Speed Post News Network
New Delhi: India has assumed the Chairmanship of BRICS for 2016 and a major political cum business engagement will be held in October 2016. As a lead-up to this summit, India has initiated a number of events within the spirit of the BRICS, one of which being the seminar on ‘Best Practices in PPPs and Long-term Infrastructure Financing of BRICS Countries’ on September 22, 2016, in the national capital. Union Minister for Finance and Corporate Affairs Arun Jaitley will inaugurate the Seminar.
The Seminar is being organized by the Department of Economic Affairs, Ministry of Finance, Government of India, in collaboration with the Confederation of Indian Industries (CII). The first Session of the seminar would be on ` Regulatory Issues and Financing of Infrastructure’, according to a PIB release. Infrastructure development involves long gestation period, and faces many challenges including in regulatory matters. Emerging economies are in the process of creating an effective regulatory framework across infrastructure sectors. Considering the enormity of investment requirements coupled with the public sector fiscal constraints, the private sector is required to play a much greater role, said the PIB release.
Another Session will be on ‘PPP Project Delivery and Post Award Contract Management’. The use of PPPs as an instrument of procurement for creation of infrastructure assets and delivery of public services has been recognized globally. PPP contracts are often complex where both parties are expected to manage the uncertainties and complexities that arise over the long-term concession period of 15-30 years, according to PIB release. Managing changing contexts over the concession period, dealing with uncertainties and effectively handling disputes are critical for the overall success of the PPP projects.