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We ask students to login via google as we share a lot of our content over google drive. Match previews West Ham v Burnley: match preview. Welcome to H&M, your shopping destination for fashion online. As the name suggests, HAM’s a hybrid — a mix of the EPC (engineering, procurement and construction) and BOT (build, operate, transfer) models. city governments, power utilities, and bus transport corporations, barring a few, are incapacitated and need to be the epicentre of transformation efforts, Capable creditworthy public institutions are an essential prerequisite to attract private investment, Corporatized and empowered structure, adequate capital and ring-fenced finances, accrual accounting and effective audits, and transparent disclosure in these departments is the need of the hour, Prepare shovel-ready projects along PPP models, rewire contracting frameworks, The government ought to build capacity to create a bankable pipeline of shovel-ready strategic projects worth $150 billion annually, with focus on sectors and line departments where this capacity is missing, Expediting creation of a PPP think-tank institution as recommended by the Kelkar committee could help, Besides, we should look beyond conventional build-operate-transfer models to annuity and investment-lite performance-contracting models, This would require recalibrating risk-sharing, and reworking contracts with clear performance metrics and flexibility to handle changes and exits, Create supply-side enablers to deepen the infrastructure financing ecosystem, Stalled projects need to be dealt with steadfastly to nurse private developers and financial institutions to health, Building certainty and capacity to implement the Insolvency and Bankruptcy Code will be crucial, A concomitant and scaled up asset monetization of operational assets can attract global capital and help increase public spending and government support for greenfield PPPs, Creating a diversified and resilient financing ecosystem to facilitate a shift from overreliance on bank-led financing remains a key work-in-progress facilitation, Allied guarantee instruments to strengthen bond markets and expeditious deployment of capital under the National Investment and Infrastructure Fund are facilitations that can help, History has taught us that PPPs are no silver bullet, Broad-basing private investment in infrastructure requires relentless commitment and holistic efforts from both the Centre and the states, Revving the stalling private sector investments engine is crucial to sustain and accelerate the infrastructure build-up that India needs, aspires for, and deserves, Developing road networks in a timely and cost-effective fashion plays an important role in economic development, In recent years, the government has extensively adopted the public-private partnership (PPP) approach in road development, India has the distinction of having the largest PPP programme globally in the roads sector, PPP road projects broadly fall in one of the two categories of toll or annuity, though many recent projects are being implemented under a hybrid annuity model, Toll and annuity projects vary mainly in the way the developers recoup their investment, In the former, the road developer collects a toll from the users, whereas in the case of the latter, the developer receives predefined annuity payments from the government, While the private developer assumes the demand risk in toll projects, it is not the case with annuity projects, A basic difference between the toll and annuity projects is in the risk-reward equation, In the case of annuity projects, the developer does not assume any demand risk, but the upside is capped, However, in toll projects, the private developer assumes the demand risk, but would also benefit if the traffic growth is more than what is assumed, While PPP in roads has multiple objectives, the fundamental reason for going for the PPP route in India is that it helps to attract private sector capital, Private developers will consider bidding for toll-based PPPs if they see a sensible risk-reward balance because the private sector by its very nature will pursue the path of higher returns rather than settle for modest returns, Toll projects, in general, are characterized by longer stretches, and therefore higher project costs, They also have more structures as compared to annuity projects, indicating that they could have a higher degree of complexity, But the estimated unit project costs are lower, indicating that developers are able to achieve economies of scale associated with longer stretches, In the last few years, the response from developers to new projects has been poor, The estimated project costs have significantly escalated in the case of toll projects, hitting the project economics, There is also a gap between the actual and projected traffic estimations made by the developers, The toll projects are not as investment ready at the time of project award as compared to that of annuity projects, The private sector also needs to do the task of handling much of the pre-development phase risks—such as clearances, land acquisition, and so on, leading to increases in cost overruns, It is important to understand the reasons behind the cost escalations, The government should focus on making the project development ready at the time of award to attract more private sector interest, rather than changing the concession model, That would lead to sustainable results, else the euphoria of the hybrid annuity model will be short-lived too, Public provision faces two challenges: an incentive problem and a budget problem, The budget problem stems from the fact that there is only so much that a government can safely borrow, because it will have to raise future taxes to repay the debt, As a consequence, many worthwhile projects must be postponed, Suppose the project is a highway structured as a toll road with a 20-year concession, This seems to solve both the incentive and budget problem, The contractor will be responsible for the increased maintenance cost, presumably making him more likely to do high-quality work, He also would have an incentive to run an efficient operation, because he gets to keep the savings, In addition, because the project is financed by tolls, it need not be limited by fiscal constraints. It will also include the variations in contents of contracts and difficulties experienced with particular conditions. The balance sheet on service quality is not much better. However, these changes will be applicable for new awards, and the fate of the existing HAM projects is hanging in the balance. A PPP Project means a project based on a contract or concession agreement, between a Government or statutory entity on the one side and a private sector company on the other side, for delivering a service on payment of user charges. Netzteil Siemens Hicom Hipath Telefonanlage S30122 . The panel wants full disclosure of few items prior to the renegotiation: Panel has suggested formation of an independent body, like a renegotiation commission, which can oversee the renegotiation of model concession agreements across sectors. The larger challenge for India’s military would come if the hostilities break out along the northern border with China. HAM's success can be seen by the fact that it has become the preferred contract for NHAI, with nearly 50 per cent contracts in FY18 in highway construction awarded under this model. Mains level: This article is important with respect to Mains as it highlights the concerned problems relating to PPP in infrastructure sector and how it can be solved. Revenue collection would be the responsibility of the National Highways Authority of India (NHAI); developers will be paid in annual instilments over a specified period of time. Using the government’s lower borrowing cost to discount the cost of projects, it found that very few PFI projects would have passed the Value for Money test. In the Union Budget 2015-16, Finance Minister announced that the PPP mode of infrastructure development has to be. Even though Pakistan may only be pursuing a hybrid war, should the Indian military remain entirely defensive? whereas the remaining 60% is raised by developer from equity or loan as variable depending upon the value of assets created. The UPSC NDA NA-II Examination is going to be similar to the NDA-I Syllabus 2021. Community See All. There is also a need to avoid currency mismatches from borrowing in foreign currency for projects that generate revenues largely in local currency, More fiscal reforms could also generate more revenues to bridge the infrastructure financing gap, Taxation will play a key role in incentivizing investment and ensuring that the proceeds of investment are redistributed and reallocated in line with sustainable development priorities, A lot more regulatory and institutional reforms are also needed to make infrastructure projects more attractive for private investors, No country can sustain growth and reduce poverty without maximizing development finance, Maximizing finance for development, from billions to trillions, will not come from a single financing instrument, Only by combining resources—international and domestic, public and private, corporate and philanthropic—will it be possible to achieve the necessary levels of financing, The challenge is to increase both the scale and impact of financial resources, improve linkages, and build partnerships, More can be done to strengthen the framework and tools needed to engage the private sector and maximize finance for development, The private sector contributed an estimated ₹20 trillion, or a third of India’s ₹60 trillion infrastructure investment, between fiscals 2008 and 2017, However, it has declined sharply in recent years in terms of share of investment, from 37-38% to below 25% in fiscal 2018, As per the Crisil Infrastructure Yearbook 2018 released last month, over-investments in a couple of fiscals through 2012 backfired, leaving in their wake stalled projects and a mountain of stressed assets, Six years on, private investment capacity is yet to recover meaningfully, While airports, ports and power transmission have robust engagement models, new investment activity is tepid, In railways and urban infrastructure, private investments are negligible, It’s down sharply at the state level as well, National highways remain the only bright spot, where policy actions and the de-risked hybrid annuity model (HAM) have revived projects, And the recent toll-operate-transfer (TOT) auction is a great example of asset monetization and crowding-in of private capital, India’s infrastructure investment spending needs to be ₹50 trillion between fiscals 2018 and 2022, That would be ~5.1% of gross domestic product (GDP), Achieving this requires considerably more private sector contribution, Private sector participation in infrastructure delivery helps deliver tangible benefits, In highways, airports, ports and renewables, the private sector’s role has been landscape-altering, The private sector has also delivered efficiently—both on project execution (where land and clearances have not been a constraint) as well as operations, Besides, private participation enhances public accountability, As consumers, we rarely hold public utilities to account for non-performance and resort to coping solutions, Yet, when a public-private partnership (PPP) contract is awarded, we tend to demand better services right away, PPPs bring back trust in public utilities that execute them, improve service delivery, bridge resource gaps, and help wean away dependence on unsustainable coping solutions which the poor can ill afford, Empower public institutions to drive transformation, Public institutions, viz. Clear principles and a mechanism for renegotiations without moral hazard need to be planned for, The Fourth Industrial Revolution, along with internet penetration and access to smartphones, has changed the outlook of people everywhere, Everyone can see how others live and this has raised their aspirations and expectations, People are demanding improved infrastructure to meet their aspirations, This aspiration is particularly acute in the developing world, given the poor infrastructure and huge development financing needs, It is estimated that infrastructure investments needed in energy, transport, telecommunications, water and sanitation, education, and health projects will amount to more than 5% of gross domestic product (GDP) in developing countries, Meeting the financing gap needed for infrastructure services will be one of the biggest challenges in development, In developing economies, nearly 70% of the funding for infrastructure projects comes from the government budget, 20% from private players, and 10% from multilateral development banks, While the infrastructure financing gap is huge in the developing world, the potential for attracting private investment for infrastructure projects is also huge, The basic traits of infrastructure projects, such as market size, long-term steady revenue stream, and investment returns that exceed inflation, make them attractive for institutional investors, The funds managed by institutional investors in the Organization for Economic Cooperation and Development (OECD) countries exceed $100 trillion, Their allocation to emerging-market infrastructure projects is tiny, Many developing countries have launched programmes to attract private investments into infrastructure projects, India has experienced a rapid increase in the number of public-private partnership (PPP) infrastructure projects during the last two decades, The government has established institutional structures in the ministry of finance and line ministries to scale up PPP projects, A fast-growing economy and public-sector capabilities to prepare, procure and implement PPP projects have played a key role in creating markets and improving efficiency gains, The electricity and road sectors have attracted the lion’s share of PPP investments in India, India’s energy efficiency market, estimated to be more than $12 billion per year, is one of the largest untapped energy-efficiency markets in the world, Ports and railways have also attracted investment but at the lower end, Commercial banks have dominated the financing of infrastructure projects, This amounts to the government transferring a huge amount of risk from public to the private sector, With the structure of financing such that there is heavy reliance of private financing on the public sector and with heavy termination clauses included in PPP contracts, the government is potentially exposed to fiscal risks, India and most of the developing world face a twin challenge—closing the infrastructure financing gap and changing the composition of financing, Given rising global macroeconomic and trade concerns, changing the composition of financing is as important as maximizing infrastructure capital, Changing the composition of capital flow also has the potential to increase the efficiency and sustainability of public finance and infrastructure projects, There exists a huge potential for creating markets and improving the preparation and regulation of PPP projects in areas such as time taken to prepare projects, contract management, risk management, socioeconomic impact, affordability, and bankability of projects, and meeting the strategic importance of development goals, While commercial banks will continue to be an important source of infrastructure finance, capital markets need to play a bigger role, given the increased demand for long-term sources of finance for infrastructure projects, Bond markets, especially local currency bond markets, will be critical to filling the infrastructure-investment gap. 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