Union Budget 2016-17 - Raj Kalady, Managing Director, PMI India

"Infrastructure is one of the important aspects of the economy, and I am glad it received its due by being outlined as the fifth pillar out of the nine, supporting the Budget theme, 'Transform India'.

We welcome the Finance Minister's announcement to undertake new projects and address the languishing ones to streamline and expedite the sector's growth. However, these initiatives underline the urgent need for incorporating good project management practices to complete the projects/programs on time and within budget.

It is established that lack of key organizational capabilities is one of the key reasons that lead to unsuccessful project outcomes across organisations. PMI's Pulse of the Profession®: The High Cost of Low-Performance highlights that organisations which effectively use formal project management practices waste 13 times less than organizations that don't.

We hope that the government takes necessary steps to increase the success ratio of the various nation-building projects. One of which could be, a change in the RFP process for selecting organizations involved in nation building projects. We highly recommend that the Government considers the project management capabilities of the organization in addition to the existing selection parameters. This would, in turn, lead to successful outcomes, create a better future and a healthier economy."

Source : Equity Bulls

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