New Delhi: As many as 343 central sector infrastructure projects worth Rs 150 crore and above reported a cost overrun of Rs 2.92 lakh crore as on May 1, 2018, Parliament was informed on Wednesday.
Ministry of Statistics and Programme Implementation monitors current central sector infrastructure projects costing Rs 150 crore and above on time and cost overruns through its on-line computerised monitoring system (OCMS).
"As on May 1, 2018, a total of 1,332 projects with original completion cost of Rs 16,26,675.52 crore were on the monitor of this Ministry. Of these, 343 are showing cost overruns of Rs 2,92,096.99 crore (68.33 per cent) due to delay or other reasons," Minister of State for Statistics Vijay Goel said in a written reply to the Lok Sabha.
In another reply to the House, the minister said that of these 1,332 projects, 253 are showing time overruns, 343 are showing cost overruns, and 107 projects are showing both time and cost overruns concerning their original project implementation schedules.
The minister also said that the reasons for time and cost overruns are project specific and depend upon a variety of technical, financial, administrative and other factors.