The timely completion of projects in key sectors is crucial for sustainable development. It ensures effective resource use, economic feasibility, and societal well-being. This process involves not only meeting deadlines and budgets but also upholding promises and achieving shared goals for progress and prosperity.
For project owners, completing projects on time builds credibility and earns trust among investors, stakeholders, and customers. It reduces legal risks tied to contract breaches and penalties for delays. Moreover, it enables early revenue generation, accelerating returns on investment, fostering business growth, and allowing for the reallocation of capital to new ventures.
At the national level, timely project completion supports economic growth by creating jobs, attracting both domestic and foreign investments, and improving infrastructure. It enhances public welfare by providing crucial services like electricity, transportation, and healthcare. Additionally, it creates a favourable business environment, which attracts further project investment.
This study explores trends in project completion over the past 20 years, from FY2005 to FY2024, divided into two decades: Decade-1 (FY2005 to FY2014) and Decade-2 (FY2015 to FY2024). Both decades encountered economic disruptions affecting project execution. Decade-1 was impacted by the 2008 global financial crisis, while Decade-2 faced COVID-19-related lockdowns.
Projex Completion by States
Among the states, Uttar Pradesh posted impressive growth in project completion over two decades, ranking third among the top 10 states. In Decade-1, the state completed 1,638 projects worth Rs 93,154.83 crore. The emphasis on faster execution of infrastructure projects, especially highways, airports, and railways, saw the completion of 1,444 projects worth Rs 4,42,344.43 crore in Decade-2, indicating a rise of 374.85 percent over the previous decade.
Maharashtra remained at the top with 5,615 projects worth Rs 5,87,715.03 crore commissioned. The state had completed 6,790 projects worth Rs 2,81,148.75 crore in the preceding decade. The 109.04 percent increase helped the state reclaim the top rank from Gujarat.
Gujarat, the topper in the last decade with 2,398 projects worth Rs 3,22,213.75 crore, ceded the top position to Maharashtra and settled for the second rank. In Decade-2, Gujarat saw the completion of 3,216 projects worth Rs 5,33,336.98 crore.
Karnataka, with a growth of 215.31 percent, retained its fourth rank in both decades. The completion of large projects in Petrochemicals, Steel, Thermal & Solar power, and Roadways helped the state maintain its position among the top states.
Telangana replaced Haryana in the top 10 states table in the latest decade. The 27 mega projects with a collective investment of Rs 58,750 crore helped the state secure a place among the top ten states. Most of these mega projects were in Coal-based power, Real Estate, Roadways, and Irrigation sectors.
The conducive investment environment created by most of the top 10 states allowed them to remain in the Top 10 states table for the last 20 years. Among the other states, Bihar, Chhattisgarh, Jharkhand, and Madhya Pradesh recorded impressive decadal growth. Uttarakhand was the only state to record a decadal decline of 33.06 percent.
Cover Photo: Courtesy: pixabay.com
