to i/prove road inrastructure3
PO)T.1
Car+o hand$in+ at a$$ the ports is projected to+ro= at 030 p3a3 ti$$ 2'1#-1( =ith *inor ports+ro=in+ at a aster rate o 83 co/pared to 03(or the *ajor ports 3 Traic esti/ated to reach ",' /i$$ion tonnes b!2'1#-1( Containeri?ed car+o is e@pected to +ro= at 103#
over the ne@t " !ears3 The Ne= orei+n Trade Po$ic! envisa+esdoub$in+ o IndiaBs share in +$oba$ e@ports in ne@tive !ears to 1' bi$$ion3 A $ar+e portion o the orei+n trade to be throu+hthe /ariti/e route " b! vo$u/e and 0' b!va$ue3
CIDIL ADIATION MAI)PO)T.13
Passen+er traic is projected to +ro= at a CAG)o over 1 in the ne@t !ears3 To cross 1'' /i$$ion passen+ers p3a3 b! 2'1'3
Car+o traic to +ro= at over 2' p3a3 over thene@t ive !ears 3 To cross #3# /i$$ion tonnes b! 2'1'3 *ajor invest/ents p$anned in ne= airports and up+radation o e@istin+ airports33
PET)OLE6* MNAT6)AL GA.14
5i+h GP +ro=th rate: rapid$! +ro=in+ vehic$epopu$ation and better road inrastructure =i$$ driveconsu/ption o petro$eu/ products3 Industr! is e@pected to +ro= at a CAG) o about8 to 1' 3 Over 1"' **T o reinin+ capacit! re>uired b!2'1'3 Over 12'**.C* o additiona$ de/and or
Natura$ Gas in the ne@t ive !ears3 )ecent +as inds and increased use o +as or
po=er +eneration: petroche/ica$s: erti$i?ers andcit! +as distribution3
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2 OB'ECTIVES OF THE STUDY
The /ain objective o the stud! is to investi+ate PPP in se$ected
Inrastructure eve$op/ent 6nderta&en b! Govern/ent o India in
*aharashtra .tate3 *ore speciica$$! the stud! ai/s to e@a/ine the o$$o=in+
aspects o the se$ected underta&in+3
13 To eva$uate ro$e o Pub$ic Private Partnership in India or
inrastructure deve$op/ents3
23 To stud! the ris& invo$ved in Pub$ic Private Partnership3
#3 To stud! the $e+a$ perspective inPub$ic Private Partnership3
(3 To stud! the status o the Pub$ic Private Partnership in the
*aharashtra re+ion =ith specia$ e/phasis on .pecia$
Econo/ic Jone o *u$ti *oda$ Internationa$ 5ub Airport at
Na+pur3
3 To predict the uture deve$op/ents =ith reerence to Pub$ic
Private Partnership in the ie$d o Inrastructure in Na+pur
re+ion o *aharashtra state3
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PLAN OF THE WOR)
L.8!$#8+$! R!.!:A $iterature revie= surve!s scho$ar$! artic$es: boo&s and
other sources ;e3+3 dissertations: conerence proceedin+s< re$evant to the issue:
area o research: providin+ a description: su//ar!: and critica$ eva$uation o
each =or&3 The purpose is to oer an overvie= o si+niicant $iterature
pub$ished on the topic3
F#%8 F.;.uired inor/ation: and its purpose is to desi+n a stud! that
=i$$ test the h!potheses o Interest: deter/ine possib$e ans=ers to the research
>uestions: and provide the inor/ation needed or decision /a&in+3
F.!>; W/$?:ie$d =or& or ata co$$ection invo$ves proper techni>ues to
co$$ect the ra= data ro/ the various sources =ith pri/e objectives to
/ini/i?e the data-co$$ection errors3
D#8# P$!,#$#8./ @ A#>"." It invo$ves the editin+: codin+: transcription
and veriication o data3
R!,/$8 P$!,#$#8./ @ P$!"!8#8./:The indin+ shou$d be presented in a
co/prehensib$e or/at3
3
RESEARCH METHODOLOY
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.r3 No3 P$an o %or& uration
13 Literature )evie= # *onths
23 act indin+ , *onths
#3 )esearch esi+n or/u$ation # *onths
(3 ie$d %or& # *onths
3 ata Preparation M Ana$!sis # *onths
,3 )eport Preparation M Presentation , *onths
Tota$ 2( *onths
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I=,/$8#%! #; N!!; / 8&! S8+;:
$/.< ,/,+>#$.8:-.ince the 1""'s: there has been a rapid rise
o PPPs across the =or$d3 Govern/ents in deve$opin+ as =e$$ as
deve$oped countries are usin+ PPP arran+e/ents or i/proved
de$iver! o inrastructure services3 Govern/ents are bui$din+
transport ;roads: rai$=a!s: to$$ brid+es
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=aste: and risin+ constraints on bud+ets and borro=in+: do not
a$$o= +overn/ents to /a&e the re>uired invest/ents in
up+radin+ or rehabi$itatin+ the e@istin+ inrastructure or creatin+
ne= inrastructure3
N!!; /$ ! .#%.< #; ."8.8+8./#> =!%."=":- The
po$itica$ econo/! o inrastructure shorta+es: constrained pub$ic
resources: and risin+ pressure ro/ citi?ens and civi$ societ!
have co/bined to push +overn/ents and po$ic!/a&ers to
e@p$ore ne= =a!s o inancin+ and /ana+in+ these services3
Govern/ents have been pushed to e@p$orin+ ne= and
innovative inancin+ /ethods in =hich private sectorinvest/ent can be attracted throu+h a /utua$$! beneicia$
arran+e/ent3 .ince neither the pub$ic sector nor the private
sector can /eet the inancia$ re>uire/ents or inrastructure in
iso$ation: the PPP /ode$ has co/e to represent a $o+ica$: viab$e:
and necessar! option or the/ to =or& to+ether3
H,/8&!".":
5I Pub$ic Private Partnership is vita$ in the overa$$ inrastructure
deve$op/ent o Na+pur re+ion in *aharashtra .tate3
5II Pub$ic Private Partnership is successu$ in brin+in+ econo/ic
deve$op/ent in Na+pur re+ion o *aharashtra state3
5III Pub$ic Private Partnership reduces responsibi$it! and accountabi$it!
o the Govern/ent3
U.!$"! / 8&! S8+;:
The stud! is $i/ited to Inrastructure sector o Na+pur re+ion in
*aharashtra state3
S#=,>.< T!%&.+!":
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It is proposed to use rando/ sa/p$in+ /ethods3 Pre-deter/ined
>uestionnaires sha$$ be circu$ated to obtain the responses3 The surve!
techni>ue sha$$ be supp$e/ented in intervie=s =ith the Govern/ent oicia$s3
It =ou$d be ensured that the sa/p$e =ou$d represent the universe3
S#=,>! ".!:
The sa/p$e pertains to the stud! Pub$ic Private Partnership in
inrastructure sector o Na+pur re+ion in *aharashtra state3 This re+ion
contains upco/in+ project o *u$ti *oda$ Internationa$ 5ub Airport at
Na+pur3 This stud! covers a period o 1' !ears co//encin+ ro/ 1""03 A
sa/p$e o 2' oicia$s ro/ Pub$ic and Private Or+ani?ations sha$$ be se$ected
rando/$! ro/ each Inrastructure sector =hich co/prise o )oads: )ai$:Po=er: Te$eco//unication: civi$ Aviation M Airports3
D#8# %/>>!%8./ T//>":
The data sha$$ be co$$ected throu+h intervie= and >uestionnaire3 A set
o open ended and c$ose ended >uestion =i$$ prepared to co$$ect the data3
S/+$%!" / D#8#:
P$.=#$ D#8#:
The pri/ar! data /a! be co$$ected ro/ pub$ic representatives and
Govern/ent oicia$s throu+h schedu$es intervie= and >uestionnaires3
S!%/;#$ D#8#:
The secondar! data can be traced ro/ oice records: journa$s: annua$
reports and other docu/ents o the corporation3
P$!"!8#8./ / D#8#:
or Presentation o data: si/p$e >uantitative techni>ues =i$$ be used3
or better understandin+ dia+ra/s: +raphs: pie dia+ra/s: etc3: =i$$ be used at
re$evant p$aces3
L.=.8#8./" / 8&! "8+;:
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The present investi+ation: thou+h carried out on scientiic $ines: suers
ro/ the o$$o=in+ $i/itations3 A$$ o the/ born out o nature and /a+nitude
o the stud!3
13 The pri/ar! data =i$$ be co$$ected throu+h >uestionnaire ro/ pub$ic
representatives and Govern/ent oicia$s3 The e$icited inor/ation =i$$
be co/p$ete$! based on their persona$ e@perience3
23 The inor/ation that =i$$ be e@pressed b! the pub$ic representatives
and Govern/ent oicia$s =i$$ a$so be restricted to e@periences =ith
respective inrastructure sector3
#3 .ince the data =i$$ be co$$ected ro/ /ore than one source: there /a!
be s$i+ht discrepancies bet=een one source and the other3
(3 %hi$e co/putin+ the percenta+es and avera+es the i+ures =i$$ be
appro@i/ated3 .o/eti/es the tota$s /a! not e@act$! ta$$!3
3 There /a! be discrepancies in the secondar! data on account o their
incorrect reportin+3
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4 CHAPTER SCHEMES
Chapter 13 INT)O6CTION
This chapter =i$$ provides overvie= o the Pub$ic Private
Partnership in inrastructure o India3 It =i$$ hi+h$i+ht the concept and
histor! o Pub$ic Private Partnership3 It =i$$ cover issues in
deve$op/ent o inrastructure throu+h Pub$ic Private Partnership =ith
the ocus on ph!sica$ inrastructure sectors $i&e e$ectricit!: roads:
ports: urban inrastructure: and =ater3 This chapter =i$$ cover $e+a$
ra/e=or& under$!in+ Pub$ic Private Partnership and appropriate
ra/e=or&s to understand and structure partnerships inc$udin+
private inance initiatives3 It =i$$ a$so hi+h$i+ht the nature o ris&s in
varieties o Pub$ic Private Partnership3
Chapter 23 )E.EA)C5 *ET5OOLOG9
This chapter =i$$ provide the /ethodo$o+! desi+ned or this
research =or&3 It =i$$ provide in depth inor/ation about the
i/portance o the stud! and objectives o the stud!3 It =i$$ a$so ocus
on the sa/p$in+ techni>ues: too$s and sa/p$e si?e =hich =i$$ be used
or research3 It is necessar! to desi+n a suitab$e /ethodo$o+! or
underta&in+ s!ste/atic M scientiic stud!3
Chapter #3 ATA COLLECTION
The data =i$$ be co$$ected ro/ various sources =hich can be
c$assiied as pri/ar! source and secondar! source3 It invo$ves proper
techni>ues to co$$ect the ra= data ro/ the various sources =ith
pri/e objectives to /ini/i?e the data-co$$ection errors3 The data
co$$ected sha$$ be processed s!ste/atica$$! M presented in tabu$ar
or/ accordin+ to the stated objectives o the stud!3
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Chapter (3 .TATI.TICAL EDAL6ATION O T5E ATA
.tatistica$ data ana$!sis provides hands on e@perience to
pro/ote the use o statistica$ thin&in+ and techni>ues to app$! in
order to /a&e decisions in the research prob$e/3 6nder this chapter
ana$!sis o the data =i$$ be done on the basis o various statistica$
techni>ues3 The interpretation =i$$ be based on the ana$!sis3 Tab$es:
+raphs: i+ures and other statistica$ data =i$$ be inc$uded at the ti/e
o presentation
Chapter 3 I.C6..ION: INING. AN CONCL6.ION.
Ater statistica$$! eva$uatin+ the co$$ected data: it =i$$
interpreted a+ainst the stated objectives o the research in this
chapter3 The inor/ation +athered and interpreted =i$$ be su//ari?ed
and conc$uded3
Chapter ,3 )ECO**ENATION. AN .6GGE.TION.
ased on the +athered inor/ation and indin+s usin+ statistica$
techni>ues: detai$ reco//endations and su++estions =i$$ be +iven in
this chapter b! considerin+ the researcherBs o=n opinion dra=n on
the ana$!sis3
ILIOG)AP59
This section =i$$ provide reerences ta&en ro/ the boo&s:
journa$ and =eb sites =hi$e doin+ the research3
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BIBLIORAPHY
BOO)S
#i-Net=or&: India Inrastructure )eport 2''8:Business Models of the FutureOO)universit! press: II* Ahe/dabad: Edition *a! 2''8
.har/a 9: Pub$ic Private partnership in Inrastructure: Ditasta Pub$ishin+ Pvt3 Ltd3:Ne= e$hi: Edition 2''0
P3 4e+adish Gandhi and *343 4oseph: Pub$ic-Private Partnership in Nation ui$din+:eep and eep pub$ications: Ne= e$hi: 2''
A&into$a A&into!e: *atthias ec& and C$i 5ardcast$e: Pub$ic Private partnership inInrastructure- *ana+in+ )is&s and Opportunities: $ac&=e$$ Pub$ishin+: 6.A:ebruar! 2''#
WEB SITE
R!!$!%!"1 *ona 5a//a/i: 4ean-rancois )uhash!an&i&o: and Etienne 3 9ehoue : I*=or&in+ paper eter/inants o Pub$ic-Private-Partnerships in InrastructureQ Apri$2'', p3 ,
)3 PAN4A)AO E.5*675 IN.TIT6TE O *ANAGE*ENT TEC5NOLOG9 AN )EA.EA)C5: NAGP6)-123
URL DATE TIME
5TTP%%%3PPPININIA3CO* 0th 4une: 2''8 0#' P*
http%%%3IN)A.T)6CT6)E3GOD3IN 0th 4une: 2''8 0( P*
http%%%3INDE.T*ENTCO**I..ION
3IN
8th 4une: 2''8 12#' P*
5TTPPO%E)*IN3NIC3IN 1(th4une: 2''8 #' P*
5TTP%%%3OTINIA3CO* 22th 4une: 2''8 113'' A*
5TTP%%%3T)AI3GOD3IN 22th 4une: 2''8 1131 A*
5TTP*O)T53NIC3IN 22th 4une: 2''8 113#' A*
5TTP%%%3N5AI3O)G 22th 4une: 2''8 113( A*
5TTP.5IPPING3NIC3IN 22th 4une: 2''8 113 A*
5TTPCIDILADIATION3NIC3IN 22th 4une: 2''8 1231 A*
http===3airportsindia3or+3inaai/ain3ht/ 22th 4une: 2''8 123#' A*
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