"It is a miracle that projects happen in the present environment," said Naseer Munjee, deputy director, Infrastructure Development Finance Corporation (IDFC).

He regretted that the attitude was often that of maximising revenue. Pointing towards stagnation in the sector, he said last year disbursements were less than the previous year. Financial institutions have Rs 30,000 crore of unused finances.

Welcoming the developments in the telecom sector, he said that ever since the new policy had been announced, IDFC had been inundated with projects.While developing a debt market was very important for the core sector, he said that equity capital needed to be generated more than the risk capital.

Addressing a plenary session on agenda for the infrastructure sector, Kanwaljit Singh, Punjab finance minister, said that his state required Rs 4,000-crore investment in infrastructure out of which 25 projects, worth Rs 2,000 crore in the power sector, have already started.

He expressed concern over the quantum of private sector investment over the the last seven years. While stating that the state had made a serious move towards development of infrastructure, the Punjab minister said that formation of Punjab Infrastructure Development Board was a step in this direction. He emphasised the need to provide protection against risk.A Ramakrishna, president (operations) and board member, Larsen & Toubro, said 25-30 per cent infrastructure projects should come up through the build-operate-transfer route.

He said that his company was planning investment in airports and power sector.

He said that the example of Maharashtra State Road Development Corporation, which successfully launched projects worth Rs 3,000 crore with a staff strength of mere 30 persons, should be followed by other states.