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ଭାରତରେ ପରିବହନ ଭିତ୍ତିଭୂମି: ଆହ୍ୱାନ ଏବଂ ସୁଯୋଗ

Narendra Shah & Editorial Team

16/05/2023

3,541

ଭାରତରେ ପରିବହନ ଭିତ୍ତିଭୂମି: ଆହ୍ୱାନ ଏବଂ ସୁଯୋଗ

ଏହି ଖବର ଶୁଣନ୍ତୁ

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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:

ଅପର୍ଯାପ୍ତ ସଡ଼କ: ରାଜପଥ ଯେକୌଣସି ବିକାଶଶୀଳ କ୍ଷେତ୍ର କିମ୍ବା ଅର୍ଥବ୍ୟବସ୍ଥାର ମେରୁଦଣ୍ଡ। ଏହା ସତ୍ତ୍ୱେ, ଭାରତ 2014 ରୁ 2018 ମଧ୍ୟରେ ରାଜପଥ ବିକାଶ ପାଇଁ ମାତ୍ର 38 ବିଲିୟନ ଡଲାର ଖର୍ଚ୍ଚ କରିଛି, କିମ୍ବା ଏହାର ଜିଡିପିର ପ୍ରାୟ 1 ପ୍ରତିଶତ। ଅପରପକ୍ଷରେ, ଚୀନ୍ କ୍ରମାଗତ ଭାବେ ଏହାର ଜି. ଡି. ପି. ର ପ୍ରାୟ 1 ପ୍ରତିଶତ ରାଜପଥରେ ନିବେଶ କରିଆସୁଛି। ଚାହିଦା ତୁଳନାରେ ଭିତ୍ତିଭୂମି ନିବେଶର ଅପର୍ଯ୍ୟାପ୍ତ ଯୋଗାଣ ଦେଶର ରାସ୍ତା ଉପରେ ଚାପ ପକାଇଛି। ଅଧିକନ୍ତୁ, ସଡ଼କ ହେଉଛି ଭାରତରେ ପରିବହନର ସବୁଠାରୁ ଗୁରୁତ୍ୱପୂର୍ଣ୍ଣ ମାଧ୍ୟମ, ଯାହା ସମସ୍ତ ମାଲ ପରିବହନର 65 ପ୍ରତିଶତ ଅଟେ। ଏହା ରାସ୍ତା ଏବଂ ରାଜପଥ ଉପରେ ଅତ୍ୟଧିକ ଚାପ ପକାଇଥାଏ, ଏବଂ ସୀମିତ କ୍ଷମତା ରାଜପଥ ଭିଡ଼ ଏବଂ ମନ୍ଥର ପରିଚାଳନା ବେଗ ସୃଷ୍ଟି କରେ | ଯେହେତୁ ଜନଗହଳିପୂର୍ଣ୍ଣ ରାସ୍ତାଗୁଡ଼ିକ ଯାତ୍ରାର ଅପଚୟ ସମୟର 8 ରୁ 10 ପ୍ରତିଶତ ପାଇଁ ଦାୟୀ, ତେଣୁ ଜନଗହଳିପୂର୍ଣ୍ଣ କରିଡରର କ୍ଷମତା ବୃଦ୍ଧି ପାଇଁ ନୂତନ ମୋଟରୱେ, ନୂତନ ଅର୍ଥନୈତିକ କରିଡର ଏବଂ ସହରାଞ୍ଚଳର ଭିଡ଼ ହ୍ରାସ ଭଳି ନେଟୱାର୍କ ବୃଦ୍ଧି ଅତ୍ୟନ୍ତ ଆବଶ୍ୟକ |
ସାମାଜିକ କଲ୍ୟାଣ ଦାୟିତ୍ୱ: ବ୍ୟବସାୟର ମୂଲ୍ୟରେ ସାର୍ବଜନୀନ ସେବାକୁ ସବସିଡି ଦେବା ପାଇଁ ସରକାର ପ୍ରାୟତ: ସାମାଜିକ କଲ୍ୟାଣ ଦାୟିତ୍ୱ ଅଧୀନରେ ଥାଆନ୍ତି; ଉଦାହରଣ ସ୍ୱରୂପ, ମାଲ ପରିବହନ କାର୍ଯ୍ୟ ରେଳବାଇରେ ଯାତ୍ରୀ ଯାତ୍ରାର ଖର୍ଚ୍ଚକୁ ସବସିଡି ଦେଇଥାଏ। ଏହା ଉଲ୍ଲେଖ କରାଯାଇପାରେ ଯେ ମାଲବାହୀ ରେଳ ପରିବହନର ମୂଲ୍ୟ ବୃଦ୍ଧି ଏହାର ଆକର୍ଷଣକୁ ହ୍ରାସ କରିଥାଏ, ଯାହାର ଫଳସ୍ୱରୂପ ରେଳବାଇରୁ ଏକ ମଡେଲ ସ୍ଥାନାନ୍ତର ହୋଇଥାଏ, ଯାହା ସରକାରଙ୍କ ରାଜସ୍ୱ ଉତ୍ପାଦନ କ୍ଷମତାକୁ ସୀମିତ କରିଥାଏ ଏବଂ ନିବେଶକୁ ସୀମିତ କରିଥାଏ ଯାହା କ୍ଷମତା ବୃଦ୍ଧି କରିପାରେ, ଯାହାର ଫଳସ୍ୱରୂପ ପ୍ରମୁଖ ମାର୍ଗରେ ଖରାପ ସେବା ହୋଇଥାଏ।
ପର୍ଯ୍ୟାପ୍ତ ବିମାନ ବନ୍ଦର ସାମର୍ଥ୍ୟ ଅଭାବ: ଆଗାମୀ ବର୍ଷଗୁଡ଼ିକରେ ଭାରତର ବିମାନ ଚଳାଚଳ ଭିତ୍ତିଭୂମି ଯୋଗାଣ ଏବଂ ଚାହିଦା ମଧ୍ୟରେ ଏକ ବଡ଼ ବ୍ୟବଧାନର ସମ୍ମୁଖୀନ ହେବ। ଯଦିଓ ଉଡ଼ାନ୍ ଆଞ୍ଚଳିକ ବିମାନ ବନ୍ଦର ବିକାଶ ଭଳି ପଦକ୍ଷେପଗୁଡ଼ିକ ଆଞ୍ଚଳିକ ସଂଯୋଗ ସମସ୍ୟାକୁ ସମାଧାନ କରିଥାଏ, ତଥାପି ବିମାନ ବନ୍ଦର କ୍ଷମତା ସମ୍ପ୍ରସାରଣ ଏକ ଆହ୍ୱାନ ହୋଇ ରହିଛି, ବିଶେଷ କରି ଦିଲ୍ଲୀ ଏବଂ ମୁମ୍ବାଇ ମହାନଗରରେ, ଯେଉଁଗୁଡ଼ିକ ଭାରତର ମୋଟ ବିମାନ ଯାତାୟାତରେ ପ୍ରାୟ 55 ପ୍ରତିଶତ ଯୋଗଦାନ କରିଥାନ୍ତି। ଯାତ୍ରୀମାନଙ୍କୁ ବିଶ୍ୱସ୍ତରୀୟ ସୁବିଧା ପ୍ରଦାନ କରିବା ସହିତ ଭିଡ଼ ସମସ୍ୟାର ସମାଧାନ ପାଇଁ ଭବିଷ୍ୟତରେ ବଡ଼ ସହରଗୁଡ଼ିକରେ ଅତି କମରେ ଦୁଇରୁ ତିନୋଟି ବିମାନ ବନ୍ଦର ଆବଶ୍ୟକ ହେବ ବୋଲି ଆଶା କରାଯାଉଛି। ନଭି ମୁମ୍ବାଇ ଏବଂ ଜେୱାରରେ ନୂତନ ଗ୍ରୀନ୍ଫିଲ୍ଡ ବିମାନ ବନ୍ଦରର ବିକାଶ ଏହି ରଣନୀତିର ଏକ ପ୍ରମାଣ ଏବଂ ସଠିକ୍ ଦିଗରେ ଏକ ପଦକ୍ଷେପ।
ସରକାରୀ-ଘରୋଇ ଭାଗିଦାରୀର ଅଭାବ: ଯେହେତୁ ଭାରତ ସୀମିତ ଆର୍ଥିକ ସମ୍ବଳ ସହିତ ଏକ ବିକାଶଶୀଳ ଅର୍ଥନୀତି, ଦ୍ରୁତ ପରିବହନ ଭିତ୍ତିଭୂମି ବିକାଶ ଘରୋଇ ଅଂଶଗ୍ରହଣ ଆବଶ୍ୟକ କରିବ। ତଥାପି, 'ବ୍ୟବହାରକାରୀ-ଦେୟ ନୀତି' କାର୍ଯ୍ୟକାରୀ କରିବାରେ ଅସୁବିଧା ଏବଂ ଅନିଶ୍ଚିତତା, ତଥା ଚୁକ୍ତିନାମା କାର୍ଯ୍ୟକାରୀ କରିବା ସହିତ ଜଡିତ ବିପଦ, ରାଜସ୍ୱ ଅନିଶ୍ଚିତତା ସୃଷ୍ଟି କରେ | ଅଧିକନ୍ତୁ, ସରକାରୀ-ଘରୋଇ ଭାଗିଦାରୀ (ପିପିପି) ରେ ସଫଳତାର ମିଶ୍ରିତ ରେକର୍ଡ ସହିତ ଦେଶର ବିକଶିତ ରିହାତି ଇକୋସିଷ୍ଟମ ଭିତ୍ତିଭୂମି ପ୍ରକଳ୍ପରେ ଘରୋଇ ଅଂଶଗ୍ରହଣକୁ ସୀମିତ କରିଛି-ଘରୋଇ ନିବେଶ ମୋଟ ଭିତ୍ତିଭୂମି ନିବେଶର ମାତ୍ର 15 ପ୍ରତିଶତ ଅଟେ। ଭାରତର ଭିତ୍ତିଭୂମି ପରିବେଶରେ ପୁଞ୍ଜିନିବେଶକୁ ବଜାୟ ରଖିବା ପାଇଁ, ସାମାଜିକ ସ୍ୱୀକୃତି ଏବଂ ବ୍ୟବହାରକାରୀ ଶୁଳ୍କ ଲାଗୁ କରିବା ସହିତ ଚୁକ୍ତିନାମା କାର୍ଯ୍ୟକାରୀ କରିବା ଏବଂ ରିହାତି ଇକୋସିଷ୍ଟମରେ ନିରନ୍ତର ଉନ୍ନତି ଆବଶ୍ୟକ ହେବ।

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.

ସରକାରୀ କର୍ତ୍ତୃପକ୍ଷ: ପ୍ରକଳ୍ପ ଆର୍ଥିକ ସମସ୍ୟା, ମଞ୍ଜୁରୀ ବିଳମ୍ବ, ଜମି ଅଧିଗ୍ରହଣରେ ବିଳମ୍ବ, ଏବଂ ରିହାତିଧାରୀ ଏବଂ ଠିକାଦାରଙ୍କ କାର୍ଯ୍ୟଦକ୍ଷତା ଅଭାବ, ଏସବୁ ପର୍ଯ୍ୟାପ୍ତ ଭିତ୍ତିଭୂମି କଭରେଜ୍ ଏବଂ ଗୁଣବତ୍ତାରେ ଯୋଗଦାନ କରିଥାଏ। ସଡ଼କ, ରେଳ, ବିମାନ ଏବଂ ବନ୍ଦର ଭିତ୍ତିଭୂମିରେ ଭାରତର ପରିବହନ ଭିତ୍ତିଭୂମି ଉଭୟ ବ୍ୟାପକ ଏବଂ ଅଦକ୍ଷ, ଯାହା ଭିତ୍ତିଭୂମିର ଗୁଣବତ୍ତା ଏବଂ ବ୍ୟାପକତାକୁ ବୃଦ୍ଧି କରିବାର ଜରୁରୀ ଆବଶ୍ୟକତାକୁ ଦର୍ଶାଉଛି। ପ୍ରକଳ୍ପ ଆର୍ଥିକ ସମସ୍ୟା, ସମୟୋଚିତ ଜମି ଅଧିଗ୍ରହଣ ଏବଂ ମଞ୍ଜୁରି, ଏବଂ ଠିକାଦାରଙ୍କ କାର୍ଯ୍ୟଦକ୍ଷତା ଅଭାବ ସବୁ ପରିସ୍ଥିତିକୁ ଆହୁରି ଖରାପ କରିଦେଇଛି।
ବୃହତ ଅଗ୍ରୀମ ପୁଞ୍ଜି ଖର୍ଚ୍ଚର ଆବଶ୍ୟକତା ହେତୁ, ସରକାରୀ ଏଜେନ୍ସିମାନଙ୍କ ପାଇଁ ପ୍ରାଥମିକ ଆହ୍ୱାନ ହେଉଛି ପ୍ରକଳ୍ପ ପାଣ୍ଠି ସୁରକ୍ଷିତ କରିବା। ସାଧାରଣତଃ, ଭିତ୍ତିଭୂମି ବିକାଶ ଖର୍ଚ୍ଚ ପ୍ରଥମ ଦୁଇରୁ ତିନି ବର୍ଷ ମଧ୍ୟରେ ହୋଇଥାଏ, ଯେତେବେଳେ କି ପ୍ରକଳ୍ପ ଆରମ୍ଭ ହେବାର 20ରୁ 30 ବର୍ଷ ମଧ୍ୟରେ ବ୍ୟବହାରକାରୀ ଫିସ୍ ଆକାରରେ ପ୍ରକଳ୍ପରୁ ଆୟ ସଂଗ୍ରହ କରାଯାଇଥାଏ। ଫଳସ୍ୱରୂପ, ବ୍ୟାପକ ଭିତ୍ତିଭୂମି ବିକାଶ ପାଇଁ ସରକାରୀ ଏବଂ ଘରୋଇ କ୍ଷେତ୍ରର ମିଶ୍ରିତ ଆର୍ଥିକ ସହାୟତା ଆବଶ୍ୟକ ହେବ। ଭିତ୍ତିଭୂମି ବିକାଶରେ ବୈଷୟିକ ହସ୍ତକ୍ଷେପର ଦ୍ରୁତ ବିକାଶ ସହିତ, ଆବଶ୍ୟକ ଅଗ୍ରୀମ ନିବେଶ ପରିବର୍ତ୍ତେ ମୋଟ ଜୀବନ ଚକ୍ର ମୂଲ୍ୟ ଏବଂ ପ୍ରକଳ୍ପ ରିଟର୍ଣ୍ଣ ଆଧାରରେ ନିବେଶର ମୂଲ୍ୟାଙ୍କନ ଏବଂ ପ୍ରାଥମିକତା ଦେବା ଆବଶ୍ୟକ।

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.

ରିହାତିଧାରୀ ଏବଂ ଠିକାଦାର: ରିହାତିଧାରୀ ଏବଂ ଠିକାଦାରମାନଙ୍କ କାର୍ଯ୍ୟଦକ୍ଷତା ପ୍ରକଳ୍ପ ଆର୍ଥିକ ସହାୟତା, ସମୟୋଚିତ ମଞ୍ଜୁରି, ପରିଚାଳନା ବାଧାବିଘ୍ନ ଏବଂ ବ୍ୟବହାରକାରୀ-ଶୁଳ୍କ ସଂଗ୍ରହ ଭଳି ପ୍ରସଙ୍ଗ ଦ୍ୱାରା ପ୍ରଭାବିତ ହୋଇଥାଏ। ରିହାତିଧାରୀଙ୍କ ପାଇଁ ପ୍ରାଥମିକ ପ୍ରସଙ୍ଗ ହେଉଛି ପ୍ରଭାବଶାଳୀ ପୁଞ୍ଜି ପରିଚାଳନା। ଏକ ସମ୍ପୂର୍ଣ୍ଣ ପୋର୍ଟଫୋଲିଓ ଦୃଷ୍ଟିକୋଣ ରହିବା ଜରୁରୀ ଯାହା ଲାଭପ୍ରଦତା ବୃଦ୍ଧି କରିବା ସହିତ ବିପଦକୁ ହ୍ରାସ କରେ | ଏହାବ୍ୟତୀତ, ବଡ଼ ପ୍ରକଳ୍ପଗୁଡ଼ିକୁ କାର୍ଯ୍ୟକାରୀ କରିବା ପାଇଁ ଆର୍ଥିକ ଅନୁଷ୍ଠାନଗୁଡ଼ିକଠାରୁ ଋଣର ଉପଲବ୍ଧତା ଭିତ୍ତିଭୂମି ପ୍ରକଳ୍ପଗୁଡ଼ିକରେ ଆଗ୍ରହ ସୃଷ୍ଟି କରିବାରେ ଏକ ପ୍ରମୁଖ ପ୍ରତିବନ୍ଧକ। ବଜାର ଋଣ ସଙ୍କଟ ରିହାତିଧାରୀମାନଙ୍କୁ କ୍ଷତି ପହଞ୍ଚାଉଛି, ବିଶେଷ କରି ଛୋଟରୁ ମଧ୍ୟମ ଆକାରର ରିହାତିଧାରୀ, ଯେତେବେଳେ ଅର୍ଥ ସଂଗ୍ରହ କରିବା କଥା ଆସେ, ଯାହା ପ୍ରକଳ୍ପ ବିଳମ୍ବ ସୃଷ୍ଟି କରେ |

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.

ଆର୍ଥିକ ପ୍ରତିଷ୍ଠାନ: ଶୀଘ୍ର ଏବଂ ଦକ୍ଷ ବିବାଦ ସମାଧାନ ପାଇଁ ଏକ ଦୃଢ଼ ଆଇନଗତ ଏବଂ ନିୟାମକ ଢାଞ୍ଚାର ଅଭାବ ତଥା ଭିତ୍ତିଭୂମି ମୂଲ୍ୟାୟନରେ ଆହ୍ୱାନଗୁଡ଼ିକ, ଆର୍ଥିକ ଅନୁଷ୍ଠାନଗୁଡ଼ିକର ସୀମିତ ଅଂଶଗ୍ରହଣ ରହିଛି।

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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