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| Economic Analysis of Public-Private Partnerships (PPPs) in the Indian Economy: An Empirical Study | |||||||
| Paper Id :
16496 Submission Date :
2022-09-03 Acceptance Date :
2022-09-21 Publication Date :
2022-09-25
This is an open-access research paper/article distributed under the terms of the Creative Commons Attribution 4.0 International, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited. For verification of this paper, please visit on
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| Abstract |
This research explains how different forms of public-private partnerships (PPPs) are used to build India's infrastructure and explores the connections between the two. Significant expansion in public-private partnerships is already seen. However, there is a deficiency of policies and consequences in its long-term use. In the current climate of tight public sector budgets and, at the same time, there is scope for private investments in a number of different sectors, public-private partnerships (PPPs) are an approach that, if adopted and implemented, would facilitate the improvement of public services. Together, the public sector and the business sector may better use public funds via public-private partnerships (PPPs), which in turn boosts economic growth and provides more for the general populace. PPP must be welcomed with the correct set of policies to generate economic development and expansion. This study makes an effort to draw attention to this issue by demonstrating how a few PPPS-based initiatives in different sectors have significantly contributed as a cutting-edge mechanism to India's rapid economic development. Greater public service investment and greater operational efficiency throughout the nation were made feasible by PPP-based initiatives. Skill training, corporate challenges and exercises, service and product delivery, and logistical support despite the highest complexity have all contributed to the rise of PPPs in recent years, bringing about a dramatic shift in India's economic landscape and paving the way for better government and a better society.
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| Keywords | Public-Private Partnerships (PPPs), Public Sector, Private Sector, Infrastructure, Economic Growth. | ||||||
| Introduction |
The Indian government has resolved to vigorously pursue the PPP model to fill up the gaps in the delivery of essential infrastructure services. Capacity development for public-private partnerships (PPPs) at the state and federal levels is an initiative that the Ministry of Finance has taken up.
Due to the fact that long-term economic development necessitates infrastructure expenditures, governments are under increasing pressure to develop innovative approaches to financing this vital sector. When faced with such a demand and limited resources, policymaking rather than physical construction may prove to be the best use of government time and money. Indeed, the data demonstrate that governments have struggled to provide on their own the essential infrastructure and public amenities required to sustain economic development. However, private companies cannot be relied on to construct and provide these public infrastructures on their own. Partnerships between the public and commercial sectors that benefit both parties may be useful for these reasons.
As governments throughout the globe strive to offer more and better services to their constituents on constrained budgets, a new era of organisational innovation in the delivery of public services has emerged. Decisionmakers in the public sector, like their private sector counterparts, are increasingly debating whether or not to provide certain services in-house or to seek out private sector partners instead. We now have concepts like "alternative service delivery" (ASD) and "public private partnerships" (PPP) thanks to the search for novel methods of public service creation and distribution. The acronym ASD stands for "alternative supply arrangements," which are any number of different ways that goods and services that would normally be provided by publicly traded firms might instead be provided by private entities. Not only will public-private partnerships (P3s) play a role in this, but so will the outsourcing of services and the total privatisation of some enterprises.
Since the term "public-private partnership" is used in a variety of contexts, it is difficult to pin down a precise meaning that applies to all situations. According to the British Columbia Ministry of Finance, "public-private partnerships" (P3s) are "legal arrangements between a government and a private entity for the provision of assets and the delivery of services that have traditionally been provided by the public sector" (2002). Unlike the "supplier" relationship, in which the government decides exactly what it wants and buys it, and the "public enterprise" model, in which the government produces the services with no private sector involvement, these and other definitions all centre on the idea of shared decision-making authority. A common component of definitions is the idea of mutual participation in both risk and reward. Below, we'll take a closer look at the widely held opinion in the P3 industry's literature that P3s provide for the optimum allocation of risk. If you want the private sector to gladly participate, it's essential to share the rewards.
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| Objective of study | The main objectives of study are:
1. To study the role of public-private partnerships (PPPs) in building economic-infrastructure in India
2. To examine the economic contribution of public private partnerships (PPPs) in the Indian economy
3. To study the present scenario of PPPs in India
4. To give suggestions and recommendations for growth of PPP model in India.
Importance of Study
Worldwide, PPPs have been on the rise since the 1990s. PPP agreements are being used by governments around the globe to better provide infrastructure services, from the developing world to the developed. Infrastructure in every sector, from transportation to education to healthcare to waste management to water, is being constructed by governments worldwide. Worldwide, public-private partnerships are replacing traditional public procurement processes for infrastructure and infrastructure services.
Governments and policymakers are being pushed to investigate alternative methods of funding and administering these services as a result of the political economics of dwindling public resources, increasing pressure from people, and increased demands from civil society. Governments are under pressure to investigate alternative forms of funding that might help them attract private sector investment via win-win partnerships. The public and private sectors need to work together under the PPP model since neither can afford to fund infrastructure on their own. |
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| Review of Literature | Phuyal,
Mohan. (2022) This article takes a
look at the current status of PPPs in India. The article provides a concise
background on where PPP came from and how it has been used to different
infrastructure fields. Public-private partnership (PPP) infrastructure projects
have been widely implemented in India since the New Economic Policy (NEP) was
enacted in 1991 as economic liberalization. There has been a recent uptick in
the PPP method's use for procurement in infrastructure fields including transportation,
power, and utilities. In India, the implementation of PPP projects has been
hampered by a number of factors, including the unpredictability of the
procurement models used, the lack of clear rules and regulations, and the
ambiguity of institutional responsibility for procurement, management, and
monitoring of these projects. Thus, the Public-Private Partnership Appraisal
Committee seldom recommends PPP projects (PPPAC). Most projects at the federal
and state levels are awarded based on unsolicited offers and are the result of
ad hoc arrangements and direct negotiation. The inefficient and confusing
project execution and monitoring process is only one more way in which the ad
hoc approach contributes to the government's financial risk. Sandeep
G. Kudtarkar (2021)This
article's goal is to shed light on the reasons so many public-private
partnership (PPP) projects in India's biggest PPP programme ran into
difficulties and were ultimately scrapped. This article draws the conclusion,
supported by quantitative and qualitative case study research, that adverse
selection, moral hazard, opportunism, and delays in PPP projects have their
origins in the poor structure of PPP contracts, ambiguity, and information
asymmetry. A number of projects have failed because of poor and unfair risk
sharing among parties and the inadequate structure of PPP contracts, ambiguity,
and information asymmetry lead to adverse selection, moral hazard, opportunism,
and delays in PPP projects, and private developers have avoided being engaged
in public infrastructure projects entirely. This paper provides a 20-point
conceptual institutional framework specifying policy and project-level
mechanisms for the effective implementation of the future PPP programme in
India and other developing nations with a comparable socioeconomic backdrop
post-COVID-19 pandemic. Anaïs
Fabre (2021)Public-private
partnerships (PPPs) have been widely implemented in the areas of
infrastructure, education, and healthcare, and this article provides a summary
of what is known about their influence in these areas. It sets forth the
primary components of economic theory necessary to analyse the cost-benefit
analysis of PPPs vs public supply of complex projects. It provides context for
PPPs by looking back across time. In doing so, it examines empirical
assessments of PPP efficacy and, if applicable, its implications for social
consequences. In the end, it offers judgments on interdisciplinary factors,
such as contract design, regulation, renegotiations, and institutional
difficulties, that affect the effectiveness of PPPs. This report organises and
evaluates the history of evidence and highlights some of the most promising
avenues for further study. Phuyal,
mohan. (2020).There has already been a
huge uptick in public-private partnerships. But there is a dearth of
regulations and ramifications when looking at the bigger picture of actual
application. Consequently, the central government mechanism had difficulty
coordinating projects. Thus, it is fair to say that Indian PPPs have been used
ad hoc, giving government agencies some leeway in negotiating partnership
agreements. This study reveals that there is a disjointed body of knowledge and
practice regarding PPPs in India. Transportation public-private partnerships (PPPs)
involving highways, airports, and seaports have been addressed. Reforms that
encourage more critical thinking about PPPs and other forms of public-private
partnership (PPPs) and that promote learning will be difficult to implement.
Actors are set in their ways of interacting with PPPs and are eager to continue
down their individual paths. Nevertheless, there are still many obstacles to
implementing this model in India. This paper will provide a theoretical and
practical analysis of the current state of affairs, trends, and challenges. Bhumi
Patel (2019)This report discusses
the present status of PPP initiatives in India. Broad in scope, public-private
partnerships (PPPs) are a technique used to increase the monetary worth of
public sector infrastructure projects. According to a large body of academic
literature, public-private partnerships (PPPs) may significantly boost
infrastructure efficiency. The purpose of this research was to examine the
current PPP and research issues with PPP infrastructure projects. Including
time-to-completion as a metric of performance and, by extension, profit, leads
to improved project completion and less delays on infrastructure projects. In
addition, the present government's part in infrastructure development is
analysed. Ananya
Malik (2019)In many parts of the
globe, public-private partnerships are flourishing. This article defines PPP,
discusses how it differs from Public Sector Procurement, and provides a concise
summary of how it compares to privatization. Specifically, it draws attention
to the many different PPP modules that exist. It emphasizes the dangers and
benefits of PPP in India's infrastructure development and growth. PurbaHalady
Rao (2019)There is still an urgent need to address the
problem of emerging nations' inadequate access to basic public services. Public
private partnerships (PPPs) are a means through which the government and the
private sector may work together to provide such services. Research was
conducted empirically to determine how well-informed Indian business leaders
are about the advantages and potential pitfalls of public-private partnerships
(PPPs). This paper details the investigation. The goal was reached with the use
of a questionnaire on the pros and cons of PPPs that was utilised in empirical
study. Managers between the ages of 25 and 45 made up the bulk of the sample
frame. The study found that Efficiency and fair risk sharing were the two most
important advantages to the public sector. When it comes to the private sector,
the concept of risk and investment sharing is paramount. Possibility of Delay,
ineffective regulations, and policies are all major obstacles. Jens
K. Roehrich, Michael A. (2014)Governments
throughout the globe, and particularly in Europe, are increasingly turning to
public-private partnerships to fund and operate public health infrastructure
and provide essential public health services. Reasons for its adoption range
from the need for innovation through private sector expertise and the pursuit
of improved risk management to the growing costs associated with restoring,
maintaining, and managing public assets. Despite the fact that PPPs in
healthcare delivery have attracted practitioner and academic attention over the
last two decades, no effort has been done to bridge the gap between the general
and health management literature to give a comprehensive understanding of PPPs.
Over the course of 20 years, this research examines more than 1,400 papers from
a variety of fields. Although this is a large and important phenomenon, we find
that it has not received nearly enough theoretical attention or rigorous
empirical study. We use a systematic, multi-faceted approach to public-private
partnerships based on an analysis of relevant literature and data. By doing so,
we point the way for future studies and improvements in the field.
Rajeev
Kumar Arora (2014)India's
academic community is paying attention to the Public-Private Partnership (PPP)
because it offers a fresh perspective on how to tackle development issues. It
uses a workable, practical, and expanding model of sustainable development
where private and public organizations connect and cooperate to serve the
public benefit. Services would still mostly be provided by the public sector,
but the private sector may be seen as an agency that promotes infrastructure by
contributing all inputs, including financial. As a result of being saddled with
a wide variety of unpredictability’s, the public sector doesn't seem to be
under much pressure to maximize its financial disposableness. These obligations
are become much more demanding since there are fewer resources available.
Therefore, the work of development can't be ignored. Additionally, the PPP may
effectively mobilize private sector financial inputs and a savvy management
structure to assure market-oriented activities. It's not fair who gets what PPP
project in India. The states in southern India have received a greater amount
of funding relative to the rest of India. Public-private partnership (PPP)
initiatives are often found in "hard infrastructure" industries.
However, more of it should have gone into improving social and economic equity
by strengthening intangibles like education and healthcare. Roads, ports,
eco-tourism, silos, petroleum reserves, ropeway, telecommunications, railroad
stations, commuter trains, and metros are only few of the key project types
where PPP activities have been carried out. Scholars consider PPP a potential
instrument for speeding up interventions, given its focus on the fast track of
service delivery and its role as an engine to highlight results. For its part,
the private sector has been given the chance to reap the benefits of PPP under
the form of a guaranteed, ongoing payout. Utilizing private sector knowledge
and experience to improve public services is what drives the microeconomic
benefits of PPP projects. Even while private sector feasibility studies can
reduce project risks, all private sector stakeholders have some degree of
responsibility for any losses that may occur. However, the cost of PPP-delivered
services tends to be high. Time-induced expenditures are often not included in
the procurement process, thus any savings reaped as a result of using this
method become all the more apparent. PPP projects can only expand in the
direction they are headed because of the inherent complexity and rigidity of
their design. |
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| Methodology | This study is an example of exploratoryinquiry and takes an inquisitive, conceptual approach to its research. The study was conducted to get an understanding of P3s as they pertain to infrastructure projects and to analyze their contribution to the economy of India.
Several different types of secondary data and information were used to write this article, including publicly accessible GOI materials, project documents, and academic articles. Google Scholar, JSTOR, Science Direct, etc. have all been utilized by the authors in their research. Data ware also collected from a wide variety of resources, including books, journals and newspapers. |
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| Analysis | Impact
of Private-Public Partnerships on Economic Growth Increases in investment
and productivity are the engines that power economic expansion, which in turn
raises wages and improves people's quality of life. Can PPPs lead to higher
marginal production because of more efficient resource use? It's beneficial for both
private businesses and the government to work together. For instance,
Efficiency in public service delivery might be enhanced with the support of
private-sector technology and innovation. The government's role is to
incentivize private sector efficiency and promptness in completing projects. As
an added bonus, a nation's infrastructure, as well as the construction,
equipment, support services, and other industries related to it, may benefit
from economic diversification, making the country more competitive. It has been argued that
public-private partnerships (PPPs) are detrimental to economic development
because they force businesses and workers to shift resources away from
achieving market-driven goals and toward achieving political goals. Proponents
rebut by arguing that the efficient delivery of public goods like schools and
roads contributes to broader economic development. Conversely, skeptics of
public-private partnerships argue that private companies might do just as well
a job of providing public goods without any help from the government at all. Sectors
of Indian Economy
Figure-1: World Economy
Figure- 2: Sectors of Indian Economy Primary
Sector Businesses in the
Primary sector of the economy rely heavily on the use of raw materials. A few
examples of businesses in this sector include agriculture, mining, fishing,
forestry, dairy, etc. The fact that it serves
as the foundation for all other goods is what gives rise to the product's
moniker. Agriculture, dairy, forestry, and fisheries all contribute to this
sector, which is often known as the "allied sector" since these
industries provide so many of the world's natural resources. Due to the inherent
dangers inherent with their employment, those who participate in primary tasks
are referred to as "red-collar workers.". Secondary
Sector These are the businesses
that use raw resources from the primary sector to create a variety of consumer
goods. This area includes manufacturing, textile manufacturing, sugar cane
cultivation, and other similar industries. Industrial production,
therefore, refers to the sector of an economy that creates finished products as
opposed to raw materials. This area is sometimes
referred to as the industrial sector because of its ties to several
enterprises. Blue collar employees
are those that are involved in tertiary activities. Current
scenario of PPP in India The above-mentioned
enabling environment had a noticeable effect on the Indian economic scene, as
shown by a rise in the number of PPP projects and investment in infrastructure.
Table- 1: Growth in PPP projects and investment
Investment in PPP projects in India skyrocketed between the
10th and 12th plan, as seen in Table 1. The expected growth rate is 50% for the
12th plan, up from 25% in the 10th plan and the revised projection of 36% in
the 11th plan. This demonstrates the success of the initiatives undertaken to
foster a PPP environment in India, as seen by the growing role of the private
sector in India's infrastructure development.
Figure- 3: PPP projects and investment Private
Participation in Infrastructure
The level of private
investment in LIDCs' infrastructure is low. From 2000 to 2010, LIDCs were
responsible for 10% of all PPP projects and 6% of their total value across all
emerging markets and developing nations (Figure 9). 15 About 0.4% of LIDC GDP
in PPP terms was generated during the last five years, a figure that is
comparable to that of EMs. PPP flows have decreased in recent years, after an
initial surge in the early 2010s. For more recent data and case studies of
successful PPP projects in Africa, see the latest report from the
Infrastructure Consortium for Africa (ICA, 2017). Since 2010, LIDC PPP projects
have spent a total of USD 43 billion, with over USD 20 billion going to Asia
and USD 11 billion going to Sub-Saharan Africa. Table 2 shows that although
Vietnam and Bangladesh have the most active projects, Lao PDR is the clear
volume leader. 16 It has also been possible to fund regional initiatives via
public-private partnerships. Many regional infrastructure projects, most
notably in the energy and transportation industries, can be found all
throughout Africa (UNCTAD, 2016).
Figure- 4: Flows of PPPs to LIDCs and Ems
Framework
Of Public Private Partnership
Figure- 5: Framework of Public Private Partnership Table- 2: Indirect Tax Revenue - An Assessment of Cantal V/S State Government
PPP
Projects In Central & States/UT’s Sectors PPPs
in Railways Indian Railways is a
massive system that spans the whole nation and serves as a reliable
transportation backbone. Indian railroads turned to public-private partnerships
(PPP) to create, renovate, expand, and strengthen the train infrastructure so
that freight and passenger traffic could move more efficiently and comfortably.
In January of 2003, a government agency called Rail Vikas Nigam was established
to oversee the rolling out of the National Rail Vikas Yojna. The only way for
the Indian economy to thrive in a manner that benefits all of its citizens is
for the country's railroads to be upgraded and expanded significantly. To
demonstrate the viability of the PPP model, the minister of railways has
pledged to construct 400 prototype stations around the country in 2018. The World Bank and the
Dedicated Freight Corridor Corporation (DFCC) announced in December 2014 that
they had reached a credit deal to fund the construction of the 393-kilometer
second phase of the eastern dedicated freight corridor from Ludhiana to
Dankuni. The Dedicated Freight Corridor Corporation (DFCC) was formed as a
"special purpose entity" to oversee the development, building,
operation, and maintenance of the dedicated freight corridor stretching from
Dadri to Jawaharlal Nehru Port. PPPS
In Road Transport One of the most
important aspects of infrastructure, roads link production facilities, farms,
and consumer markets, all of which contribute to economic expansion.
Public-private partnerships (PPP) were encouraged to be used as much as
possible in the 12th five-year plan to improve public services. Highways,
important district roads, expressways, and other roads in India total almost
4.1 million miles of pavement. Public-private partnership (PPP) activity was
strongly pushed for in the 12th five-year plan to improve public services. The
government has come to realise that public-private partnerships (PPPs) in the
highway and road sector may speed up the expansion of existing infrastructure.
Although the PPP model was slow to catch on in India, states there have now
implemented it for the transportation sector. The NHSDP has been aggressively
pursuing the PPP model for highway development. Given the size and scope of the
road transport and highway project, it became clear that creative funding
options needed to be investigated. Models
Of PPP Adopted in India BOT and BOT are the two
PPP methods used by India to build the National Highway. (a)
BOT (Toll) Model: The Concessionaire in a
Build-Operate-Transfer (Toll) model may recoup his costs by collecting tolls
from motorists who utilize the facility. This arrangement both reduces the
government's financial outlay and places the duty of managing traffic hazards
on the Concessionaire. If you're working on a highway project, chances are this
is the kind of model you'll employ. (b)
BOT (Annuity) Model: The Concessionaire's
investment is protected under a BOT Annuity model by the promise of regular
annuity payments. However, the government takes on all of the risk associated
with toll revenue as the Concessionaire is not responsible for traffic flow. 1. The NHDP's original
two-year duration has been extended to seven. 2. The Bharat Joro
projects (Golden Quadrilateral Projects) have been begun in partnership with
commercial construction businesses, both local and international, with the goal
of developing a network of roads totaling 10,000 kilometers, linking the
capitals of the several states to the national highways. Table- 3: Progress under NHDP
PPP In
Health Care Sector As the Indian economy
has developed and its population has shifted, so too have its healthcare needs.
The government of India is under growing pressure and scrutiny to improve the
quality of services and expand citizens' access to them in light of the
country's rapidly expanding population. Clearly, the government cannot cover
the whole nation by itself. Public and private sectors must work together to
strengthen the nation's healthcare system. Healthcare PPP in India is the
responsibility of the Healthcare Subcommittee, which was created by the CII
National Committee on Healthcare. Having "the social aims of universal
healthcare access and the commercial purpose of maintaining a successful
healthcare facility," public-private partnerships (PPPs) in healthcare
have been widely acknowledged as having significant value by the government. PPP In
Power Sector Public-private partnerships have also been quite successful in the electricity industry. The electricity industry has benefited greatly from PPP, which has led to significant advancements on the ground. Even encouraging private sector engagement in the development of transmission infrastructure is a goal of the framework designed by the Ministry of Power.
Government involvement in PPPs
Suggestions and Recommendation Focusing on the many modalities of the PPP model was also an aim of this research article. With PPP, there are unique challenges that must be recognised and overcome. To get the most from them, it is also crucial to examine the progress of PPP initiatives, identify the ones that are succeeding, and figure out why. Since the government plays a pivotal role in PPP projects and must devise strategies to become a more effective partner, and since the primary result of PPPs is the emphasis placed on quality and long-term performance, the public and private sectors in India should collaborate to expand the opportunities for PPPs.
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| Conclusion |
Given the present status of our economy, a public-private cooperation that promotes economic growth is crucial. Some significant data suggests that the more PPP projects are initiated in a nation, the faster its GDP will rise. Important parts of our economy have improved and innovated thanks to PPP, which is a huge boon to society as a whole. Public-private partnerships (PPPs) are gaining popularity as a type of private finance initiative through which the government can reap the benefits of private sector management's ideas, insights, and experience through the granting of long-term franchises that spell out the responsibilities and obligations of the private sector partner. Improvements in urban life may be achieved via public-private partnerships (PPPs) by bringing together the private sector's creative initiatives, the government's forward-thinking policies, and the assistance of nonprofit organizations (Witters, Marom& Steinert). PPP's cash, technology, and experience to fund, build, and manage public sector infrastructure projects may act as a stimulus for economic development at a time when governments are working on razor-thin budgets. PPPs are appealing to policymakers since they have been proved to be one of the best ways to improve infrastructure while both pleasing the public and bringing in a profit. |
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