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Infrastructure-Finance-Mapping-Final The Landscape of Financiers January 2020 Infrastructure Projects in India The Landscape of Financiers January 2020 Infrastructure Projects in India The Landscape of Financiers Author: Gaurav Dwivedi Published by: Centre for Financial Accountability R-21, South Extension II, New Delhi - 110049 www.cenfa.org | [email protected] | +91-11-49123696 January 2020 Copyleft: Free to use any part of this document for non-commercial purpose, with acknowledgment of source. For Private Circulation Only - 2 - Infrastructure Projects Financing Mapping TABLE OF CONTENTS Introduction 4 Infrastructure Development In India 6 Major Infrastructure Development Projects In India Smart Cities 12 Industrial Corridors 15 Railway Dedicated Freight Corridors 30 Inland Waterways 35 Bharatmala Pariyojana 38 Sagarmala Programme 42 Annexure I – List Of Smart Cities In India State-Wise 52 Annexure II - Projects Proposed Or Implemented Under DMIC 55 Annexure III – States Traversed By Eastern DFC, Goods Carried And Traffic Projections 58 Annexure IV - States Traversed By Western Dfc, Goods Carried And Traffic Projections 60 Annexure V – Declared And Identified National Waterways 63 Annexure VI - Details Of Projects Implemented Under Sagarmala Programme 67 Annexure VII - Details Of Major Infrastructure Projects Supported By Some Of The IFIs As Well As Bilateral Agencies In India 72 - 3 - Infrastructure Projects Financing Mapping INTRODUCTION This mapping document looks at infrastructure sector in India, its basic concepts, estimates by the Government of India, the World Bank (WB), Asian Development Bank (ADB), International Finance Corporation (IFC), Asian Infrastructure Investment Bank (AIIB) and others regarding the funds required to invest in India’s infrastructure sector, as well as some of the current financing trends such as Public-Private Partnerships (PPPs) and Hybrid Annuity Model — that are being recommended as a part of policy changes to implement infrastructure projects as well as the allocations made by the government for the infrastructure sector and also the various agencies and institutions. This document provides an overview of the operational and financial mechanisms of some of the significant ongoing and proposed infrastructure programs like Smart Cities Mission, Industrial Corridors, Dedicated Railway Freight Corridors, Inland Waterways, Bharatmala and Sagarmala Programme. It also maps several projects financed by International Financial Institutions (IFIs) as well as bilateral agencies providing support to these mega projects in the country. It maps infrastructure projects financed by IFIs such as the WB, ADB, AIIB, IFC as well as bilateral agencies like Japan Bank for International Cooperation (JBIC) and Japan International Cooperation Agency (JICA) across various sectors in India. It includes investments in sectors such as transport, roads and highways, metros, electric vehicles, smart cities, waterways, water, industrial corridor, urban, power plants, transmission lines and distribution systems, solar parks, housing, climate resilience, railway freight corridor, port expansions and others. - 4 - Infrastructure Projects Financing Mapping The mapping document shows that increasingly the investments by these institutions/ agencies are to the financial intermediaries such National Investment and Infrastructure Fund (NIIF), IFC Emerging Asia Fund, India Infrastructure Fund, India Infrastructure Finance Company Limited, Tamil Nadu Infrastructure Fund Management Company Limited and others. The mapping document details the sector-wise investment trends which are given a push through the investments from the MDBs and bilateral agencies. Though the amounts given might look small in comparison to the overall project expenditure estimates and the long timelines for infrastructure projects. Nevertheless, these investments look to provide the initial capital to conceptualise projects and build a credible pipeline of such projects to attract private investors. The MDBs and bilateral agencies also intervene in policy spaces to influence the policies that could have an impact on the investments in specific sectors. The document and the mapping exercise are work in progress. We intend to keep updating this document whenever we get more information on the projects, their implementation, financiers and financing mechanisms. - 5 - Infrastructure Projects Financing Mapping INFRASTRUCTURE DEVELOPMENT IN INDIA The focus on infrastructure sector as a key driver for the Indian economy has been underlined repeatedly. It is highlighted that the sector would be responsible for propelling India’s overall development and it enjoys intense focus from Government for initiating policies that would ensure time-bound creation of world class infrastructure in the country. Infrastructure sector includes power generation and transmission, highways, ports, bridges, dams, industrial zones, railway freight corridors, inland waterways and urban infrastructure development, which includes smart cities, housing, water supply and sanitation. Infrastructure has been defined on the Merriam Webster as – “the system of public works of a country, state, or region also the resources (such as personnel, buildings, or equipment) required for an activity, the underlying foundation or basic framework (as of a system or organisation), the permanent installations required for military purposes”. Infra- means "below;" so the infrastructure is the "underlying structure" of a country and its economy, the fixed installations that it needs to function. These include roads, bridges, dams, the water and sewer systems, railways and subways, airports, and harbours. railways and subways, airports, and harbours. These are generally government-built and publicly owned. airports, and harbours. These are generally government-built and publicly owned.1 Types of Infrastructure Infrastructure can be categorised into: Soft Infrastructure: These types of infrastructure make up institutions that help maintain the economy. These usually require human capital and help deliver specific services to the - 6 - 1 Merriam-Webster, Infrastructure definition, source URL: https://www.merriam- webster.com/dictionary/infrastructure#other-words Infrastructure Projects Financing Mapping population. Examples of soft infrastructure include the healthcare system, financial institutions, governmental systems, law enforcement, and education systems. Hard Infrastructure: These make up the physical systems that make it necessary to run a modern, industrialised nation. Examples of hard infrastructure include roads, highways, bridges, as well as the capital/assets needed to make them operational (transit buses, vehicles, oil rigs/refineries). Critical Infrastructure: These are assets defined by a government as being essential to the functioning of a society and economy. Examples of this include facilities for shelter and heating, telecommunication, public health, agriculture, etc.2. According to the Government of India’s Economic Survey 2017-18 - “to ensure high and sustainable growth, there has been a substantial increase in investment in transportation, energy, communication, housing and sanitation, and urban infrastructure sector. However, the Global Infrastructure Outlook observes that rising income levels and economic prosperity is likely to further drive demand for infrastructure investment in India over the next 25 years. Till 2040, India needs around investments worth USD 4.5 trillion to develop infrastructure to improve economic growth and community wellbeing. The current trend shows that India can meet around USD 3.9 trillion infrastructure investment out of USD 4.5 trillion. The cumulative figure for India’s infrastructure investment gap would be around USD 526 billion by 2040”. 3 The Economic Survey, 2017 -18, adds that – “there was massive underinvestment in the infrastructure sector until recently. The reasons behind the shortfall were the collapse of PPPs, especially in power and telecom projects; stressed balance sheets of private companies; and issues related to land and forest clearances. The need of the hour is to fill the infrastructure investment gap by financing from private investment, institutions dedicated for infrastructure financing like National Infrastructure Investment Bank (NIIB) and also global institutions like Asian Infrastructure Investment Bank (AIIB), New Development Bank (erstwhile BRICS Bank) which focuses more on sustainable development projects and infrastructure projects”. The Survey further discusses the details of estimated requirements and budget outlays for various sectors required to build such infrastructure in roads transport and highways, 2 Investopedia, Infrastructure, source URL: https://www.investopedia.com/terms/i/infrastructure.asp 3 Ministry of Finance, Economic Survey 2017-18, source URL: - 7 - http://mofapp.nic.in:8080/economicsurvey/pdf/120-150_Chapter_08_Economic_Survey_2017- 18.pdf Infrastructure Projects Financing Mapping railways, metro rail systems, civil aviation, shipping, Sagarmala and Bharatmala projects, Inland waterways, telecom, power and energy, logistics, petroleum and natural gas, and housing for all. IFC, the private lending arm of the WB, in a recent analysis of the climate-smart investment opportunities in infrastructure sectors like renewable energy, transportation, climate smart water supply, solid waste management, green buildings, climate smart agriculture and large hydro estimates that between 2018 to 2030 India needs USD 2.2 trillion4. A 2019 report by
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