A study investigating the factors that cause delays and cost overruns in construction projects in India
(Sprache: Englisch)
Anyone who has got a rework or renovation work done in their house can tell you what a troublesome activity it is. Not only that, it seems to take forever to be completed and is heavy on the wallet. Even an international icon like the Sydney Opera house,...
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Anyone who has got a rework or renovation work done in their house can tell you what a troublesome activity it is. Not only that, it seems to take forever to be completed and is heavy on the wallet. Even an international icon like the Sydney Opera house, which has always been Australia s pride, was delayed by 10 years with its budget shooting up by 14.5 times its estimated budget of $7 million. There are plenty of such examples available. It is very common for construction projects to get delayed and outrun their budget. This is a tough scenario faced by almost all projects around the world, with India not being an exception. Thus, the researcher has undertaken this research to investigate the factors responsible for delays and cost overruns. Both secondary research and primary research have been carried out and the barriers have been identified. Such barriers create problems that hinder the efficiency and progress of a project, making it lag behind its schedule. The factors identified in the secondary research are compared to the findings of the primary research to see if they hold true in the Indian context.
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Text Sample:CHAPTER 1: INTRODUCTION:
1.1 Introduction:
Chapter one of this dissertation provides the background of this research study.
It starts by explaining the contribution of the construction industry in India, thus explaining the significance of the research. It then goes on to give evidence of the problems in the industry.
1.2 Background:
India is regarded as a developing country that is moving forward at a fast pace. But the construction industry in India is growing at a faster rate than the short-term economic growth (Sen, 2013). This trajectory growth in the industry is beneficial for the country because being a developing country, infrastructural development is very important to fuel growth.
With a GDP of US$2,242.8 billion (2008), India is the fourth largest economy in the world. The construction industry stands as the second largest industry in the country after agriculture when talking about contribution to the country s GDP, contributing one-third to the projected GDP. Every Rupee invested in the industry brings about a parallel increase of about Rs. 0.80 in the GDP. This is much higher when compared to Rs. 0.20 and Rs. 0.14 earned from agriculture and manufacturing. Statistics show that compared to other sectors, this sector creates an increase of 4.7 times in the income (Laskar andamp; Murthy, 2004). Over the next 5-10 years, it is estimated that Rs. 16,747.67 billion will be invested in the infrastructure sector of the country (empulse global, 2006). The industry has a market size of US$55 billion and is growing at the rate of 7-8% pa, which is faster than the rate of GDP growth of the country, thus showing potential for development in the sector (Business Wire, 2009).
Talking in the accounting sense, construction adds to total output and wealth, as it helps the production processes. The construction industry also provides employment at a large scale. The industry employs 32 million people, spread over skilled and unskilled labor (empulse
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global, 2006). It is one of the main sources of employment for people migrating from rural areas to the urban areas in search of employment (Greenwood, 2006).
It is evident from the literature that investment in the construction sector is important for the growth of a country s economy. Infrastructure capital has a noteworthy linkage with economic growth (Shioji, 2011). On investigating the relation between construction and other economic sectors for Singapore, a bi-lateral relationship was found between construction activities and GDP (Lean, 2001). Also it was found that deregulation in the industry would increase the impact of construction on growth (Gauger andamp; Snyder, 2003).
Though being an important element of the world economy, the majority of the projects fail. The projects get delayed and cross their budget very often, and India is not an exception for the same.
Out of 49 public sector projects in 1974-79, 13 got delayed by more than 2 years; 10 by 2-3 years; 13 by 3-5 years and 8 by 5 years or more. Such delays cause consequent cost overruns. Out of these, 9 projects outran the budget by 50%; 15 by 50-100% and 17 by 100-200%. Apart from that, 316 out of 422 central sector projects exceeded the scheduled time by 1-189 months (Chandramouli, 2000).
Thus it is evident that an industry of such importance to the country s economy is not able to deliver up to its potential because of certain factors that might be responsible for this. Such factors cause delays and cost overruns in construction projects throughout the country, because of which the firms bear losses or lose a major chunk of their profits.
It is evident from the literature that investment in the construction sector is important for the growth of a country s economy. Infrastructure capital has a noteworthy linkage with economic growth (Shioji, 2011). On investigating the relation between construction and other economic sectors for Singapore, a bi-lateral relationship was found between construction activities and GDP (Lean, 2001). Also it was found that deregulation in the industry would increase the impact of construction on growth (Gauger andamp; Snyder, 2003).
Though being an important element of the world economy, the majority of the projects fail. The projects get delayed and cross their budget very often, and India is not an exception for the same.
Out of 49 public sector projects in 1974-79, 13 got delayed by more than 2 years; 10 by 2-3 years; 13 by 3-5 years and 8 by 5 years or more. Such delays cause consequent cost overruns. Out of these, 9 projects outran the budget by 50%; 15 by 50-100% and 17 by 100-200%. Apart from that, 316 out of 422 central sector projects exceeded the scheduled time by 1-189 months (Chandramouli, 2000).
Thus it is evident that an industry of such importance to the country s economy is not able to deliver up to its potential because of certain factors that might be responsible for this. Such factors cause delays and cost overruns in construction projects throughout the country, because of which the firms bear losses or lose a major chunk of their profits.
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Autoren-Porträt von Kushal Agrawal
Kushal Manoj Agrawal was born in Ahmedabad, India. Having an insight in the industry, he was well aware of the plight faced by the project developers in the country. He realised that the problems faced by the construction industry in India are embedded deep in the roots. This book is an attempt to identify and examine the factors responsible for this.
Bibliographische Angaben
- Autor: Kushal Agrawal
- 2014, Erstauflage, 48 Seiten, Maße: 15,5 x 22 cm, Kartoniert (TB), Englisch
- Verlag: Anchor Academic Publishing
- ISBN-10: 3954892138
- ISBN-13: 9783954892136
Sprache:
Englisch
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