Description
It also explains how US financed its infrastructure. It explains the concept of project financing with respect to infrastructure. Advantages and disadvantages of PPP relationsips
Sustainable Infrastructure
Roadmap
Importance of Infrastructure How US financed its Infrastructure India Infrastructure story Physical Infrastructure Project Financing Negative Impact
Importance of Infrastructure
India and China (GDP over millennium)
Correlation between GDP and Infrastructure
Source: Study: Public infrastructure's contribution to production (Statistics Canada)
Why is Government in Infrastructure?
• Techno-Economic: Economies of Scale
– State monopoly better than Private Monopoly
• Social Responsibility for Universal Access
– The underprivileged cannot be “thrown to the wolves”
• Availability of Funds: Large investment required
– Private sector is incapable of mobilising resources
• International Experience
– Most other countries publicly provide for infrastructure
Why Change ?
• Techno-Economic: Technology has changed
– Monopolies are no longer required, as in power – Cost of telephone networks allows for duplication
• Social Responsibility for Universal Access
– Underprivileged can be served more efficiently by moving away from direct provision to “purchase of service”
• Public providers have no incentive to reduce cost or maintain quality
• Availability of Funds: Government is fiscally constrained
– Private firm can raise more and cheaper finances
• International Experience:
– Countries are moving to private providers of infrastructure (Latin America, Australia, Asia, US, Europe)
Roads
Ports
• Capacity:
– India: 1.5 Billion Tonnes – Singapore: 500 Million Tonnes
• Turnaround Time:
– India: 4 Days – Hong Kong: 10 Hrs
• Container Capacity:
– Mumbai: 3500 TEU – Singapore: 30,000 TEU
Telecom
How US financed its Infrastructure
US infrastructure spending
US – Federal Highway Administration
• Initiative from 1994 to introduce flexibility in financial characteristics of Federal-aid highway program • Overriding objectives:
– – – – Increase investment Accelerate projects Improve utility of existing financing opportunities Lay the groundwork for long-term programmatic changes
• Characteristics of initiative:
– Accomplish through a State-driven process – Not seeking commitment of new Federal funds
• Various models evaluated and tested:
– – – – Flexible match - Value of private contribution offsets state share Reimbursement of bond financing costs Tapered match - State funding higher during initial period Partial conversion of advance construction - States may obligate funds for advance construction n a phased fashion
India Infrastructure story
Historical experience
Projects relied entirely on subsidies / government funding Investment in infrastructure 3.7% of GDP in 2002-03 from 5.4% in 1993-94 No regulatory framework or inter-government coordination (TRAI, TAMP active only recently) Fragmented tax decision making structure leading to multiple layers of tax Lack of timely information or industry data
Key Implications
Drivers
• • • •
Rising economic activity Outlook for infrastructure has improved Further liberalization in key sectors Increased Government funding (6% of GDP) + PPP
Effects Future Strategies
• Increased FDI inflows in infrastructure • Pressures on Government to reduce fiscal deficit • Higher liquidity and portfolio investments • Higher private sector participation • Global players to invest in India • Government to play role of facilitator • Private participation has boosted confidence • Innovative financing to attract investments
Financing needs (Requirements)
India needs investment of USD 475 billion (about Rs. 19,000 billion) in infrastructure over the next five years to support the targeted 9% growth - P. Chidambaram
Physical Infrastructure
Transportation • Highways • Railways • Ports • Airports
Communication
Energy
Road
Size
3.3 million km road network 3rd largest in world Growth order of: 12-15% passenger 15-18% cargo ~ Rs 18,000 Crore > Rs 1 lakh Crore 100% FDI permitted 100% tax exemption for 10 yrs. BOT
Railway
2nd largest network 63,332 km spread across 8000 stations 40% of the freight traffic 20% of the passenger traffic of the country. Rs 37,500 Crore
Outlook Government Expenditure Requirements FDI Policy PPP Model
Airports
Ports
Outlook
Passenger traffic to grow at 95% by volume and 15% in next 5 years to 70% by value of foreign 100m trade. Cargo traffic to grow at 20% Ports will grow by 160 in next 5 years to 3.3 MT per cent over the 2011– 12 period (Crisil)
Government Expenditure
FDI Policy
Rs 40,000 Cr in 11th plan
100% FDI in airports 100% tax exemption for 10 yrs 49% FDI in domestic airlines Different models tried in Green field Airports 100% FDI in ports 100% tax exemption for 10 yrs
PPP Model
To invest Rs 1,15,000 Crore to increase capacity to 1.5 bn tones
Power
Features Government Expenditure
India has the fifth largest electricity generation capacity in the world Total investment opportunity of Rs 900 Crore over 7 yrs Installed Capacity 147,000 MW Requirement to reach 400,000MW by 2020 950,000 MW by 2030
Telecom
India is the fifth largest telecom services market in the world
Requirements
Investment opportunity of $22 billion in Telecom Devices, Internet, DTH Services, Set Top boxes, Modem, Mobile handsets, Services for voice 74% to 100% FDI permitted for various telecom services 100% FDI permitted in telecom equipment manufacturing
FDI Policy
100% FDI permitted in Generation, Transmission & Distribution waiver of capital goods import duties on mega power projects
Project Financing
Possible option - variations
Multilateral Agencies
(World Bank / IFC / ADB) Subsidies / Grants
Government
Guarantees / Risk insurance / funding
Project
Equity
Project Sponsor
Export Credit Agencies
Syndicated funding
Guarantees / credit enhancement
Commercial Banks
Ease of Doing Business (rank out of 189)
PPP Models
Available PPP Models
Contracting
Concession
BOT (Build Operate Transfer)
DBFO (Design Build Finance Operate)
Advantages & Disadvantages of PPP Relationships
PPP Type: Contracting
Main Features • Contract with private party to design & build public facility • Facility is financed & owned by public sector • Key driver is the transfer of design & construction risk Strengths • Transfer of design & construction risk • Potential to accelerate construction programme
Weaknesses • Possible conflict between planning Application & environmental considerations • Suited to capital projects with • May increase operational risk small operating requirement • Commissioning stage is critical • Suited to capital projects where • Limited incentive for whole life the public sector wishes to costing approach to design retain operating responsibility • Does not attract private finance
Advantages & Disadvantages of PPP Relationships
PPP Type: BOT
Main Features • Contract with a private sector contractor to design, build & operate a public facility for a defined period, after which the facility is handed back to the public sector • The facility is financed by the public sector & remains in public ownership throughout the contract Application • Suited to projects that involve a significant operating content • Particularly suited to water & waste projects Strengths • Transfer of design, construction & operating risk • Promotes private sector innovation & improved value for money • Improved quality of operation & maintenance Weaknesses • Contracts are more complex & tendering process can take longer • Cost of re-entering the business if operator proves unsatisfactory • Does not attract private finance & commits public sector to providing long term finance
Advantages & Disadvantages of PPP Relationships
PPP Type: DBFO (design build finance operate)
Main Features • Contract with a private party to design, build, operate & finance a facility for a defined period, after which the facility reverts to the public sector • The facility is owned by the private sector for the contract period and it recovers costs through public subvention Application • Suited to projects that involve a significant operating content • Particularly suited to roads, water and waste projects Strengths • As for BOT plus: • Attracts private sector finance; • Delivers more predictable & consistent cost profile Weaknesses • Contracts can be more complex & tendering process can take longer than for BOT • Cost of re-entering the business if operator proves unsatisfactory • Funding guarantees may be required • Change management system required
Advantages & Disadvantages of PPP Relationships
PPP Type: Concession
Main Features • As for DBFO except private party recovers costs from user charges • Key driver is the polluter pays principle & utilizing private finance & transferring design, construction & operating risk Application • Suited to projects that provide an opportunity for the introduction of user charging • Particularly suited to roads, water (non-domestic) & waste projects Strengths • As for DBFO plus: • Facilitates implementation of the polluter pays principle; & • Increases level of demand risk transfer & encourages generation of third party revenue Weaknesses • As for DBFO plus: • May not be politically acceptable • Requires effective management of alternatives / substitutes, e.g. alternative transport routes; alternative waste disposal options
Evaluating the PPP Models
• • • • Private Sector Requirements Beneficiary Government Requirements Commission Requirements Lender Requirements
Private Sector Requirements
Fair Profit Reward for Risk Mitigation Clear Legal/Regulatory Structure Growth Potential Political Support Political Stability
Required
Desirable Automatic
SC
MC
L
BA
DC
PD
FD
SC = Service Contracts MC = Management Contracts L = Leases BA = BOT Agreements
DC = DBFO Concessions
PD = Partial Divestiture
FD = Full Divestiture
Beneficiary Government Requirements
Leveraging Funding Accelerating Project Implementation Improving Service Levels
SC
MC
L
BA
DC
PD
FD
Improving Service Coverage
Efficiency Gains Ease of Implementation
Yes
Important Desirable SC = Service Contracts MC = Management Contracts L = Leases BA = BOT Agreements DC = DBFO Concessions PD = Partial Divestiture FD = Full Divestiture
Commission Requirements
Attaining European Standards Maximizing Societal Benefits
SC
MC
L
BA
DC
PD
FD
Transparency/Open Competition
Reasonable Control of Grant Funds Avoiding Undue Private Profit Efficiency Gains
Leveraging Private Funds
Relevant Important Required Desirable Yes SC = Service Contracts DC = DBFO Concessions MC = Management Contracts PD = Partial Divestiture
L = Leases
BA = BOT Agreements
FD = Full Divestiture
Lender Requirements
Rigorous Financial Analysis
Conservative Cost/Revenue Assumptions Certainty of Grant & State Funding
SC
MC
L
BA
DC
PD
FD
Clear Legal Regulator Structure
Technical Ability of Owner/Operator Political Stability
DC = DBFO Concessions PD = Partial Divestiture FD = Full Divestiture
Required
Desirable
SC = Service Contracts MC = Management Contracts L = Leases BA = BOT Agreements
Negative Impacts of Infrastructure
•Safety Issues •Pollution Issues
Growth of Motor Vehicles on Roads
Safety Issues
Traffic Fatality: 80,000 in India in 2003
Traffic Injury: 6.8 million in India Motorcyclists, bicyclists, and pedestrians are facing more severe traffic safety problem than automobile users Walking is especially dangerous in Indian cities ( more than 50% of total traffic fatality)
Motorcyclist fatalities: roughly 20% share of total
Pollution issues
Indian Cites have the highest levels of Suspended Particles in the world
Gujarat
Gujarat
• Policy so as to complement Infrastructure in the state • IT connectivity • E-gram Vishwagram project • Basic amenities through IT • Sustainable infrastructure • Cheap Infrastructure • Corporate partnership • Infrastructure being used as a substitute for one another
References
• • Ambit Corporate Finance Pvt Ltd (Ashok Wadhwa) Different Models of PPP, Session on Private Sector Participation, Yong Hee Kong, PPP Resource & Research Centre, Kuala Lumpur
•
Linking Infrastructure Policy and Economic Policy, Partha Mukhopadhyay
Centre for Policy Research
• • • • • • • • • • • • • • • • • http://www.unescap.org/ttdw/common/TIS/AH/files/egm06/financing_india_ppt.pdf http://india.gov.in/sectors/transport/public_private.php http://www.zeenews.com/news548001.html http://www.indiaonestop.com/railway/IR2008-09.htm http://www.pppinindia.com http://web.mit.edu/dusp/chinaplanning/paper/Peng%20zhongren%20PPT.pdf http://www.livemint.com/2007/12/04120639/India-must-hike-infrastructure.html http://www.indiainfrastructure.com/ http://www.indianmba.com/Faculty_Column/FC376/fc376.html http://trueeconomics.blogspot.com/2010/01/economics-23012010-knowledge-economy.html http://journals.cambridge.org/action/displayAbstract;jsessionid=E40EDB6E388F35690E0F29DAA9A8C7B1.tomcat1?fromPage=online&aid=4695 03 http://www.jstor.org/pss/2667443 http://ieeexplore.ieee.org/Xplore/login.jsp?url=http://ieeexplore.ieee.org/iel5/5234371/5262555/05262754.pdf%3Farnumber%3D5262754&authDe cision=-203 http://en.wikipedia.org/wiki/DBFO http://www.docstoc.com/docs/7767692/INDIAS-TRILLION-DOLLAR-DEAL-Infrastructure-spending-unleashed-(special-report-by-CLSA) http://www.data360.org/dsg.aspx?Data_Set_Group_Id=1529 http://www.commodityonline.com/news/Indian-Railways-fails-to-attract-private-equity-25342-3-1.html http://en.wikipedia.org/wiki/Electricity_sector_in_India http://www.personal.psu.edu/jck1/blogs/MorningSong/2008/02/importance_of_infrastructure.html
•
Questions
doc_313114602.pptx
It also explains how US financed its infrastructure. It explains the concept of project financing with respect to infrastructure. Advantages and disadvantages of PPP relationsips
Sustainable Infrastructure
Roadmap
Importance of Infrastructure How US financed its Infrastructure India Infrastructure story Physical Infrastructure Project Financing Negative Impact
Importance of Infrastructure
India and China (GDP over millennium)
Correlation between GDP and Infrastructure
Source: Study: Public infrastructure's contribution to production (Statistics Canada)
Why is Government in Infrastructure?
• Techno-Economic: Economies of Scale
– State monopoly better than Private Monopoly
• Social Responsibility for Universal Access
– The underprivileged cannot be “thrown to the wolves”
• Availability of Funds: Large investment required
– Private sector is incapable of mobilising resources
• International Experience
– Most other countries publicly provide for infrastructure
Why Change ?
• Techno-Economic: Technology has changed
– Monopolies are no longer required, as in power – Cost of telephone networks allows for duplication
• Social Responsibility for Universal Access
– Underprivileged can be served more efficiently by moving away from direct provision to “purchase of service”
• Public providers have no incentive to reduce cost or maintain quality
• Availability of Funds: Government is fiscally constrained
– Private firm can raise more and cheaper finances
• International Experience:
– Countries are moving to private providers of infrastructure (Latin America, Australia, Asia, US, Europe)
Roads
Ports
• Capacity:
– India: 1.5 Billion Tonnes – Singapore: 500 Million Tonnes
• Turnaround Time:
– India: 4 Days – Hong Kong: 10 Hrs
• Container Capacity:
– Mumbai: 3500 TEU – Singapore: 30,000 TEU
Telecom
How US financed its Infrastructure
US infrastructure spending
US – Federal Highway Administration
• Initiative from 1994 to introduce flexibility in financial characteristics of Federal-aid highway program • Overriding objectives:
– – – – Increase investment Accelerate projects Improve utility of existing financing opportunities Lay the groundwork for long-term programmatic changes
• Characteristics of initiative:
– Accomplish through a State-driven process – Not seeking commitment of new Federal funds
• Various models evaluated and tested:
– – – – Flexible match - Value of private contribution offsets state share Reimbursement of bond financing costs Tapered match - State funding higher during initial period Partial conversion of advance construction - States may obligate funds for advance construction n a phased fashion
India Infrastructure story
Historical experience
Projects relied entirely on subsidies / government funding Investment in infrastructure 3.7% of GDP in 2002-03 from 5.4% in 1993-94 No regulatory framework or inter-government coordination (TRAI, TAMP active only recently) Fragmented tax decision making structure leading to multiple layers of tax Lack of timely information or industry data
Key Implications
Drivers
• • • •
Rising economic activity Outlook for infrastructure has improved Further liberalization in key sectors Increased Government funding (6% of GDP) + PPP
Effects Future Strategies
• Increased FDI inflows in infrastructure • Pressures on Government to reduce fiscal deficit • Higher liquidity and portfolio investments • Higher private sector participation • Global players to invest in India • Government to play role of facilitator • Private participation has boosted confidence • Innovative financing to attract investments
Financing needs (Requirements)
India needs investment of USD 475 billion (about Rs. 19,000 billion) in infrastructure over the next five years to support the targeted 9% growth - P. Chidambaram
Physical Infrastructure
Transportation • Highways • Railways • Ports • Airports
Communication
Energy
Road
Size
3.3 million km road network 3rd largest in world Growth order of: 12-15% passenger 15-18% cargo ~ Rs 18,000 Crore > Rs 1 lakh Crore 100% FDI permitted 100% tax exemption for 10 yrs. BOT
Railway
2nd largest network 63,332 km spread across 8000 stations 40% of the freight traffic 20% of the passenger traffic of the country. Rs 37,500 Crore
Outlook Government Expenditure Requirements FDI Policy PPP Model
Airports
Ports
Outlook
Passenger traffic to grow at 95% by volume and 15% in next 5 years to 70% by value of foreign 100m trade. Cargo traffic to grow at 20% Ports will grow by 160 in next 5 years to 3.3 MT per cent over the 2011– 12 period (Crisil)
Government Expenditure
FDI Policy
Rs 40,000 Cr in 11th plan
100% FDI in airports 100% tax exemption for 10 yrs 49% FDI in domestic airlines Different models tried in Green field Airports 100% FDI in ports 100% tax exemption for 10 yrs
PPP Model
To invest Rs 1,15,000 Crore to increase capacity to 1.5 bn tones
Power
Features Government Expenditure
India has the fifth largest electricity generation capacity in the world Total investment opportunity of Rs 900 Crore over 7 yrs Installed Capacity 147,000 MW Requirement to reach 400,000MW by 2020 950,000 MW by 2030
Telecom
India is the fifth largest telecom services market in the world
Requirements
Investment opportunity of $22 billion in Telecom Devices, Internet, DTH Services, Set Top boxes, Modem, Mobile handsets, Services for voice 74% to 100% FDI permitted for various telecom services 100% FDI permitted in telecom equipment manufacturing
FDI Policy
100% FDI permitted in Generation, Transmission & Distribution waiver of capital goods import duties on mega power projects
Project Financing
Possible option - variations
Multilateral Agencies
(World Bank / IFC / ADB) Subsidies / Grants
Government
Guarantees / Risk insurance / funding
Project
Equity
Project Sponsor
Export Credit Agencies
Syndicated funding
Guarantees / credit enhancement
Commercial Banks
Ease of Doing Business (rank out of 189)
PPP Models
Available PPP Models
Contracting
Concession
BOT (Build Operate Transfer)
DBFO (Design Build Finance Operate)
Advantages & Disadvantages of PPP Relationships
PPP Type: Contracting
Main Features • Contract with private party to design & build public facility • Facility is financed & owned by public sector • Key driver is the transfer of design & construction risk Strengths • Transfer of design & construction risk • Potential to accelerate construction programme
Weaknesses • Possible conflict between planning Application & environmental considerations • Suited to capital projects with • May increase operational risk small operating requirement • Commissioning stage is critical • Suited to capital projects where • Limited incentive for whole life the public sector wishes to costing approach to design retain operating responsibility • Does not attract private finance
Advantages & Disadvantages of PPP Relationships
PPP Type: BOT
Main Features • Contract with a private sector contractor to design, build & operate a public facility for a defined period, after which the facility is handed back to the public sector • The facility is financed by the public sector & remains in public ownership throughout the contract Application • Suited to projects that involve a significant operating content • Particularly suited to water & waste projects Strengths • Transfer of design, construction & operating risk • Promotes private sector innovation & improved value for money • Improved quality of operation & maintenance Weaknesses • Contracts are more complex & tendering process can take longer • Cost of re-entering the business if operator proves unsatisfactory • Does not attract private finance & commits public sector to providing long term finance
Advantages & Disadvantages of PPP Relationships
PPP Type: DBFO (design build finance operate)
Main Features • Contract with a private party to design, build, operate & finance a facility for a defined period, after which the facility reverts to the public sector • The facility is owned by the private sector for the contract period and it recovers costs through public subvention Application • Suited to projects that involve a significant operating content • Particularly suited to roads, water and waste projects Strengths • As for BOT plus: • Attracts private sector finance; • Delivers more predictable & consistent cost profile Weaknesses • Contracts can be more complex & tendering process can take longer than for BOT • Cost of re-entering the business if operator proves unsatisfactory • Funding guarantees may be required • Change management system required
Advantages & Disadvantages of PPP Relationships
PPP Type: Concession
Main Features • As for DBFO except private party recovers costs from user charges • Key driver is the polluter pays principle & utilizing private finance & transferring design, construction & operating risk Application • Suited to projects that provide an opportunity for the introduction of user charging • Particularly suited to roads, water (non-domestic) & waste projects Strengths • As for DBFO plus: • Facilitates implementation of the polluter pays principle; & • Increases level of demand risk transfer & encourages generation of third party revenue Weaknesses • As for DBFO plus: • May not be politically acceptable • Requires effective management of alternatives / substitutes, e.g. alternative transport routes; alternative waste disposal options
Evaluating the PPP Models
• • • • Private Sector Requirements Beneficiary Government Requirements Commission Requirements Lender Requirements
Private Sector Requirements
Fair Profit Reward for Risk Mitigation Clear Legal/Regulatory Structure Growth Potential Political Support Political Stability
Required
Desirable Automatic
SC
MC
L
BA
DC
PD
FD
SC = Service Contracts MC = Management Contracts L = Leases BA = BOT Agreements
DC = DBFO Concessions
PD = Partial Divestiture
FD = Full Divestiture
Beneficiary Government Requirements
Leveraging Funding Accelerating Project Implementation Improving Service Levels
SC
MC
L
BA
DC
PD
FD
Improving Service Coverage
Efficiency Gains Ease of Implementation
Yes
Important Desirable SC = Service Contracts MC = Management Contracts L = Leases BA = BOT Agreements DC = DBFO Concessions PD = Partial Divestiture FD = Full Divestiture
Commission Requirements
Attaining European Standards Maximizing Societal Benefits
SC
MC
L
BA
DC
PD
FD
Transparency/Open Competition
Reasonable Control of Grant Funds Avoiding Undue Private Profit Efficiency Gains
Leveraging Private Funds
Relevant Important Required Desirable Yes SC = Service Contracts DC = DBFO Concessions MC = Management Contracts PD = Partial Divestiture
L = Leases
BA = BOT Agreements
FD = Full Divestiture
Lender Requirements
Rigorous Financial Analysis
Conservative Cost/Revenue Assumptions Certainty of Grant & State Funding
SC
MC
L
BA
DC
PD
FD
Clear Legal Regulator Structure
Technical Ability of Owner/Operator Political Stability
DC = DBFO Concessions PD = Partial Divestiture FD = Full Divestiture
Required
Desirable
SC = Service Contracts MC = Management Contracts L = Leases BA = BOT Agreements
Negative Impacts of Infrastructure
•Safety Issues •Pollution Issues
Growth of Motor Vehicles on Roads
Safety Issues
Traffic Fatality: 80,000 in India in 2003
Traffic Injury: 6.8 million in India Motorcyclists, bicyclists, and pedestrians are facing more severe traffic safety problem than automobile users Walking is especially dangerous in Indian cities ( more than 50% of total traffic fatality)
Motorcyclist fatalities: roughly 20% share of total
Pollution issues
Indian Cites have the highest levels of Suspended Particles in the world
Gujarat
Gujarat
• Policy so as to complement Infrastructure in the state • IT connectivity • E-gram Vishwagram project • Basic amenities through IT • Sustainable infrastructure • Cheap Infrastructure • Corporate partnership • Infrastructure being used as a substitute for one another
References
• • Ambit Corporate Finance Pvt Ltd (Ashok Wadhwa) Different Models of PPP, Session on Private Sector Participation, Yong Hee Kong, PPP Resource & Research Centre, Kuala Lumpur
•
Linking Infrastructure Policy and Economic Policy, Partha Mukhopadhyay
Centre for Policy Research
• • • • • • • • • • • • • • • • • http://www.unescap.org/ttdw/common/TIS/AH/files/egm06/financing_india_ppt.pdf http://india.gov.in/sectors/transport/public_private.php http://www.zeenews.com/news548001.html http://www.indiaonestop.com/railway/IR2008-09.htm http://www.pppinindia.com http://web.mit.edu/dusp/chinaplanning/paper/Peng%20zhongren%20PPT.pdf http://www.livemint.com/2007/12/04120639/India-must-hike-infrastructure.html http://www.indiainfrastructure.com/ http://www.indianmba.com/Faculty_Column/FC376/fc376.html http://trueeconomics.blogspot.com/2010/01/economics-23012010-knowledge-economy.html http://journals.cambridge.org/action/displayAbstract;jsessionid=E40EDB6E388F35690E0F29DAA9A8C7B1.tomcat1?fromPage=online&aid=4695 03 http://www.jstor.org/pss/2667443 http://ieeexplore.ieee.org/Xplore/login.jsp?url=http://ieeexplore.ieee.org/iel5/5234371/5262555/05262754.pdf%3Farnumber%3D5262754&authDe cision=-203 http://en.wikipedia.org/wiki/DBFO http://www.docstoc.com/docs/7767692/INDIAS-TRILLION-DOLLAR-DEAL-Infrastructure-spending-unleashed-(special-report-by-CLSA) http://www.data360.org/dsg.aspx?Data_Set_Group_Id=1529 http://www.commodityonline.com/news/Indian-Railways-fails-to-attract-private-equity-25342-3-1.html http://en.wikipedia.org/wiki/Electricity_sector_in_India http://www.personal.psu.edu/jck1/blogs/MorningSong/2008/02/importance_of_infrastructure.html
•
Questions
doc_313114602.pptx