Rs 30,420 cr worth projects pending due to deficiency: Chidambaram

Bangalore, Aug 27 (UNI) Union Finance Minister P Chidambaram today said projects costing over Rs 30,420 crore are under various stages of implementation due to deficiency in executing major projects, leading to cost escalation and delay in achieving its very purpose.

''Of the 742 projects of Rs 20 crore and above, 269 worth over Rs 30,420 crore are still in various stages of implementation,'' he said, delivering the convocation address at the XIV annual convocation of the National Law School of India University here. Noting that the deficiency pertained to documentation, financial appraisal, brisk analysis and distribution, the Minister said ''when global tenders are invited for large projects, we have to depend on outside experts for financial and large documents. Likewise, there are deficiencies in regulatory architecture.'' Mr Chidambaram said opportunity should be equal for all and prospects should be shared. Therefore, laws were intended to promote better governance to ensure social justice to one and all. The purpose of economic reforms was no different. Men and women should have the freedom to make their political and economic choice. ''Only an open economy and an open society can bring rapid progress and prospects,'' he added.

Referring to globalisation, he said many countries have adopted market based economy to achieve more benefits from globalisation. In India, economy had been integrated and further reforms were taking place in the financial sector, agriculture and overall regulatory architecture. More focus was laid on governance as an institution of development. ''However, it should be noted that governance and institutional development are different in the form of capacity and competence.'' University Vice-Chancellor Dr A Jayagovind, in his address, said the varsity was facing serious financial constraints and could not afford to finance students aspiring to take part in international moot court competitions.

More than 300 students were awarded degrees by Chief Justice of India Y K Sabharwal, also the university Chancellor.

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