Infrastructure is the foundation of economic, industrial and social development. The multiplier effect of infrastructure development on the economy is significant and its role as a stimulator of economic growth is undisputable.
Just a decade ago, it was almost a tenet of faith that infrastructure services were best provided by the state. However, with liberalization & technological growth, private sector participation in infrastructure services has gained momentum. Today public-private partnership has emerged as a vital tool to build, manage & operate infrastructure services efficiently.
The economic reform initiative in India has raised the annual growth rate. This has exerted pressure on the existing infrastructure, which is already saturated. It is evident that to sustain and accelerate higher economic growth rate in the county, India needs to build, upgrade and modernize its infrastructure urgently.