Almost 50 per cent of all (19 in total) power projects are delayed for at least two-five years and cost overruns stood at a whopping 136.1 per cent or actuals of Rs 12,711.16 crore to Rs 22,049.02 crore. Steel projects are better off as far the number of delay years with 50 per cent of them (four in all) being stuck for around one-two years, but the increase in cost-overruns is at 66.6 per cent or Rs 3,433.70 crore to Rs 8,587.80 crore.

A comparison for the period ended end-March 1997: Out of the total delayed projects, 26 were delayed by up to a year with an equal number between one-two years, 32 by two-five years, 20 by five-10 years and three by over 10 years.

And the big picture is as follows: Of the 110 delayed projects involving overruns of Rs 26,429.10 crore asof June 1998, 41 projects or 37.3 per cent are held up for two-five years, 30 (27.3 per cent) for one-two years, 23 (20.9 per cent) for up to a year with 16 (14.5) for five-10 years.

The 12 sectors for which data on delays and cost overruns has been collated by the Reserve Bank are atomic energy, civil aviation, coal, finance, fertilisers, steel, petrochemicals, petroleum, power, railways, surface transport and telecom.

Delays and cost overruns are the least in petrochemicals at 0.8 per cent and petroleum at 9.2 per cent and nil in telecom.

Look no further than a footnote in the Reserve Bank's report: Projects without date of commissioning are not considered. In other words, the Reserve Bank figures are conservative. Many a company is unsure of the date of commissioning of projects, and assumes that unservicible debt on the balance sheets of corporates post commission (telecom for instance) is not on account of delays, but other reasons.

Among the reasons cited for such delays and cost overruns, thetopper is ``other reasons'' at 32.7 per cent followed by funds 16.3 per cent, civil works 14.8 per cent, award of contract 13.2 per cent, land 12.1 per cent and equipment supply at 10.9 per cent. Interestingly, the Reserve Bank says that only one telecom project has been delayed and on account of equipment supply and civil works, and not on account of funds or ``other'' like regulatory issues.

The 152 flash report on the central sector projects for June 1998 says that were in all 221 projects and only four were ahead of schedule, 49 on schedule and 110 projects were lagging behind. Besides, 58 projects had not announced their date of commissioning. Surface transport, power, railways, petroleum and coal accounted for 84 per cent of all delayed projects while in cost-escaltion terms, power, steel and atomic energy cornered 70 per cent.