If India has to develop at the kind of pace that is expected, and provide bare necessities to its people by 2022, then clearly the ‘PPP’ model is unavoidable, power minister Piyush Goyal said on Tuesday. “PPP model has tremendous potential and Prime Minister Narendra Modi had in fact spoken about adding ‘people’ perspective to it. So now it has become public-private-people-partnership,” Goyal said while addressing Happening Haryana Global Investors Summit at Gurgaon.
“The entire public-private-partnership framework needs to be reoriented to make it more investor-friendly,” the minister said.
It will be the engine of growth in the infrastructure sector and together “we will have to evolve the right regulatory framework which should be simple and predictable,” he added.
Goyal also suggested that penalty should be a two sided affair in PPP model and not just restricted to the private body as partnership means sharing the fruits of development as well as the losses.
“I suggest that any framework we create should provide penalty for private sector and the other side. One must not forget to address the delays in providing the utilities which are necessary for the success of any project,” he said, adding that the Prime Minister believes in the Japanese way of working of planning well and creating the institutional framework around the plans, even though it may take a little more time.