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भारत में परिवहन अवसंरचनाः चुनौती और अवसर

Narendra Shah & Editorial Team

16/05/2023

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भारत में परिवहन अवसंरचनाः चुनौती और अवसर

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In the new millennium, India's transportation infrastructure has expanded by leaps and bounds. The Golden Quadrilateral national highway network, the Delhi Metro rapid transit system, and several public-private partnership airport projects in India's major metropolitan regions, including New Delhi, Mumbai, Bengaluru, and Hyderabad, to name a few, have not only revolutionised the capacity and quality of the country's transportation infrastructure but have also fueled the growth of other major infrastructure projects, including the Bharatmala project national highway project, high-speed and semi-high-speed rail projects, dedicated freight corridors, rapid-transit metro railways across significant cities and airport modernisation.Although India has significantly improved its transportation infrastructure over the last two decades, the country still has a long way to go to guarantee that it can meet the country's needs now and in the future. Therefore, it becomes imperative to size the investment opportunities and explore the most prominent issues that are crippling India's transportation infrastructure. Additionally, a closer look at the challenges that three groups of stakeholders—government agencies, concessionaires and contractors, and financiers—will face in capturing those opportunities also needs to be ascertained. Finally, the strategies these stakeholders can adopt to overcome the challenges can be summarised.

Major ObstaclesIndia spends less money on transportation infrastructure than other developing nations. India, for example, has historically invested about 1% of its GDP in transportation infrastructure, whereas China increased its investments from 4.7 per cent of its GDP in 2014 to 6.5 per cent in 2017. Even developed countries with more mature infrastructure, such as France and Japan, spend roughly 1% of their GDP on transport infrastructure annually. Four significant problems are crippling India's transportation infrastructure as a result of this lack of investment:

अपर्याप्त सड़केंः राजमार्ग किसी भी विकासशील क्षेत्र या अर्थव्यवस्था की रीढ़ होते हैं। इसके बावजूद, भारत ने 2014 और 2018 के बीच राजमार्ग विकास पर केवल 38 अरब डॉलर या अपने सकल घरेलू उत्पाद का लगभग 1 प्रतिशत खर्च किया। इसके विपरीत, चीन ने लगातार राजमार्गों में अपने सकल घरेलू उत्पाद का लगभग 1 प्रतिशत निवेश किया है। मांग की तुलना में बुनियादी ढांचे के निवेश की अपर्याप्त आपूर्ति ने देश की सड़कों पर दबाव डाला है। इसके अतिरिक्त, सड़कें भारत में परिवहन का सबसे महत्वपूर्ण तरीका है, जो ढुलाई का 65 प्रतिशत है। यह सड़कों और राजमार्गों पर भारी दबाव डालता है, और सीमित क्षमता राजमार्ग की भीड़ और धीमी परिचालन गति का कारण बनती है। क्योंकि यात्रा में बर्बाद होने वाले समय में भीड़भाड़ वाली सड़कों का हिस्सा 8 से 10 प्रतिशत है, इसलिए भीड़भाड़ वाले गलियारों की क्षमता बढ़ाने के लिए नए मोटरवे, नए आर्थिक गलियारों और शहरी भीड़भाड़ को कम करने जैसे नेटवर्क में वृद्धि की बहुत आवश्यकता है।
सामाजिक कल्याण दायित्वः सरकारें अक्सर सामाजिक कल्याण दायित्वों के तहत व्यवसायों की कीमत पर सार्वजनिक सेवाओं को सब्सिडी देती हैं; उदाहरण के लिए, ढुलाई संचालन रेलवे पर यात्री यात्रा की लागत को सब्सिडी देता है। यह ध्यान दिया जा सकता है कि ढुलाई रेल परिवहन की लागत बढ़ाने से इसका आकर्षण कम हो जाता है, जिसके परिणामस्वरूप रेलवे से एक मॉडल बदलाव होता है, जिससे सरकार की राजस्व उत्पादन करने की क्षमता सीमित हो जाती है, और निवेश सीमित हो जाता है जिससे क्षमता बढ़ सकती है, जिसके परिणामस्वरूप प्रमुख मार्गों पर खराब सेवा होती है।
अपर्याप्त हवाई अड्डा क्षमताः आने वाले वर्षों में, भारत के विमानन बुनियादी ढांचे को आपूर्ति और मांग के बीच एक बड़े अंतर का सामना करना पड़ेगा। हालांकि उड़ान क्षेत्रीय हवाई अड्डे के विकास जैसी पहल क्षेत्रीय संपर्क के मुद्दों से निपटती है, हवाई अड्डे की क्षमता का विस्तार एक चुनौती बनी हुई है, विशेष रूप से दिल्ली और मुंबई के महानगरीय शहरों में, जो भारत में कुल हवाई यातायात का लगभग 55 प्रतिशत है। बड़े शहरों में यात्रियों को विश्व स्तरीय सुविधाएं प्रदान करने के साथ-साथ भीड़भाड़ की समस्याओं को दूर करने के लिए भविष्य में कम से कम दो से तीन हवाई अड्डों की आवश्यकता होगी। नवी मुंबई और जेवर में नए ग्रीनफील्ड हवाई अड्डों का विकास इस रणनीति का एक प्रमाण है और सही दिशा में एक कदम है।
सार्वजनिक-निजी भागीदारी का अभावः क्योंकि भारत सीमित वित्तीय संसाधनों के साथ एक विकासशील अर्थव्यवस्था है, तेजी से परिवहन बुनियादी ढांचे के विकास के लिए निजी भागीदारी की आवश्यकता होगी। हालांकि, 'उपयोगकर्ता-भुगतान सिद्धांत' को लागू करने में कठिनाई और अनिश्चितता के साथ-साथ अनुबंधों को लागू करने में शामिल जोखिम, राजस्व अनिश्चितताओं को प्रेरित करते हैं। इसके अतिरिक्त, सार्वजनिक-निजी भागीदारी (पीपीपी) में सफलता के मिश्रित रिकॉर्ड के साथ देश के विकसित रियायती पारिस्थितिकी तंत्र ने बुनियादी ढांचा परियोजनाओं में निजी भागीदारी को सीमित कर दिया है-निजी निवेश कुल बुनियादी ढांचे के निवेश का केवल लगभग 15 प्रतिशत है। भारत के बुनियादी ढांचे के वातावरण में निवेश को बनाए रखने के लिए, सामाजिक स्वीकृति और उपयोगकर्ता शुल्क के प्रवर्तन के साथ-साथ अनुबंध प्रवर्तन और रियायत प्राप्त करने वाले पारिस्थितिकी तंत्र में निरंतर सुधार की आवश्यकता होगी।

These are some of the primary causes of India's poor logistics efficiency. India's ranking on the World Bank's Logistics Performance Index has deteriorated over time, falling from 35 in 2016 to 44 in 2018—underscoring the importance of addressing the infrastructure deficit. For example, India's freight cost, which is one component of the Logistics Performance Index, is 13 to 14 per cent of GDP, whereas it is 9 to 10 per cent of GDP in other developed countries, highlighting the need for and potential economic effect of improving the country's transportation infrastructure.Addressing ChallengesThree groups of stakeholders—government agencies, concessionaires, and financiers—can address these challenges through a concerted and coordinated effort that addresses the following elements: sizing and evaluating the investment opportunity across sectors to identify the most appealing areas, understanding the challenges associated with capturing this opportunity, and strategising to overcome the challenges in order to maximise the opportunity entirely.

सरकारी प्राधिकरणः परियोजना के वित्तपोषण के मुद्दे, मंजूरी में देरी, भूमि अधिग्रहण में देरी, और रियायत प्राप्तकर्ता और ठेकेदार का गैर-प्रदर्शन, ये सभी अपर्याप्त बुनियादी ढांचे और गुणवत्ता में योगदान करते हैं। सड़क, रेल, हवाई और बंदरगाह बुनियादी ढांचे में भारत का परिवहन बुनियादी ढांचा व्यापक और अक्षम दोनों है, जो बुनियादी ढांचे की गुणवत्ता और विस्तार को बढ़ाने की आवश्यकता को दर्शाता है। परियोजना के वित्तपोषण के मुद्दों, समय पर भूमि अधिग्रहण और मंजूरी, और ठेकेदार के खराब प्रदर्शन ने स्थिति को और खराब कर दिया है।
बड़े अग्रिम पूंजीगत व्यय की आवश्यकता के कारण, सरकारी एजेंसियों के लिए प्राथमिक चुनौती परियोजना के वित्तपोषण को सुरक्षित करना है। आम तौर पर, बुनियादी ढांचे के विकास का खर्च पहले दो से तीन वर्षों में किया जाता है, जबकि परियोजना से उपयोगकर्ता शुल्क के रूप में आय परियोजना शुरू होने के बाद 20 से 30 वर्षों की अवधि में एकत्र की जाती है। नतीजतन, बड़े पैमाने पर बुनियादी ढांचे को बढ़ावा देने के लिए सार्वजनिक और निजी क्षेत्र के अग्रिम वित्तपोषण के मिश्रण की आवश्यकता होगी। बुनियादी ढांचे के विकास में तकनीकी हस्तक्षेपों के तेजी से विकास के साथ, आवश्यक अग्रिम निवेश के बजाय कुल जीवन-चक्र लागत और परियोजना रिटर्न के आधार पर निवेश का मूल्यांकन और प्राथमिकता देना आवश्यक है।

Finding the right partners for efficient, timely, and cost-effective project execution, as well as assuring high-quality asset maintenance and operations, are also essential and demanding works. For example, several significant transportation infrastructure projects have been delayed in the past due to poor performance by contractors and concessionaires. Additionally, poor pre-project preparation that results in a shift in scope during execution can lead to disagreements between government officials and concessionaires, disrupting project execution.Monitoring the execution of ongoing projects is also a significant challenge for government agencies, given the country's enormous size and the broad spectrum of infrastructure projects. Moreover, there is a lack of emphasis on monitoring execution quality using objective metrics. In addition, the absence of strong project management skills (aside from a few high-profile projects such as the Delhi Metro's initial phases) leads to poor planning and delays. Defining the right metrics to review and monitor progress, as well as implementing cutting-edge technology, are essential components of monitoring on-the-ground execution. Delays in project execution also result in an increase in the costs needed to complete a project. For example, according to a Ministry of Statistics and Program Implementation report, delays in executing 205 Ministry of Railways projects have resulted in a $30 billion cost escalation, a 130 per cent increase over the original estimate.The need for multiple statutory approvals from various agencies is also a significant bottleneck for any infrastructure initiative in India. For example, in March 2019, the Supreme Court suspended the environmental clearance for the Mopa Airport in Goa, and work was halted. The court ultimately lifted the ban in January, but the delay pushed the project back by nearly a year. Similarly, road, rail, and metro projects require collaboration among numerous government agencies to relocate utilities and construct railway overbridges, underpasses, and tunnels. Projects are sure to be delayed in the absence of a well-thought-out master plan with a cross-functional steering team or a single window approval.Approvals from tribunals and litigations have been another issue that government agencies frequently encounter. Many urban infrastructure projects, such as metro rail systems, face difficulties in engaging local residents in order to alleviate their concerns about safety, pollution, and privacy. Delays in land purchase and clearance also result in project cost overruns, which leads to claims and arbitration by concessionaires. Several metro rail projects in Indian cities have escalated costs due to excessive land acquisition and construction delays. For example, the first section of the Bangalore metro can be considered a case in point, which was delayed by more than six years, resulting in approximately a $1.1 billion cost overrun.The Right to Fair Compensation and Transparency in Land Accession, Rehabilitation, and Resettlement Act of 2013 resulted in a rise in the average land purchase cost for greenfield projects. As a consequence, those costs increased from 10% to 25% of total capital costs for road projects. This has had a major impact on the government's capital requirements. Track doubling and tripling, as well as the laying of new railway tracks, are examples of how rising land costs affect project commercials, making them unviable. Multiple railway projects have become unviable as land prices have risen, accounting for roughly half of the total capital cost of laying a new route.

रियायत पाने वाले और ठेकेदारः रियायत पाने वाले और ठेकेदारों की व्यवहार्यता परियोजना के वित्तपोषण, समय पर मंजूरी, परिचालन व्यवधान और उपयोगकर्ता-शुल्क संग्रह जैसे मुद्दों से प्रभावित होती है। रियायत पाने वालों के लिए प्राथमिक मुद्दा प्रभावी पूंजी प्रबंधन है। एक पूर्ण पोर्टफोलियो परिप्रेक्ष्य होना आवश्यक है जो लाभप्रदता को बढ़ाते हुए जोखिम को कम करता है। इसके अलावा, बड़ी परियोजनाओं को निष्पादित करने के लिए वित्तीय संस्थानों से ऋण की उपलब्धता बुनियादी ढांचा परियोजनाओं में रुचि पैदा करने में एक बड़ी बाधा है। बाजार में ऋण की कमी रियायत पाने वालों को नुकसान पहुंचा रही है, विशेष रूप से छोटे से मध्यम आकार के रियायत पाने वालों को, जब धन जुटाने की बात आती है, तो परियोजना में देरी हो रही है।

Concerns about timely approvals remain, as does the need for a robust structural mechanism to mitigate risks beyond concessionaires' control. Delays occur at various project stages due to the need for approvals and clearances from an array of government entities, as well as unforeseen arbitration concerns. Given the size of the projects, excessive delays have frequently led to concessionaires going bankrupt.The infrastructure construction sector employs more than 33 million people, second only to agriculture. However, the vast majority of this labour force is untrained. With this mix of labour and India's expanding infrastructure projects, there is a severe shortage of trained labour to perform complex tasks such as tunnelling, boring, project planning, and design, particularly in urban areas. To achieve the desired level of quality in a cost-effective way, these complex activities necessitate extensive knowledge and expertise.Another significant issue is enforcing fee collections and raising fares on time. An increase in user fees is a sensitive issue that can affect concessionaires' recovery. Metro train fare increases, for example, have drawn widespread public and media scrutiny and, at times, resulted in lengthy arbitration and dispute resolution. Tolling disruptions in highway projects are also a concern. For example, a suspension in tolling during the recent COVID-19 pandemic has an effect on project revenues and concessionaire viability. Additionally, many initiatives have encountered difficulties in enforcing and collecting tolls. However, this is believed to be partly resolved with automated toll collections on highways via FASTag, NHAI's electronic toll collection system.Unpredictable occurrences also disrupt project planning, logistics, and feasibility. Natural disasters, such as floods, can cause initiatives to be delayed for years. For example, airport operations have recently been suspended due to flooding, resulting in substantial revenue loss for concessionaires. Similarly, as a result of geopolitical issues and trade conflicts, port viability can change dramatically in a short period of time due to a shortfall in the total quantity of commodities shipped through the port. A recent example is the COVID-19 pandemic, during which construction activities were stopped, causing most infrastructure projects to be delayed, resulting in higher project completion costs and lower returns.

वित्तीय संस्थानः जल्दी और कुशल विवाद समाधान के लिए एक मजबूत कानूनी और नियामक ढांचे की कमी के साथ-साथ बुनियादी ढांचे के मूल्यांकन में चुनौतियों में वित्तीय संस्थानों की भागीदारी सीमित है।

Investing in assets with revenue realisation risks is generally a source of constant concern for financiers. It is a difficult job to identify possible risks associated with infrastructure projects and to value the risk factor in the project appraisal. Non-performing assets can result from overlooking an essential risk or overvaluing the project. The problem of stalled projects and non-performing assets is well-known, and it continues to plague infrastructure-focused financial organisations. Revenue forecasts under various conditions must be carefully evaluated in novel scenarios such as greenfield airports in tier 2 cities and greenfield corridors of national highways with no history of tolls.Despite the fact that large marquee projects requiring significant investments have been conceptualised, the government continues to finance the majority of the projects despite a constraint on overall spending power. In addition, there has been a lack of a stable regulatory model and a strong governance mechanism to create investor trust, resulting in a lack of interest from financial institutions in proactively designing new products for infrastructure funding for both the government and private concessionaires.One of the primary causes of the mismatch between infrastructure demand and supply is financiers' absence of visibility into the long-term pipeline of projects. Infrastructure financing is a complicated legal and financial process that necessitates extensive knowledge. Developing this level of expertise is expensive, and financial institutions will only engage in it if there is a clear pipeline of possibilities. Otherwise, the expense of building the capabilities will outweigh the benefits that financiers hope to gain by investing in infrastructure rather than other less complex asset classes. The government will need to define a long-term strategy with strong legal support that allows a variety of financial institutions with varied portfolios to join the infrastructure market without fear of arbitrary exercise of political power. Creating a national infrastructure pipeline is a positive move that should be accompanied by stronger financial and legal safeguards for financial investors.ConclusionIndia has attractive transport infrastructure possibilities, but there is much to be done across the spectrum of stakeholders to close the infrastructure gap. Successful projects must be studied and held up as models, with critical lessons learned shared among government agencies, concessionaires, contractors, and financiers. The supply-demand imbalance is too significant to close without effective collaboration, rapid execution, and rigorous monitoring and tracking. Today's challenges can be transformed into opportunities that will not only boost organic development but also drive job creation and benefit a wide range of sectors. Still, they will also help fulfil one of the most fundamental tenets of economic and social activity: mobility to serve the common good with concerted and dedicated efforts.

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