“In her maiden Budget speech, Finance Minister Nirmala Sitharaman has announced a massive investment of INR 100 lakh crore in infrastructure in the next five years. Additionally, railway infrastructure would need an investment of INR 50 lakh crore between 2018 and 2030. Creation of infrastructure assets plays a vital role in the development of an economy. However, it is critical to note that as per the Ministry of Statistics and Programme Implementation (MOSPI)’s March 2019, 27% of the central sector projects in India are delayed beyond their scheduled date of completion. Also, as per the recently released study by PMI and KPMG in consultation with MOSPI titled “Revamping Project Management,” the implementation status of most projects points out gaps in the application of project management practices. Poor project management leads to additional expenditure burden, which crowds out funding for more deserving projects, creates a culture of acceptance of delays and avoidable costs, and results in delayed return in investments. However, it is heartening to know that the task force on project management led by Niti Aayog chief executive Amitabh Kant has pitched for a dedicated policy framework for public-private partnerships and public sector projects to improve efficiency and eventually create world-class infrastructure.
Almost all the major world economies are now increasingly relying on project and program management skills to enhance the impact of government programs through a focused, results-oriented approach. Project management, to deliver projects on time and within budget, is a learnable capability that can be institutionalized, as demonstrated by the development experiences of USA, UK, UAE, and China. As India gears up and prepares for a stronger and resilient economy with considerable investments in the infrastructure sector, project management will be the critical enabler”.