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Business News/ Politics / Policy/  CII demands setting up of 3P India announced by Arun Jaitley
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CII demands setting up of 3P India announced by Arun Jaitley

CII has urged the government to keep its 2014 promise of setting up an institution to support public-private partnerships

Finance minister Arun Jaitley, in his first budget in July 2014, proposed setting up 3P India with a corpus of Rs500 crore. Photo: HT Premium
Finance minister Arun Jaitley, in his first budget in July 2014, proposed setting up 3P India with a corpus of Rs500 crore. Photo: HT

New Delhi: Industry lobby Confederation of Indian Industry (CII) has urged the government to keep its 2014 promise of setting up an institution to support public-private partnerships (PPPs).

Finance minister Arun Jaitley, in his first budget in July 2014, proposed setting up 3P India with a corpus of 500 crore. India is the world’s largest PPP market with more than 900 projects in various stages of development, he said.

Terming inordinate delay in its implementation as a major reason leading to negative sentiments in the infra industry, CII’s National Infrastructure Council (NIC) chairman Vinayak Chatterjee said, “When the finance minister announced it and allocated 500 crore after he took over the reigns there was a positive indication. But no work on the project in the last two years has failed to boost the sentiment." He was speaking at NIC’s first meeting in Delhi on Wednesday.

He added that with the coming up of this new institution the sector was expecting creation of new architecture that will give boost to the PPP model in the infra sector.

Speaking to reporters after NIC’s meeting, he said two other measures promised by the government are yet to see the light of the day—implementation of the Kelkar Committee report and passage of Public Utilities Dispute Resolution Bill in Monsoon session.

The eight-member Vijay Kelkar Committee was set up by the finance ministry to redraw the contours of India’s PP model. It had given several recommendations including ending the one-size-fits-all approach in dealing with project-specific risk and advocated independent regulators. The committee report was welcomed by the industry.

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Published: 22 Jul 2016, 11:40 AM IST
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