A Unified Regulatory Approach for the Orderly Development of the Indian Infrastructure Sector: A case for Reforms.
Ruchika Nayyar, Vice President and Head - Legal, GMR Group , India
Chrys Gonsalves, Lead Counsel, GMR, India
Nupur Nadir, Manager - Legal Counsel, GMR GROUP, India
Between fiscals 2008 and 2017, private investment in infrastructure was estimated to be ~Rs 20 lakh crore, or nearly a third of all infrastructure spending during the period. The share, which averaged 37% between fiscals 2008 and 2013, fell 600 basis points (bps) between fiscals 2013 and 2017 as a plethora of stalled projects and stressed assets dampened private participation and risk appetite, as per a CRISIL report (CRISIL Infrastructure Yearbook 2018). This has exposed many risks in the infrastructure regulatory framework leading to sluggish resolution of stressed assets, and inadequate steps to deepen financing sources, involving mainly PPP projects.
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