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Assocham favours funds for infrastructure financing
by Ed RobertsSeeing the size of proposed huge amount, the Associated Chambers of Commerce and Industry of India has suggested to creat a fund for infrastructure financing through which states and central departments can access projects financing,
It is estimatd that infrastructure financing would need in the tune of US$ 90 billion by 2010-11 and Assocham feels this is diffcult for any single financing agency to arrange so much of working capital.
In a presentation made to the Planning Commission, Chairman Infrastructure Committee ASSOCHAM, Mr. Rajiv B. Lall said that resource mobilization would be a challenge in the absence of next generation financial reforms. The need, therefore, has arisen that states and centre together pool their resources for setting up of a fund for infrastructure financing.
The estimates made in the presentation suggest that funds required to finance infrastructure projects through federal government would be to the extent of US$ 12 billion which would work out to be 1% of India’s GDP in next 3 years. Infrastructure financing through centrally owned public undertakings is estimated around US$ 35 billion which would be around 3% of India’s GDP by 2010-11.
The state government and their enterprises could generate projects financing to the extent of US$ 12 billion and the private sector contribution to it could work well within limit of US$ 30 billion which would be around 2.5% of national GDP by 2010-11. In totality, the financing for infrastructure projects could work out to be US$ 90 billion, 7.5% of national GDP in next 3 years. The best option available would be that centre and states come together to create a corpus based on consensus so that the infrastructure projects in state, centre and joint sector do not suffer on account of funds.
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