Watchdog for PSUs is must: ASSOCHAM
New Delhi, May 15: The Associated Chambers of Commerce and Industry of India (ASSOCHAM) have urged the Union Government to appoint an Effective Project Implementation Regulator to monitor timely execution of projects of Navratna and Mini-Navratna public sector undertaking (PSU) companies. In a request submitted to the Ministries of Finance, Commerce and Industry, and Planning Commission, including the Prime Minister’s Office, Dr Swati Piramal, President, ASSOCHAM has requested for a regulator as the majority of PSU projects are delayed in the absence of a watchdog. The association estimates that the cost of delays on projects implementation in the last one decade is conservatively pegged at Rs 2 lakh crore.
Citing the example of Delhi Metro Railway Corporation (DMRC), the statement said that it has which has already set up a precedent for executing all its projects in a phased manner, before the roll-out time period. Piramal said that sufficient representation should be given to public sector companies in the regulatory mechanism and senior functionaries be drawn into it from
the PMO and Union Ministries.
Delay cost of project is Rs 2 lakh crore. It is difficult to understand why these people not finish project on time. Rs 2 lakh crore is big amount. India always wastes its money like this. Only that’s why in India there are so many areas which are underdeveloped.