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Kerala PSC Indian Economy Book Study Materials Page 280Book's First Page
9.28 ndian onom India, while stepping up public investment in The Planning Commission65, in its aproach infrastructure, has been actively engaged in finding paper has projected an investment of over Rs. 45 the appropriate policy framework, which gives the lakh crore (for about US $1 trilion) during the private sector adequate confidence and incentives Twelfth Plan (2012–17). It is projected that at to invest on a massive scale, but simultaneously least 50 per cent of this investment will come preserves adequate checks and balances through from the private sector as against the 36 per cent transparency, competition and regulation. anticipated in the Eleventh Plan and public sector The Eleventh Plan63 emphasised the need for investment will need to increase to over Rs. 22.5 removing infrastructure bottlenecks for sustained lakh crore as against an expenditure of Rs. 13.1 growth—proposed an investment of US$500 lakh crore during the Eleventh Plan. Financing billion in infrastructure sectors through a mix infrastructure will, therefore, be a big challenge in the coming years and will equire some innovative of public and private sectors to reduce deficits in ideas and new models of financing. identified infrastructure sectors. As a percentage of the gross domestic product (GDP), investment in infrastructure was expected to increase to around uday scheme 9 per cent. For the first time the contribution Without improving the performance of the of the private sector in total investment in electricity distribution companies (DISCOMs) infrastructure was targeted to exceed 30 per cent. of the state governments efforts towards 100 per Total investment in infrastructure during the cent village electrification, 24x7 power supply and Eleventh Plan is estimated to increase to more clean energy cannot bear fruit. Power outages also than 8 per cent of the GDP in the terminal year adversely affect national priorities like ‘Make in of the Plan, which was higher by 2.47 percentage India’ and ‘Digital India’. In addition, default on points as compared to the Tenth Plan. The private bank loans by financially stressed DISCOMs has sector is expected to be contributing nearly 36 per the potential of seriously impacting the banking cent of this investment. sector and the economy at large. An analysis64 of the creation of infrastructure For financial and operational turnaround of in physical terms indicates that while the DISCOMs and to ensure a sustainable permanent achievements in some sectors have been remarkable solution to the problem, the UDAY (Ujwal during the Eleventh Plan as compared to the DISCOM Assurance Yojana) was launched by the previous FiveYear Plans, there have been slippages GoI, in November 2015. The scheme also aims to in some sectors. The success in garnering private- reduce interest burden of the DISCOMs, cost of sector investment in infrastructure through the power and their AT&C (Aggregate Transmission public-private partnership (PPP) route during the & Technical) losses. Plan has laid solid foundation for a substantial Due to legacy issues, DISCOMs are trapped step up in private-sector funding in coming years. in a vicious cycle with operational losses being PPPs are expected to augment resource availability funded by debt. Outstanding debt of DISCOMs as well as improve the efficiency of infrastructure were Rs. 4.3 lakh crore by 2014-15, with interest service delivery. rates upto14–15 per cent and AT&C losses as high as 22 per cent. The scheme assures the rise 63. Planning Commission, Mid Term Appraisal of the 11th of vibrant and efficient DISCOMs through a Pan ew elhi overnment of ndia, . 64. Planning Commission, while announcing the Approach 65. Planning Commission, Approach to the 12th Plan ew for the 12th Plan. elhi overnment of ndia, .