PPP Report by london

download PPP Report by london

of 80

Transcript of PPP Report by london

  • 7/25/2019 PPP Report by london

    1/80

    " " # $ % & ' ( ' ) * + + + ' ( # , # - ( $ . / 0 ' ' ) # ' * ) 1 2 ) 3 ( $ % 2 0 3 4 ) 1 '

    !"#$%& !(%)*+, !*(+-,(./%0. %- 1-2%*

    !"##$%# '($) *+,"(-"%."#

  • 7/25/2019 PPP Report by london

    2/80

    ," ! " # $ % & ! ( % ) * + , ! * ( + - , ( . / % 0 . 1 2 , . . 3 - . 4 ( 3 5 6 7 0 , ( % , - & , .

    80(%$ 9:;9

    < 8$$ =%>/+. =,.,(),?@ 8+/,-* A-43-35%&.

    B/, %-43(5*+%3- &3-+*%-,? %- +/%. (,03(+ 0(,0*(,? #C 8+/,-* A-43-35%&. A-?%* !)+D

    2+?D %. 4"(-%./,? 43( %-43(5*+%3- 0"(03.,. 3-$CD E/%$, ,),(C ,443(+ /*. #,,- 5*?, +3

    ,-."(, +/, *&&"(*&C 34 %-43(5*+%3- 0(,.,-+,? %- +/, (,03(+@ 8+/,-* A-43-35%&. A-?%*

    !)+D 2+?D 5*F,. -3 (,0(,.,-+*+%3-. 3( G*((*-+%,. (,>*(?%-> +/, *&&"(*&C 3(

    &350$,+,-,.. 34 ."&/ %-43(5*+%3- *-? ,70(,..$C ?%.&$*%5. *-C $%*#%$%+%,. #*.,? 3- ."&/

    %-43(5*+%3- 3( 3- 35%..%3-. +/,(, 4(35D B/, 5*+,(%*$ 0(,.,-+,? %- +/, (,03(+ &*- #,

    ".,? %- *&*?,5%& 3( 0(34,..%3-*$ G3(F G%+/ *00(30(%*+, &%+*+%3-D

  • 7/25/2019 PPP Report by london

    3/80

    ,," ! " # $ % & ! ( % ) * + , ! * ( + - , ( . / % 0 . 1 2 , . . 3 - . 4 ( 3 5 6 7 0 , ( % , - & , .

    !"#$ &'()&* "+$ ,''- (&'(+&'. /#*" $0(()&* 1&)2 *"' 3*#$" 4#5" 6)22#$$#)-7

    *"&)05" #*$ 8&)$('*9 :0-. ;-.#+ 8&)5&+22'

  • 7/25/2019 PPP Report by london

    4/80

    ,,," ! " # $ % & ! ( % ) * + , ! * ( + - , ( . / % 0 . 1 2 , . . 3 - . 4 ( 3 5 6 7 0 , ( % , - & , .

  • 7/25/2019 PPP Report by london

    5/80

    ,5" ! " # $ % & ! ( % ) * + , ! * ( + - , ( . / % 0 . 1 2 , . . 3 - . 4 ( 3 5 6 7 0 , ( % , - & , .

    "#$%&' "(&)*+, "*(+-,(./&0. &- 1-2&*3,..4-. 5(46 780,(&,-',.

    "#$%&' "4%&'9 :,*6;

  • 7/25/2019 PPP Report by london

    6/80

    5" ! " # $ % & ! ( % ) * + , ! * ( + - , ( . / % 0 . 1 2 , . . 3 - . 4 ( 3 5 6 7 0 , ( % , - & , .

  • 7/25/2019 PPP Report by london

    7/80

    5," ! " # $ % & ! ( % ) * + , ! * ( + - , ( . / % 0 . 1 2 , . . 3 - . 4 ( 3 5 6 7 0 , ( % , - & , .

    @4-+,-+.

  • 7/25/2019 PPP Report by london

    8/80

    5,," ! " # $ % & ! ( % ) * + , ! * ( + - , ( . / % 0 . 1 2 , . . 3 - . 4 ( 3 5 6 7 0 , ( % , - & , .

    (,,5,-+LW9 L*(#3- X%37%?,LK= L3(03(*+, K3&%*$ =,.03-.%#%$%+CXUOWB X,.%>-@ U"%$?@ O%-*-&,@ W0,(*+, Y B(*-.4,(XOL X,?%&*+,? O(,%>/+ L3((%?3(XA!! X,0*(+5,-+ 34 A-?".+(%*$ !3$%&C Y !(353+%3-X!= X,+*%$,? !(3Z,&+ =,03(+X68 X,0*(+5,-+ 34 6&3-35%& 844*%(.

    68L 6-)%(3-5,-+ 800(*%.*$ L355%++,,6A8 6-)%(3-5,-+*$ A50*&+ 8..,..5,-+6A== 6&3-35%& A-+,(-*$ =*+, 34 =,+"(-6N! 6-)%(3-5,-+ N*-*>,5,-+ !$*-6!L 6->%-,,(%-> Y !(3&"(,5,-+ L3-+(*&+6[3N 6503G,(,? [(3"0 34 N%-%.+,(.O8W O33? *-? 8>(%&"$+"(*$ W(>*-%.*+%3-OA== O%-*-&%*$ A-+,(-*$ =*+, 34 =,+"(-[X! [(3.. X35,.+%& !(3?"&+[WA [3),(-5,-+ 34 A-?%*ALALA A-?".+(%*$ L(,?%+ *-? A-),.+5,-+ L3(03(*+%3- 34 A-?%*AXUA A-?".+(%*$ X,),$305,-+ U*-F 34 A-?%*

    ALB A-43(5*+%3- Y L355"-%&*+%3- B,&/-3$3>CAOL A-+,(-*+%3-*$ O%-*-&, L3(03(*+%3-AAOL2 A-?%* A-4(*.+("&+"(, O%-*-&, L3(03(*+%3- 2%5%+,?\AL8 \*0*-,., A-+,(-*+%3-*$ L330,(*+%3- 8>,-&CNL8 N3?,$ L3-&,..%3- 8>(,,5,-+N36O N%-%.+(C 34 6-)%(3-5,-+ Y O3(,.+J[W J3-T[3),(-5,-+*$ W(>*-%]*+%3-JW9 J%+(3>,- X%37%?,JV J*+%3-*$ V%>/G*CJV8A J*+%3-*$ V%>/G*C 8"+/3(%+C 34 A-?%*JWAX8 J,G WF/$* A-?".+(%*$ X,),$305,-+ 8"+/3(%+CJKALB J/*)* K/,)* A-+,(-*+%3-*$ L3-+*%-,( B,(5%-*$

    WYN W0,(*+%3-. Y N*-*>,5,-+^N*%-+,-*-&,!!! !"#$%& !(%)*+, !*(+-,(./%0.!=A. !*-&/*C*+% =*Z A-.+%+"+%3-.!_=8 !(3)%.%3- 34 _(#*- 85,-%+%,. %- ="(*$ 8(,*.=Y= =,$%,4 Y =,/*#%$%+*+%3-=O! =,`",.+ 43( !(303.*$KW9 K"$0/"( X%37%?,=Oa =,`",.+ 43( a"*$%4%&*+%3-K!H K0,&%*$ !"(03., H,/%&$,KK8 K+*+, K"003(+ 8>(,,5,-+B8N! B*(%44 8"+/3(%+C 43( N*Z3( !3(+.B3= B,(5. 34 =,4,(,-&,

    _Q _-%+,? Q%->?35_2U _(#*- 23&*$ U3?%,.

  • 7/25/2019 PPP Report by london

    9/80

    5,,," ! " # $ % & ! ( % ) * + , ! * ( + - , ( . / % 0 . 1 2 , . . 3 - . 4 ( 3 5 6 7 0 , ( % , - & , .

    _N!! _$+(* N,>* !3G,( !(3Z,&+._J6! _-%+,? J*+%3-. 6-)%(3-5,-+ !(3>(*55,_K8 _-%+,? K+*+,. 34 85,(%&*_KX _-%+,? K+*+,. X3$$*(H[O H%*#%$%+C [*0 O"-?%->E_8 E*+,( _.,(. 8..3&%*+%3-EOK2 E,.+,(- O(,,G*C K,* 2%-F

  • 7/25/2019 PPP Report by london

    10/80

    ,6" ! " # $ % & ! ( % ) * + , ! * ( + - , ( . / % 0 . 1 2 , . . 3 - . 4 ( 3 5 6 7 0 , ( % , - & , .

    3&.+ 45 78/&$&+."*B,

    67/%#%+ ;D;1 [(3G+/ X(%),(. *-? U3++$,-,&F. 34 +/, A-?%*- 6&3-35C R

    67/%#%+ 9D;1 BC0,. 34 !(%)*+, K,&+3( !*(+%&%0*+%3- P

    67/%#%+ 9D91 L350*(*+%), 8-*$C.%. 34 O,*+"(,. 34 X%44,(,-+ !!! X,4%-%+%3-. ;;67/%#%+ 9DM1 L350*(%.3- 34 L3.+.@ =%.F.@ =,+"(-. *-? A-&,-+%),. 34 X%44,(,-+ ;9

    K+*F,/3$?,(.

    67/%#%+D9DR1 K+*+,TE%., !!! A-+,-.%+C ;M

    67/%#%+ MD;1 K,),- K"&&,.. O*&+3(. 43( !!! !(3Z,&+. ;S

    67/%#%+ MD91 O3(,%>- !*(+%&%0*+%3- %- !!! !(3Z,&+. %- A-?%* 9M

    67/%#%+ MDM1 8$$3&*+%3- 34 =%.F *-? N%+%>*+%3- N,*."(,. %- !!! !(3Z,&+. MM

    67/%#%+ MDR1 K+*+". 34 !(3)%.%3- 34 U*.%& 85,-%+%,. +3 !"#$%& %- A-?%* Mb

    67/%#%+ MDS1 B*73-35C 34 !(3)%.%3- 34 !"#$%& K,()%&,. Mc

    67/%#%+ MDd1 6-)%(3-5,-+*$ 8&+. #C N36O R:

    67/%#%+ MDb1 A50*&+ 34 X,),$305,-+ 34 X%44,(,-+ A-4(*.+("&+"(, !(3Z,&+. 3- R;6-)%(3-5,-+

    3&.+ 45 A&B#(,.

    O%>D ;D;1 B(,-? [X! [(3G+/ =*+,. 34 K,$,&+ X,),$30%-> L3"-+(%,. *-? M

    +/, E3($?O%>D ;D91 !(3Z,&+,? B(,-? [(3G+/ =*+,. %- Q,C 6&3-35%,. R

    O%>D ;DM1 V"5*- X,),$305,-+ A-?,7 eB(,-?. 4(35 ;Pc: +3 !(,.,-+f S

    O%>D ;DR1 8--"*$ J"5#,( 34 N3#%$, K"#.&(%0+%3-. eA- +/3".*-?.f d

    O%>D ;DS1 8--"*$ 8%( !*..,->,( B(*44%& %- A-?%* eA- +/3".*-?.f b

    O%>D ;Dd1 A-4(*.+("&+"(, K0,-?%-> ?"(%-> +/, ;;+/*-? ;9+/!$*- !,(%3? c

    O%>D 9D;1 K,&+3(TG%., !!! N*+"(%+CJ"5#,( 34 !(3Z,&+. ;9

    O%>D MD;1 X,#+ =,`"%(,5,-+ 43( +/, ;;+/!$*- !,(%3? 9P

    O%>D MD91 =,>%3-G%., LW965%..%3-. #C !3G,( K,&+3( %- A-?%* RMeA- 5%$$%3- +3--,.f

  • 7/25/2019 PPP Report by london

    11/80

    6" ! " # $ % & ! ( % ) * + , ! * ( + - , ( . / % 0 . 1 2 , . . 3 - . 4 ( 3 5 6 7 0 , ( % , - & , .

    3&.+ 45 F48,.

    "*B,

    U37 MD; N"5#*% Y X,$/% A-+,(-*+%3-*$ 8%(03(+ ;b

    U37 MD9 J/*)* K/,)* A-+,(-*+%3-*$ L3-+*%-,( B,(5%-*$ 9;

    U37 MDM H%]/%-Z*5 A-+,(-*+%3-*$ L3-+*%-,( B,(5%-*$ 9R

    U37 MDR N"-?(* _$+(* N,>* !3G,( !(3Z,&+ 9d

    U37 MDS X,$/% J3%?* B3$$ U(%?>, eXJX O$CG*Cf 9c

    U37 MDd UC((*Z" R! N3?,$ 34 X(%-F%-> E*+,( K"00$C MP

    U37 MDb J*)% N"5#*% 8%(03(+ R9

  • 7/25/2019 PPP Report by london

    12/80

    6," ! " # $ % & ! ( % ) * + , ! * ( + - , ( . / % 0 . 1 2 , . . 3 - . 4 ( 3 5 6 7 0 , ( % , - & , .

  • 7/25/2019 PPP Report by london

    13/80

    6,," ! " # $ % & ! ( % ) * + , ! * ( + - , ( . / % 0 . 1 2 , . . 3 - . 4 ( 3 5 6 7 0 , ( % , - & , .

    A4(,G4(2

    B/, *00(3*&/ 0*0,( +3 +/, BG,$4+/ O%), g,*( 0$*- &$,*($C .0,$$. 3"+ +/, ,-$*(>,5,-+ %- +/, (3$,

    34 !"#$%& !(%)*+, !*(+-,(./%0. e!!!f %- ?,),$305,-+D _-+%$ +/, ,-? 34 +/, 6$,),-+/ !$*-@ +/,.,%-%+%*+%),. /*? #,,- 43&".,? 3- #"%$?%-> %-4(*.+("&+"(,@ 3- +/, *(>"5,-+ +/*+ 0(%)*+, .,&+3(

    5*-*>,5,-+@ ,70,(+%., *-? 0(3Z,&+ ?,),$305,-+ .F%$$. &3"$? #, $,),(*>,? +/(3">/ [3),(-5,-+

    &3-&,..%3-. +3 *&/%,), * 53(, (*0%? ?,),$305,-+ 34 %-4(*.+("&+"(,D B/, (,."$+. /*), #,,-

    5%7,?@ C,+ +/, ,70,(%,-&, >*%-,? /*. >%),- ."44%&%,-+ &3-4%?,-&, +3 53), +/, &3-&,0+ +3 +/,

    .3&%*$ .,&+3(. *. G,$$D B/%. %. #,%-> *++,50+,? %- +/, BG,$4+/ !$*-D B/,(, *(, +G3 (,*.3-. 43(

    +/%.D O%(.+@ +/,(, %. >,-"%-, *00(,/,-.%3- +/*+ 0"#$%& ,70,-?%+"(, 43( &*0%+*$ G3(F. G%$$ #,

    &3-.+(*%-,? #C +/, .+*+, 34 4%-*-&,. *+ +/, &,-+(, *. G,$$ *. +/, .+*+,.D K,&3-?@ %- *(,*. $%F, G*+,(

    ."00$C@ ,?"&*+%3- *-? /,*$+/@ +/, 0(%)*+, .,&+3( %. *$(,*?C 0$*C%-> *- %503(+*-+ (3$,@ *$+/3">/

    ,-+%(,$C 43( &355,(&%*$ #,-,4%+.D A+ +/,(,43(, *00,*(. (,$,)*-+ +3 5,(>, +/, +G%- (,*.3-. 34

    -,,? *-? *)*%$*#%$%+C %-+3 * -*+%3-*$ 0(3>(*55, 34 ".%-> !!!. 43( ,-$*(>%-> +/, 0*&, 34?,),$305,-+ %- +/, .3&%*$ .,&+3(.D

    V3G,),(@ +/, .3&%*$ .,&+3(. *(, -3+ ,*.%$C *5,-*#$, +3 .+*-?*(?%.*+%3- %- +,(5. 34 4%-*-&%->@

    ,7,&"+%3- *-? (,),-", (,&3),(CD B/, &"((,-+ 0*0,( %. 0*(+ 34 * 0(3Z,&+ +3 ?,),$30 .35,

    >"%?,$%-,. 43( %50$,5,-+%-> !!!. %- +/(,, .,$,&+,? .,&+3(.G*+,(@ G*.+, 5*-*>,5,-+ *-? .F%$$

    ?,),$305,-+D B/%. 0*0,( %. *- *-*$C.%. 34 +/, ,70,(%,-&, %- %-4(*.+("&+"(, .,&+3(.@ +3 ?(*G

    $,..3-. *-? +3 ?,),$30 .">>,.+%3-. 43( +/, .3&%*$ .,&+3(.D B/, 3"+0"+. G3"$? 4,,? %-+3 4"(+/,(

    G3(F 3- ?,),$305,-+ 34 4,*.%#$, 53?,$. 43( +/, .,$,&+,? .,&+3(.D

    B/%. %. +/, 3"+0"+ 34 0*%-.+*F%-> *-? ?%$%>,-+ (,.,*(&/ G3(F@ %-+,()%,G. *-? *-*$C.%.@ #C +/,

    +,*5 &3-.%.+%-> 34 8(.$*-@ X,,0*@ 8-F%+ *-? K*$3-% 34 +/, !"#$%& !3$%&C +,*5 *+ 8+/,-*D

    X(D KD J*(*C*-@ A8K e(,+?Df

    !(,.%?,-+@ 8+/,-* A-43-35%&.

    O3(5,( O%-*-&, K,&(,+*(C@ [3)+D 34 A-?%*

  • 7/25/2019 PPP Report by london

    14/80

    6,,," ! " # $ % & ! ( % ) * + , ! * ( + - , ( . / % 0 . 1 2 , . . 3 - . 4 ( 3 5 6 7 0 , ( % , - & , .

  • 7/25/2019 PPP Report by london

    15/80

    6,5" ! " # $ % & ! ( % ) * + , ! * ( + - , ( . / % 0 . 1 2 , . . 3 - . 4 ( 3 5 6 7 0 , ( % , - & , .

    "(,5*',

    B/%. (,03(+ %. +/, 3"+&35, 34 * .%7T53-+/T$3-> (,.,*(&/ *&+%)%+C "-?,(+*F,- #C +/, !"#$%&

    !3$%&C B,*5 *+ 8+/,-* A-43-35%&.@ ."003(+,? #C +/, U(%+%./ V%>/ L355%..%3-D B/%.

    (,0(,.,-+. +/, 4%(.+ 0/*., 34 * $*(>,( (,.,*(&/ 0$*- G%+/ +/, 3#Z,&+%), 34 %?,-+%4C%-> #3++$,-,&F.

    %- +/, !"#$%& !(%)*+, !*(+-,(./%0. e!!!f %50$,5,-+,? *&(3.. .3&%*$ .,&+3(. *-? *((%)%-> *+

    03$%&C (,&355,-?*+%3-. +3 &*+*$C], *&+%)%+%,. +/*+ &*- &(,*+, .3&%*$ %50*&+D

    A-?%* -3G .+*-?. *+ * 5*Z3( &(3..(3*? %- %+. Z3"(-,C +3G*(?. ,&3-35%& *-? .3&%*$ ?,),$305,-+D

    B/, $*.+ +G3 ?,&*?,. 34 ,&3-35%& $%#,(*$%]*+%3- /*. (,."$+,? %- %50(3),? %-4(*.+("&+"(,@

    .+*-?*(? 34 $%)%-> *-? .3&%*$ %-?%&*+3(.D V3G,),(@ +/,., >*%-. *(, /,*)%$C ?%.+3(+,?D !!!. /*),

    -3G #,&35, +/, 0(,4,((,? 53?, 34 %-),.+5,-+ ,.0,&%*$$C %- %-4(*.+("&+"(,@ G/%&/ %. 3-, 34 +/,

    0(%5*(C (,`"%(,5,-+. 34 3"( ,&3-35CD B/%. (,03(+ *-*$C],. +/, 0"#$%& 0(%)*+, 0*(+-,(./%0.

    "-?,(+*F,- %- 43"( &355,(&%*$ %-4(*.+("&+"(, .,&+3(.@ %D,D@ (3*?.@ *%(03(+.@ 03(+. *-? 03G,(@ +3

    ?(*G 3"+ b F,C 4*&+3(. 43( * ."&&,..4"$ !!! 0(3Z,&+D

    H,+/424%4B9

    E, #,>*- G%+/ *- ,7+,-.%), (,)%,G 34 ,7%.+%-> $%+,(*+"(, 3- %..",. *-? ,70,(%,-&,. 34 !!!. *+

    #3+/ -*+%3-*$ *-? %-+,(-*+%3-*$ $,),$D E, *$.3 &3$$,&+,? ?*+* 3- .,),(*$ -*+%3-*$ !!! 0(3Z,&+. %-

    +/, &355,(&%*$ %-4(*.+("&+"(, .,&+3(.D O(35 +/%.@ 3"( +,*5 %?,-+%4%,? R: 0(3Z,&+. 43( 4"(+/,(

    *-*$C.%.D A- 3(?,( +3 &3-?"&+ *- %-T?,0+/ %-),.+%>*+%3-@ F,C 4,*+"(,. 34 +/, !!! G,(, %?,-+%4%,?

    J,7+@ +/, ?%44,(,-+ .+*F,/3$?,(. *-? +/,%( (,.0,&+%), (3$,. *-? (,.03-.%#%$%+%,.@ %-&,-+%),.@ &3.+.@

    (%.F. *-? (,+"(-. G,(, 5*00,? 3"+D

    U(%,4 &*., .+"?%,. G,(, &(,*+,? 43( ,%>/+ !!! 0(3Z,&+.@ +G3 ,*&/ %- (3*?@ *%(03(+@ 03(+. *-?

    03G,( .,&+3(.D 8 =3"-? B*#$, ?%.&"..%3- 3- %..",. *-? &/*$$,->,. 4*&,? #C !!!. G*.

    &3-?"&+,? 3- ;:+/J3),5#,(@ 9:;; *+ L/,--*%@ B*5%$ J*?" G/%&/ G*. *++,-?,? #C +G,-+CT4%),

    ,70,(%,-&,? .+*F,/3$?,(. *-? ,70,(+.D B/, 5,,+%-> %-&$"?,? 4%-*-&%,(.@ ?,),$30,(.@ &3-."$+*-+.@

    #"(,*"&(*+. *-? *&*?,5%&%*-.D A..",. +/*+ 3&&"( G/%$, ,7,&"+%-> !!! 0(3Z,&+. G,(, ?%.&"..,?

    *-? 03..%#$, .3$"+%3-. G,(, %?,-+%4%,?D

    W"( +,*5 /*-?,? 3"+ `",.+%3--*%(,. +3 +/, =3"-? B*#$, 0*(+%&%0*-+. *-? 3+/,( ,70,(+. *-? G,

    (,&,%),? 9S ?,+*%$,? (,.03-.,.D A- 3(?,( +3 >,+ * ?,+*%$,? 0,(.0,&+%), 3- +/, %..",. %-)3$),? %-

    !!! 0(3Z,&+.@ .,),(*$ ,70,(+ %-+,()%,G. G,(, &3-?"&+,?D B/%. (,03(+ ?3&"5,-+. +/, 3"+&35, 34

    +/, *#3), 5,-+%3-,? *&+%)%+%,. +/*+ G, /*), ".,? +3 &(,*+, * 4(*5,G3(F 43( %?,-+%4C%-> +/,

    43(5"$*, 43( * ."&&,..4"$ !!! 0(3Z,&+D

    "#$%&' "4%&'9 :,*6

    8(.$*- 8]%]

    X,,0* Q*(+/CF,C*-

    8-F%+ Q"5*( L/*+(%

    K*$3-% Q,+*- K/*/

  • 7/25/2019 PPP Report by london

    16/80

    65" ! " # $ % & ! ( % ) * + , ! * ( + - , ( . / % 0 . 1 2 , . . 3 - . 4 ( 3 5 6 7 0 , ( % , - & , .

  • 7/25/2019 PPP Report by london

    17/80

    65," " # $ % & ' ( ' ) * + + + ' ( # , # - ( $ . / 0 ' ' ) # ' * ) 1 2 ) 3 ( $ % 2 0 3 4 ) 1 '

    78,'#+&), C#66*(9

    C,'+&4- 1J K,,2 54( "(&)*+, C,'+4(

    "*(+&'&0*+&4- &- '(,*+&4- 45 0#$%&'

    *..,+. *-2 0(4)&.&4- 45 0#$%&' .,()&',.L

    E*0&2 ,'4-46&' B(4G+/

    V%>/ *-? .".+*%-,? 0*&, 34 ,&3-35%&

    >(3G+/ %. ,.+%5*+,? 43( +/, 43(,.,,*#$,

    4"+"(,D Q,C ?(%),(. 34 ,&3-35%& >(3G+/

    G3"$? #, .+(3-> ?,5*-? 4",$$,? #C * C3"->

    ?,53>(*0/C G%+/ (%.%-> %-&35,.D K"00$C

    .%?, &3-.+(*%-+. $%F, %-*?,`"*+,

    %-4(*.+("&+"(,@ >3),(-*-&, *-? .$3G 0*&, 34

    ,&3-35%& (,43(5. *(, &(%+%&*$ #3++$,-,&F.D

    1-'%#.&4-

    !3),(+C *$$,)%*+%3- *-? 0(3)%.%3- 34 #*.%&

    .,()%&,. +3 +/, 033( (,5*%- /%>/ 3- +/,

    governments agendaD A-?%* /*. * ?%.5*$

    03.%+%3- %- 53.+ /"5*- ?,),$305,-+ *-?

    `"*$%+C 34 $%4, %-?%&*+3(.D !(3>(,.. 3- .3&%*$

    %-?%&*+3(. /*. #,,- 033(D !(%)*+, .,&+3(

    0*(+%&%0*+%3- +3 *??(,.. +/, %..",. 34 *&&,..@

    ,44%&%,-&C *-? `"*$%+C *(, ,..,-+%*$D

    B3 5,,+ +/, ?"*$ 3#Z,&+%),. 34 4*.+ *-?%-&$".%), >(3G+/@ &-),.+6,-+. 45 MCN ?

    +(&%%&4- &- &-5(*.+(#'+#(, *(, ,-)&.*B,2

    &- +/, ?=+/5&), 9,*( 0%*-L

    C,'+&4-11J "#$%&' "(&)*+, "*(+-,(./&0.

    *(, *- &604(+*-+ 6,'/*-&.6 +4

    5*'&%&+*+, 0(&)*+, .,'+4( &-),.+6,-+L

    N&55,(,-+ 642,%. 45 "(&)*+, C,'+4("*(+&'&0*+&4-

    K,),(*$ ?%44,(,-+ 53?,$. 34 0(%)*+, .,&+3(

    0*(+%&%0*+%3- *(, 03..%#$, 43( +/, 0(3)%.%3-

    34 0"#$%& %-4(*.+("&+"(,D A+ %. %503(+*-+ +3

    "-?,(.+*-? +/, .0,&%4%&. 34 !!!

    *((*->,5,-+. %- +/, A-?%*- &3-+,7+ %-

    &350*(%.3- G%+/ >$3#*$ 0(*&+%&,.D O,*+"(,.

    34 !!! +/*+ ?%.+%->"%./ %+ 4(35 3+/,( 43(5.

    34 0(%)*+, .,&+3( 0*(+%&%0*+%3- *(, e%f0(%)*+,

    .,&+3( %-),.+5,-+@ e%%f (%.F ./*(%->@ e%%%f

    0,(43(5*-&, $%-F,? (,+"(-.@ e%)f *..,+

    +(*-.4,( #*&F +3 >3),(-5,-+@ e)f 0"#$%&

    -*+"(, 34 .,()%&,@ e)%f 0*(+-,(./%0 +,-"(,

    *-? e)%%f 3"+&35, .0,&%4%&*+%3-.D

    ,? +3 ,-."(,

    .533+/ &33(?%-*+%3- *-? 4"-&+%3-%-> 34

    +/, 0(3Z,&+D =%.F. 5".+ #, *$$3&*+,? +3 +/,

    .+*F,/3$?,( G/3 %. #,.+ *#$, +3 5*-*>, +/*+

    0*(+%&"$*( (%.F *-? (,+"(-. 5".+ #,

    &355,-."(*+, G%+/ +/, %-),.+5,-+ *-? (%.F

    "-?,(+*F,- #C +/, .+*F,/3$?,(D

    C,'+&4-111J C,),- I,9 .#'',.. 5*'+4(.

    54( ,55,'+&), "#$%&' "(&)*+,

    "*(+-,(./&0.L

    K,),- F,C ."&&,.. 4*&+3(. /*), ,5,(>,? 43(

    +/, ,44,&+%), 4"-&+%3-%-> 34 * !!! 0(3Z,&+D

    ?L C+(4-B 0#$%&' .,'+4( '*0*'&+9 +4

    &2,-+&59; .+(#'+#(, *-2 64-&+4( """

    0(4P,'+.L

    B/%. G3"$? %-&$"?, T * 6*+#(, (*+&4-*%,

    +/*+ 43&".,. 3- 0(%)*+, .,&+3( #(%->%-> %-

    ,44%&%,-&C (*+/,( +/*- %50$,5,-+%-> *

    0(3Z,&+ +/(3">/ !!! .%50$C #,&*"., 34 *

    $*&F 34 0"#$%& 4"-?.h .".+*%-,? *-? .+(3->

    03$%+%&*$ *-? #"(,*"&(*+%& '466&+6,-+h

    '%*(&+9 45 (4%, *-? &33(?%-*+%3- #,+G,,-

    ?%44,(,-+ >3),(-5,-+ *"+/3(%+%,.h +,'/-&'*%

    '460,+,-', 43( 0(3Z,&+ %?,-+%4%&*+%3-@

    ,-$%.+%-> *00(30(%*+, &3-."$+*-+. *-?,70,(+. +3 &3-?"&+ +,&/-3T,&3-35%&

    4,*.%#%$%+C .+"?%,. *-? 5*-*>, +/, #%??%->

    0(3&,.. ,44%&%,-+$C@ 53-%+3( 0(3>(,.. *-?

    .,++$, ?%.0"+,.h *-? '4-.,-.#. $#&%2&-B

    *&(3.. ".,(.@ *44,&+,? &355"-%+%,. *-? &%)%$

    .3&%,+CD

  • 7/25/2019 PPP Report by london

    18/80

    65,," " # $ % & ' ( ' ) * + + + ' ( # , # - ( $ . / 0 ' ' ) # ' * ) 1 2 ) 3 ( $ % 2 0 3 4 ) 1 '

    =L "(&)*+, .,'+4( '*0*'&+9

    O3( 0(%)*+, .,&+3( ?,),$30,(.@ +,&/-%&*$

    &350,+,-&, *-? 4%-*-&%*$ *#%$%+C +3 ?,.%>-@

    &3-.+("&+ *-? 30,(*+, 0(3Z,&+. %. ,..,-+%*$D

    644%&%,-&C 34 30,(*+%3-.@ &355%+5,-+ +3

    +*F, +/, 0(3Z,&+ +3 %+. &350$,+%3- *-?

    ,-."(%-> *?,`"*+, .,()%&, ?,$%),(C@ 43&".3- %--3)*+%3- *-? '4-.,-.#. $#&%2&-B+3

    0*(+-,( G%+/ >3),(-5,-+ *-? J[W. +3

    ,-*#$, #"CT%- 4(35 ?%44,(,-+ .+*F,/3$?,(.

    *(, 3+/,( (,`"%(,5,-+.D

    O3( +,&/-%&*$ &3-."$+*-+.@ +,&/-%&*$

    &350,+,-&, +3 .+(#'+#(, """ 0(4P,'+.

    ,44%&%,-+$C %. +/, 53.+ %503(+*-+

    (,`"%(,5,-+D Q$P,'+&)&+934 +/, ,)*$"*+%3-

    &355%++,,. *-? *%&B-6,-+ 45 &-',-+&),.

    +3 %-&$"?, &3-."$+*-+. *. 0*(+-,(. %- +/,

    ,),-+"*$ ."&&,.. 34 +/, 0(3Z,&+. *(, *$.3

    ,..,-+%*$D

    RL @466#-&+9 0*(+&'&0*+&4-

    "*-'/*9*+. *-2 M($*- 34'*% F42&,.

    SM3F.T5".+ #, %-)3$),? %- +/, 0$*--%->

    *-? #"?>,+%-> 34 +/, 0(3Z,&+.@ G/%$,0#$%&'

    40&-&4- 5".+ #, .3">/+ 43( %?,-+%4C%->

    53?,$. *-? *00(30(%*+, .,()%&, .+*-?*(?.D;

    8?,`"*+, &350,-.*+%3- 5".+ #, 0(3)%?,?

    +3 0(4P,'+ *55,'+,2 0,40%, *-? ,-?T".,(.

    5".+ #, &3-."$+,? #,43(, .,++%-> ".,(

    +*(%44.D

    UL A&-*-'&-B V @466,('&*% )&*$&%&+9

    8)*%$*#%$%+C 34 *?,`"*+, ,`"%+C *-? $3->

    +,(5 ?,#+ +3 4%-*-&, %-4(*.+("&+"(, 0(3Z,&+.

    %. *- ,..,-+%*$ (,`"%(,5,-+D L355,(&%*$

    )%*#%$%+C 34 ?%44,(,-+ .,&+3(. )*(%,.@ *-? +/,governments budgetary support must #,

    &355,-."(*+, +3 +/, &355,(&%*$ )%*#%$%+C

    34 +/, .,&+3(D

    ; !*-&/*C*+. (,4,( +3 * .C.+,5 34 >3),(-*-&,0(,)*$,-+ %- ("(*$ A-?%* .%-&, *-&%,-+ +%5,.D B/,bM(? L3-.+%+"+%3-*$ 85,-?5,-+ 8&+@ ;PP9&3-4,((,? &3-.+%+"+%3-*$ .+*+". +3 !*-&/*C*+.D

    A+ %. +/, +/%(? +%,( 34 >3),(-5,-+ #,$3G +/,.+*+, >3),(-5,-+D

    WL E&.I ./*(&-B

    B/, $3-> >,.+*+%3- 0,(%3? 34 %-4(*.+("&+"(,

    0(3Z,&+. 5*F,. 5*-*>,5,-+ 34 (%.F.

    ,.0,&%*$$C &/*$$,->%->D 67/*".+%),

    %?,-+%4%&*+%3- 34 (%.F. +/(3">/3"+ +/,

    0(3Z,&+ $%4,&C&$,@ *$$3&*+%3- +3 *00(30(%*+,

    ,-+%+C@ 0(%&%-> 34 (%.F. *-? 5%+%>*+%3-5,&/*-%.5. *(, -,&,..*(CD

    XL C4'&*% &-'%#.&4-

    _-%),(.*$ *&&,.. +3 ?(%-F%-> G*+,(@

    .*-%+*+%3-@ 0(%5*(C ,?"&*+%3- Y 0"#$%&

    /,*$+/ +/*+ %. *443(?*#$, +3 0,30$, 34 *$$

    ,&3-35%& .+(*+* %. -,&,..*(CD E/%$, +/%. %.

    $,.. 34 * &3-&,(- 43( &355,(&%*$

    %-4(*.+("&+"(, 0(3Z,&+.@ 0*.+ ,70,(%,-&,.

    /*), ,50/*.%],? +/, %503(+*-&, 34

    %-&3(03(*+%-> .3&%*$ %-&$".%3- %n a projects

    0$*--%-> *-? %50$,5,-+*+%3- ,.0,&%*$$C 43(

    0(3Z,&+. %- +/, .3&%*$ .,&+3(D

    YL C#.+*&-*$&%&+9

    E/%$, 0(3)%.%3- 34 *?,`"*+, %-4(*.+("&+"(,

    %. ,..,-+%*$@ %+ %. *$.3 %503(+*-+ +/*+ +/%.

    0(3)%.%3- %. ?3-, %- * .".+*%-*#$, 5*--,(@

    G%+/3"+ &350(35%.%-> +/, ,-)%(3-5,-+ 43(+/, &"((,-+ 030"$*+%3- 3( 4"+"(,

    >,-,(*+%3-.D

    C,'+&4- 1DJ @4-'%#.&4- *-2 K,8+

    C+,0.L

    E/%$, ,)%?,-&, 34 +/, ."&&,.. 34 !!!. %.

    5%7,?@ +/,C .+%$$ /*), +/, 03+,-+%*$ +3 0$*C

    *- %503(+*-+ (3$, %- ?,$%),(%-> 5"&/

    -,,?,? 0"#$%& %-4(*.+("&+"(, *-? .,()%&,.D

    =,*$%.,? (,."$+. )*(C 4(35 03+,-+%*$ ?", +3

    .+("&+"(*$ *-? %-.+%+"+%3-*$ %-,44%&%,-&%,.

    +/*+ -,,? +3 #, *??(,..,?D !3+,-+%*$ 34 !!!

    %- *??(,..%-> +/, %..",. 34 *&&,..@ `"*$%+C

    *-? ,`"%+C 43( .3&%*$ .,()%&,. -,,?. +3 #,

    ,)*$"*+,?D

  • 7/25/2019 PPP Report by london

    19/80

    7" " # $ % & ' ( ' ) * + + + ' ( # , # - ( $ . / 0 ' ' ) # ' * ) 1 2 ) 3 ( $ % 2 0 3 4 ) 1 '

    "#$%&' "(&)*+, "*(+-,(./&0. &- 1-2&*

    3,..4-. 5(46 780,(&,-',.

  • 7/25/2019 PPP Report by london

    20/80

    8" " # $ % & ' ( ' ) * + + + ' ( # , # - ( $ . / 0 ' ' ) # ' * ) 1 2 ) 3 ( $ % 2 0 3 4 ) 1 '

  • 7/25/2019 PPP Report by london

    21/80

    9" " # $ % & ' ( ' ) * + + + ' ( # , # - ( $ . / 0 ' ' ) # ' * ) 1 2 ) 3 ( $ % 2 0 3 4 ) 1 '

    C,'+&4-1

    K,,2 54( "(&)*+, C,'+4( "*(+&'&0*+&4- &- +/, @(,*+&4-

    45 "#$%&' D B/, .3$"+%3- *?30+,? 43( +/, #*$*-&,T34T0*C5,-+ &(%.%. G*.

    +3 .+*(+ * $3->T+,(5 0(3&,.. 34 4"-?*5,-+*$$C (,.+("&+"(%-> +/, ,&3-35C@ %D,D 30,-%-> .,&+3(.

    43( %-+,(-*+%3-*$ +(*?, *-? %-),.+5,-+@ ?,(,>"$*+%3-@ %-%+%*+%-> 0(%)*+%]*+%3-@ +*7 (,43(5. *-?

    %-4$*+%3-T&3-+(3$$%-> 5,*."(,.D

    E*0&2 7'4-46&' Z(4G+/

    8. * &3-.,`",-&, 34 +/, ,&3-35%& (,43(5.@ A-?%* G%+-,..,? * 0,(%3? 34 .".+*%-,? ,&3-35%&

    >(3G+/. Since the turn of the century, Indias GDP growth rate/*. #,,- )*(C%-> #,+G,,- dDS +3

    cDS i@ &3-.%.+,-+$C 3"+0*&%-> +/, G3($? *),(*>,@ *-? +/". ,$,)*+%-> %+.,$4 +3 +/, P +/03.%+%3- %-+,(5. 34 *#.3$"+, [X! *-? R+/03.%+%3- %- !"(&/*.%-> !3G,( !*(%+C +,(5.D

    A&BL ?L?J :(,-2 ZN" Z(4G+/ E*+,. 45 C,%,'+ N,),%40&-B @4#-+(&,. *-2 +/, [4(%2

    K3"(&,1 [X! >(3G+/ e*--"*$ if 4(35 9::: +3 9:;:@ E3($? U*-F -*+%3-*$ 8&&3"-+. ?*+*@ *-? W6LX J*+%3-*$ 8&&3"-+. ?*+* 4%$,.@

    E3($? X,),$305,-+ A-?%&*+3(.@ E3($? U*-F X*+*@ E3($? U*-FD

    B/, +*(>,+,? [X! >(3G+/ 43( +/, 6$,),-+/ !$*- e9::bT:c +3 9:;:T;;f G*. P i@ #"+ %- +/, 4%(.+

    43"( C,*(. 34 +/, 6$,),-+/ !$*-@ +/, [X! >(3G+/ *),(*>,? cD9 iD B/%. ?(30 %- +/, ,70,&+,?

    >(3G+/ /*. #,,- ,70$*%-,? *. +/, %50*&+ 34 +/, >$3#*$ (,&,..%3- %- 9::PD V3G,),(@ &350*(,?

    +3 3+/,( &3"-+(%,.@ +/, %50*&+ 34 +/, (,&,..%3- G*. 5"&/ $3G,( %- A-?%*D B/%. .">>,.+. +/*+

    Indias GDP >(3G+/ %. 4",$$,? #C +/, ?35,.+%& &3-."50+%3- 34 * $*(>, *-? >(3G%-> G3(F43(&,

    *-? 3-, 34 $3G,.+ ?,0,-?,-&C (*+,. %- +/, G3($?D9

    B/%. >(3G+/ %. ,70,&+,? +3 &3-+%-", 43( +/, -,7+ &3"0$, 34 ?,&*?,. %4 #*&F,? #C .+(3->

    5*&(3,&3-35%& 4"-?*5,-+*$.D L3-+%-",? ,&3-35%& (,43(5.@ ?,),$305,-+ 34 * ?C-*5%&

    0(%)*+, .,&+3( *-? ?,),$305,-+ 34 .F%$$. 43( +/, C3"-> *-? >(3G%-> 030"$*+%3- *(, 3+/,( 4*&+3(.

    8 B/, [3),(-5,-+ 34 A-?%* *%5. +3 (,?"&, ?,0,-?,-&C (*+%3 +3 :DSP #C 9:;;@ 4(35 :DbM %- 9::;D !$,*.,

    (,4,( +3 /++01^^GGGD4%-*-&%*$,70(,..D&35^-,G.^$3G,(T?,0,-?,-&CT(*+%3T53(,TZ3#.T43(T3-,T*-?T*$$^9bcMS9^ 43( 4"(+/,( ?,+*%$.D

    TR

    T9

    :

    9

    R

    d

    c

    ;:

    ;9

    ;R

    ;d

    9::: 9::; 9::9 9::M 9::R 9::S 9::d 9::b 9::c 9::P 9:;:

    A-?%* U(*]%$ L/%-* E3($?

  • 7/25/2019 PPP Report by london

    22/80

    :" " # $ % & ' ( ' ) * + + + ' ( # , # - ( $ . / 0 ' ' ) # ' * ) 1 2 ) 3 ( $ % 2 0 3 4 ) 1 '

    +/*+ G3"$? ,-."(, +/%. +(,-? >(3G+/D 8&&3(?%-> +3 .+"?%,. &3-?"&+,? #C ,70,(+.@ A-?%* %. .+*+,?

    to be the worlds 3(?$*(>,.+ ,&3-35C #C 9:9SDM

    A&BL ?L=J "(4P,'+,2 :(,-2 Z(4G+/ E*+,. &- \,9 7'4-46&,.

    ;+=1)?4@

    8AAB

    8AAC

    8A77

    8A79

    8A7D

    8A7B

    8A7C

    8A87

    8A89

    8A8D

    8A8B

    8A8C

    8A97

    8A99

    8A9D

    8A9B

    8A9C

    8A:7

    8A:9

    8A:D

    8A:B

    8A:C

    ,#-($

    E@(#$

    F1$G(%

    ?0T$*(>,.+T,&3-35CT>(3G+/T+*(>,+D

    Z(4G+/ N(&),(.

    T K+(3-> N*&(3,&3-35%& O"-?*5,-+*$.T A50*&+ 34 ,&3-35%& (,43(5.

    T [(3G+/ 34 * )%#(*-+ 0(%)*+, .,&+3(

    T X,),$305,-+ 34 /"5*- (,.3"(&,.

    F4++%,-,'I.

    T 8)*%$*#%$%+C 34 ,-,(>C

    T K$3G %50(3),5,-+ 34 4*(5 3"+0"+

    T 2*&F 34 ."44%&%,-+ %-4(*.+("&+"(, 43( %-?".+(C *-? 0"#$%&

    T 2*-? *&`"%.%+3- ?%44%&"$+%,. 43( %-4(*.+("&+"(, *-? %-?".+(C

    T 2*&F 34 >3),(-*-&,@ +(*-.0*(,-&C *-? 03$%+%&*$ G%$$

  • 7/25/2019 PPP Report by london

    23/80

    D" " # $ % & ' ( ' ) * + + + ' ( # , # - ( $ . / 0 ' ' ) # ' * ) 1 2 ) 3 ( $ % 2 0 3 4 ) 1 '

    +/*+ 5,*."(,. %+D 8+ +/, ),(C $,*.+@ %+ &3-.%.+. 34 +/, *$$,)%*+%3- 34 03),(+C@ *&&,.. +3 *?,`"*+,

    /,*$+/&*(, *-? ,?"&*+%3-@ ,50$3C5,-+ 3003(+"-%+%,. *-? *&&,.. +3 #*.%& *5,-%+%,. $%F,

    ,$,&+(%&%+C@ G*+,(@ .*-%+*+%3- *-? /3".%->D W+/,( ?%5,-.%3-. 34 %-&$".%),-,.. G3"$? %-&$"?,

    .3&%3T,&3-35%& %-+,>(*+%3- 34 /%.+3(%&*$$C ?,0(%),? &*.+,. *-? &355"-%+%,. G%+/ +/,

    5*%-.+(,*5@ >,-?,( ,`"*$%+C 43( G35,- *-? (,.0,&+ 43( (%>/+. 34 &/%$?(,-@ .,-%3( &%+%],-. *-?

    +/, ?%44,(,-+$CT*#$,?D

    Comparing Indias performance on the V"5*- X,),$305,-+ A-?,7ReVXAf ?,53-.+(*+,. +G3

    4,*+"(,.the size of the gap between Indias score and the world average, and the persistence

    34 +/%. >*0D A-?%* /*. 5*?, $%++$, 0(3>(,.. %- &*+&/%-> "0 G%+/ +/, (,.+ 34 +/, G3($? %- +,(5. 34

    /"5*- ?,),$305,-+D

    A&BL?LRJ ]#6*- N,),%406,-+ 1-2,8 S:(,-2. 5(46 ?^_> +4 "(,.,-+T

    K3"(&,1 VXA =,03(+@ _JX! e9:;;f

    B/,(, *(, .,),(*$ 4*&+3(. (,.03-.%#$, 43( +/, &3-+%-",? 033( 0,(43(5*-&, 34 A-?%* %- +/,

    /"5*- ?,),$305,-+ %-?%&*+3(.D W-, 34 +/, 5*%- (,*.3-. G3"$? #, +/, %-/,(,-+ #,$%,4.@

    &".+35. *-? &"$+"(*$ +(*?%+%3-. 34 +/, 0,30$, +/*+ /*), ,)3$),? *-? ."()%),? +/(3">/ &,-+"(%,.

    *-? /,-&, *(, "."*$$C (,.%.+*-+ +3 53?,(-%+C 3( ,$., +*F, * $3-> +%5, +3 &/*->,D A+ %. .35,+%5,.

    "-&,(+*%- G/,+/,( +/, *53"-+ 34 53-,C .0,-+ #C +/, >3),(-5,-+ 3- &(,*+%-> .3&%*$

    0(3>(*55,.@ .&/,5,. *-? %-%+%*+%),. 43( $,),$$%-> +/, 0$*C%-> 4%,$? 43( *$$ &%+%],-.@ %((,.0,&+%), 34

    &*.+,@ >,-?,( *-? .3&%3T,&3-35%& .+*+". (,*$$C #(%->. *#3"+ +/, ,70,&+,? &/*->,. %- +/, .3&%,+CD

    g,+ +/,(, *(, 3+/,( *.0,&+. 34 %-&$".%),-,.. +/*+ *(, 53(, ,*.%$C *??(,..*#$, *-? *5,-*#$, +3

    &/*->,@ ."&/ *. &(,*+%3- 34 .3&%*$ %-4(*.+("&+"(, +3 0(3)%?, *&&,.. +3 ,$,&+(%&%+C@ G*+,(@

    .*-%+*+%3-@ /,*$+/&*(, *-? ,?"&*+%3-D V3G,),(@ ,),- +/,., .,()%&,. /*), .,,- * >(,*+ $,),$ 34

    ?%.0*(%+C T G%+/ +/, ,&3-35%&*$$C G,$$T344 .,&+%3-. 34 +/, .3&%,+C /*)%-> 53(, *&&,.. +3 ."&/

    *5,-%+%,. G/%$, 0,30$, *+ +/, #*., 34 +/, ,&3-35%& 0C(*5%? .+(">>$, +3 ."()%), G%+/3"+ +/,.,

    #*.%& -,&,..%+%,.D O3( ,7*50$,@ G/%$, 0(%)*+, .&/33$. *-? /3.0%+*$. 0(3)%?, ,7&,$$,-+ .,()%&,. +3

    :VXA %. * &3503.%+, %-?,7 +/*+ 5,*."(,. *),(*>, *&/%,),5,-+ #C *- %-?%)%?"*$ %- +/(,, #*.%& ?%5,-.%3-.

    34 /"5*- ?,),$305,-+ * $3-> *-? /,*$+/C $%4,@ F-3G$,?>,@ *-? * ?,&,-+ .+*-?*(? 34 $%)%->D K,,@ VXA=,03(+ 9:;;@ _JX!@ 43( 4"(+/,( ?,+*%$.D

    :D::

    :D;:

    :D9:

    :DM:

    :DR:

    :DS:

    :Dd:

    :Db:

    :Dc:

    ;Pc: ;PcS ;PP: ;PPS 9::: 9::S 9::d 9::b 9::c 9::P 9:;: 9:;;

    A-?%* N,?%"5 /"5*- ?,),$305,-+ E3($?

  • 7/25/2019 PPP Report by london

    24/80

    M" " # $ % & ' ( ' ) * + + + ' ( # , # - ( $ . / 0 ' ' ) # ' * ) 1 2 ) 3 ( $ % 2 0 3 4 ) 1 '

    +/3., G/3 *(, *#$, +3 0*C 43( +/,5@ +/, >3),(-5,-+T("- .&/33$. *-? /3.0%+*$.@ "03- G/%&/ *

    ),(C $*(>, .,&+%3- 34 +/, 030"$*+%3- ?,0,-?@ *(, &/*(*&+,(%],? #C (*50*-+ *#.,-+,,%.5 *-? $*&F

    34 *&&3"-+*#%$%+CD

    E4%, 54( "(&)*+, C,'+4(

    B/, *(>"5,-+ *>*%-.+ +/, 0*(+%&%0*+%3- 34 0(%)*+, .,&+3( %- 0(3)%?%-> #*.%& .,()%&,. ."&/ *.

    G*+,(@ .*-%+*+%3-@ /,*$+/&*(, *-? ,?"&*+%3- %. +/*+ +/,C G3"$? &/*(>, /%>/ 0(%&,. 43( ."&/

    .,()%&,. #,&*"., +/,C *(, 0(34%+T?(%),-D B/%. G3"$? 5*F, +/,5 "-*443(?*#$, +3 * $*(>, .,>5,-+

    34 +/, 030"$*+%3-D

    670,(%,-&,@ /3G,),(@ /*. #,,- ?%44,(,-+ %- .35, &*.,.@ ,D>D@ 30,-%-> "0 +/, *)%*+%3- *-?

    +,$,&35 .,&+3( +3 +/, 0(%)*+, .,&+3(D 6*($%,(@ #3+/ *%($%-,. *-? +,$,&35 G,(, .+*+, 53-303$%,.

    *-? G,(, &/*(*&+,(%],? #C $%5%+,? &*0*&%+C@ 033( .,()%&,. *-? /%>/ 0(%&,.D

    U"+ G%+/ +/, ,-+(C 34 0(%)*+, .,&+3( 30,(*+3(.@ +/,(, /*. #,,- *- "-0(,&,?,-+,? >(3G+/ %-

    53#%$, &3),(*>, *-? 0,-,+(*+%3- *&(3.. ,&3-35%& *-? >,3>(*0/%& .+(*+*D L350,+%+%3- G%+/%-0(%)*+, .,&+3( 30,(*+3(. 43( 0(%&, .,-.%+%), &".+35,(. /*. (,."$+,? %- &3.+ ,44%&%,-&%,. #,%->

    &(,*+,? *-? 0*..,? 3- +3 &".+35,(. G%+/ +/, (,."$+ +/*+ A-?%* /*. 3-, 34 +/, $3G,.+ &*$$ (*+,. %-

    +/, G3($?D

    A&BL ?LUJ

  • 7/25/2019 PPP Report by london

    25/80

    B" " # $ % & ' ( ' ) * + + + ' ( # , # - ( $ . / 0 ' ' ) # ' * ) 1 2 ) 3 ( $ % 2 0 3 4 ) 1 '

    B/, *)%*+%3- .,&+3( /*. .,,- * .%5%$*( >(3G+/ %- (,*&/ *-? %-&(,*., %- *443(?*#%$%+CD X35,.+%&

    &*((%,(. /*), 5"$+%0$%,? *-? G%+-,..,? &350,+%+%3- 43( *++(*&+%-> &".+35,(. #C 344,(%-> #,++,(

    .,()%&,. *-? &/,*0,( 4*(,.D

    A&BL ?LWJ ,(. L*((%,?f 4(35 9::: +3 9::P@ L%)%$ 8)%*+%3- K+*+%.+%&. 34 +/, G3($? *-? AL8W .+*44

    ,.+%5*+,.@ E3($? X,),$305,-+ A-?%&*+3(.@ E3($? U*-F X*+*@ B/, E3($? U*-FD

    B/, &*.,. 34 +/, +,$,&35 *-? *)%*+%3- .,&+3( &$,*($C %$$".+(*+, +/*+ &3-+(*(C +3 030"$*(

    0,(&,0+%3-@ +/, 0(%)*+, .,&+3( &*- ?,$%),( ."#.+*-+%*$ %50(3),5,-+ %- (,*&/@ *443(?*#%$%+C *-?

    `"*$%+C 34 .,()%&, %4 +/,C *(, 0(30,($C 3(>*-%],?D g,+ +/,(, *(, &*),*+. +3 ,70,&+%-> ."&/

    0,(43(5*-&, %- +/, ?,$%),(C 34 0"#$%& .,()%&,.D U3+/ +,$,&35 *-? *)%*+%3- *(, &/*(*&+,(%],? #C *

    /%>/ ?,>(,, 34 &350,+%+%3- *-? $3G .G%+&/%-> &3.+. 43( +/, &3-."5,(.D 8$.3@ +/, -*+"(, 34

    &350,+%+%3- 43( 0(3)%?%-> 0"#$%& .,()%&,. %. ."#.+*-+%*$$C ?%44,(,-+D L350,+%+%3- &*- 3&&"(

    *53->.+ )*(%3". 0(%)*+, ?,),$30,(. 43( G%--%-> ?%44,(,-+ 0(3Z,&+. #C 344,(%-> .,()%&,. *+ +/,

    $3G,.+ &3.+@ #"+ 3-&, * 0(3Z,&+ %. G3-@ +/, 0(%)*+, ?,),$30,( /*. * 53-303$C 3),( +/, 0"#$%&

    *..,+ 43( +/, ?"(*+%3- 34 +/, &3-&,..%3- 0,(%3?D

    K,,2 54( "(&)*+, C,'+4( 1-),.+6,-+

    B/, >3),(-5,-+ /*. (,&3>-%],? +/, %503(+*-&, 34 0(%)*+, .,&+3( %-),.+5,-+ %- %-4(*.+("&+"(,

    *-? .3&%*$ .,&+3(.D B/%. %. (,4$,&+,? %- +G3 .%>-%4%&*-+ &/*->,. %- +/, ;9 +/O%), g,*( !$*- 4(35

    +/, ;;+/O%), g,*( !$*-e%f +/, +3+*$ 3"+$*C 43( %-4(*.+("&+"(, %- +/, ;9+/O%), g,*( !$*- %. +G%&,

    +/*+ 34 +/, 3"+$*C %- +/, ;;+/O%), g,*( !$*-@ *-? e%%f +/, 0,(&,-+*>, ./*(, 34 0(%)*+, .,&+3(

    %-),.+5,-+ %. ,70,&+,? +3 >(3G +3 S: i %- +/, ;9+/!$*- &350*(,? +3 M: i %- +/, ;;+/!$*-D

    S 8%( !*..,->,(. &*((%,? %-&$"?, #3+/ ?35,.+%& *-? %-+,(-*+%3-*$ *%(&(*4+ 0*..,->,(. 34 *%( &*((%,(.(,>%.+,(,? %- +/, &3"-+(CD

    A

    7ANAAA

    8ANAAA

    9ANAAA

    :ANAAA

    DANAAA

    MANAAA

    8AAA 8AA7 8AA8 8AA9 8AA: 8AAD 8AAM 8AAB 8AAO 8AAC

  • 7/25/2019 PPP Report by london

    26/80

    O" " # $ % & ' ( ' ) * + + + ' ( # , # - ( $ . / 0 ' ' ) # ' * ) 1 2 ) 3 ( $ % 2 0 3 4 ) 1 '

    A&BL ?LXJ 1-5(*.+(#'+#(, C0,-2&-B 2#(&-B ??+/*-2 ?=+/"%*- ",(&42

    K3"(&,1 ;;+/ O%), g,*( !$*- *-? X(*4+ ;9+/ O%), g,*( !$*- ?3&"5,-+.@ !$*--%-> L355%..%3-@ [WAD

    B/,(, %.@ +/".@ * >(3G%-> *&&,0+*-&, 34 +/, -,,? 43( 0(%)*+, .,&+3( 0*(+%&%0*+%3- %-

    %-4(*.+("&+"(, *-? .3&%*$ .,&+3(.D A- +/, -,7+ .,&+%3- 34 +/, (,03(+@ G, G%$$ ?%.&".. +/, 4,*+"(,.

    *-? *?)*-+*>,. 34 !!! +/*+ 5*F,. +/,5 *- *++(*&+%), 53?, 43( 0(%)*+, .,&+3( 0*(+%&%0*+%3-D

    11th plan

    INR Lakh Crore

    6.7

    Private

    .

    Total Central State

    20.6

    7.7

    Sector-wise breakup

    666,525

    956,510

    12th plan

    INR Lakh Crore

    21

    State

    9.7

    Central

    12

    Total

    42.7

    Private

    Sector-wise breakup

    2,265,3071,289,946

    6.2

    Roads

    Airport

    Ports

    Power

    Railways

    Water,

    Sanitation &Irrigation

    Telecommu-

    nications

    Gas

    Telecommu-

    nication

    Power

    Ports

    AirportRoads

    Gas

    RailwaysWater, Sani-

    tation & Irrigation

  • 7/25/2019 PPP Report by london

    27/80

    C" " # $ % & ' ( ' ) * + + + ' ( # , # - ( $ . / 0 ' ' ) # ' * ) 1 2 ) 3 ( $ % 2 0 3 4 ) 1 '

    C,'+&4-11

    "#$%&' "(&)*+, "*(+-,(./&0. J < @(#'&*%

    H,'/*-&.6 +4 ,? ?%),.+%+"(,. G/,(, ,(.+G/%$, 0"#$%& .,&+3( &350*-%,. /*), #,,- 0(%)*+%],?D

    K35, 34 +/, 5*-C 0*(*5,+,(. 3- G/%&/ ."&/ 53?,. 34 0*(+%&%0*+%3- )*(C *(, ?,.%>-@ #"%$?@

    4%-*-&,@ 3G-@ 30,(*+, *-? +,-"(,D A- 67/%#%+ 9D;@ G, 0$3+ +/, ?%44,(,-+ 53?,$. 34 0(%)*+, .,&+3(

    0*(+%&%0*+%3- 3- +G3 0*(*5,+,(.3G-,(./%0 *-? 30,(*+%3- #,+G,,- 0"#$%& *-? 0(%)*+, .,&+3(D

    78/&$&+ =L?J :90,. 45 "(&)*+, C,'+4( "*(+&'&0*+&4-

    "#$%&' "(&)*+, "*(+-,(./&0. A,*+#(,.J@460*(&.4- G&+/ Z%4$*% "(*'+&',.

    8 ."(),C 34 ?%44,(,-+ ?,4%-%+%3-. *-? 03$%&%,. (,>*(?%-> !!! ./3G. +/*+ *$+/3">/ +/,(, *(,.,),(*$ &3553- 4,*+"(,. %- 53.+ 34 +/, ?,4%-%+%3-.@ .35, 34 +/,5 *(, &".+35%],? +3 4%+ &,(+*%-

    &3-.+(*%-+. *-? 3#Z,&+%),. 34 +/, ,-+%+C 43(5"$*+%-> +/, ?,4%-%+%3-D A- +/%. .,&+%3-@ G, /*), $%.+,?

    .,),- 4,*+"(,. 34 +/, A-?%*- ?,4%-%+%3- 34 !!! ?(*G%-> *++,-+%3- +3 +/, 0*(+%&"$*( -"*-&,. +/*+

    *(, ?%.+%-&+ 3( (,&,%), .0,&%*$ *++,-+%3- %- 03$%&C ?3&"5,-+.D 8+ +/, ,-? 34 +/, .,&+%3-@ G, /*),

    &350*(,? +/, ,50/*.%. 3- +/,., .,),- 4,*+"(,. %- 3+/,( %-+,(-*+%3-*$ ?,4%-%+%3-. 34 !!!D

  • 7/25/2019 PPP Report by london

    28/80

    7A" " # $ % & ' ( ' ) * + + + ' ( # , # - ( $ . / 0 ' ' ) # ' * ) 1 2 ) 3 ( $ % 2 0 3 4 ) 1 '

    "(&)*+, C,'+4( 1-),.+6,-+

    B/, 53.+ &350,$$%-> 4,*+"(, 34 !!! %. %+. 03+,-+%*$ +3 53#%$%], 0(%)*+, &*0%+*$ +3 3),(&35, +/,

    ./3(+*>, 34 0"#$%& 4"-?. *-? 5,,+ +/, %-),.+5,-+ -,,?. %- &355,(&%*$ %-4(*.+("&+"(, *-? .3&%*$

    .,&+3(.D B/, A-?%*- ?,4%-%+%3-@ /3G,),(@ ?3,. -3+ (,`"%(, +/*+ +/, 0(%)*+, .,&+3( %-),.+5,-+ #,

    -,&,..*(%$C 4%-*-&%*$D J3-T4%-*-&%*$ %-),.+5,-+.@ +/(3">/ 5*-*>,5,-+ ,70,(+%., 3( %-+,$$,&+"*$

    0(30,(+C *(, *$.3 )%,G,? *. %-),.+5,-+.@ *-? /,-&, 4*$$ G%+/%- +/, *5#%+ 34 !!!.D B/%. 30,-.

    "0 * (*->, 34 !!! 53?,.@ G%+/ )*(C%-> ?,>(,,. 34 0(%)*+, .,&+3( 0*(+%&%0*+%3-@ *-? +/%.4$,7%#%$%+C 5*F,. !!!. *00$%&*#$, *-? )%*#$, 43( * )*(%,+C 34 .,&+3(.D

    O3( ,7*50$,@ 0(3)%?%-> ?(%-F%-> G*+,( ."00$C +3 +/, 033(@ ,%+/,( "(#*- 3( ("(*$@ %. -3+ *

    &355,(&%*$$C )%*#$, .&/,5,@ %4 +/, &3.+ 34 .3"(&%->@ +(,*+%-> *-? ?%.+(%#"+%-> G*+,(@ *(, +3 #,

    (,&3),(,? 4(35 +/, 0"#$%&D A-.+,*?@ %- ."&/ &*.,.@ * !!! *--"%+C 53?,$ &*- #, %50$,5,-+,?@

    G/,(, +/, >3),(-5,-+ .,$,&+. *-? +(*-.4,(. +/%. (,.03-.%#%$%+C 34 0(3)%?%-> ?(%-F%-> G*+,( +3 *

    0(%)*+, 30,(*+3( *+ * 4(,, 3( ."#.%?%],? (*+,D B/, >3),(-5,-+ +/,- 0(3)%?,. +/, 30,(*+3( * 4%7,?

    *--"*$ 0*C5,-+ 43( +/%. .,()%&,D B/, 0(%)*+, 30,(*+3( ".,. /%. 3G- (,.3"(&,. 4%-*-&%*$@

    5*-*>,(%*$@ +,&/-%&*$ *-? /"5*- T G/%&/ &*- #, )%,G,? *. %-),.+5,-+.@ +3 0(3)%?, G*+,(D

    E&.I C/*(&-BB(*-.4,( 34 (%.F +3 +/, 0(%)*+, .,&+3( %. *-3+/,( %503(+*-+ 4,*+"(, 34 !!!. +/*+ 5*F,. %+

    *++(*&+%), 43( 0"#$%& .,&+3( ,-+%+%,.D g,+@ +/, 43&". ./3"$? #, 3- (%.F ./*(%-> %-.+,*? 34

    +(*-.4,((%-> (%.F@ G%+/ (%.F. #,%-> *$$3&*+,? +3 +/, ,-+%+C #,.+ *#$, +3 5*-*>, 3( 5%+%>*+, +/*+

    (%.FD E/%$, 03$%&%,. *-? ?,4%-%+%3-. ,50/*.%], +/, %503(+*-&, 34 ,44%&%,-+ *-? ,44,&+%), (%.F

    ./*(%->@ +/, >*0 #,+G,,- +/,., 03$%&%,. *-? %+. %50$,5,-+*+%3- (,5*%-. 0*(+%&"$*($C $*(>,D

    644,&+%), (%.F ./*(%-> %. 3-, 34 +/, 4*&+3(. 43( +/, ."&&,.. 34 * !!! 0(3Z,&+D B/%. *.0,&+ %.

    &3),(,? %- ?,+*%$ %- +/, -,7+ &/*0+,(D

    ",(54(6*-',`3&-I,2 E,+#(-.

    B/, ?%44,(,-&, #,+G,,- * .,()%&, #,%-> &3-+(*&+,? 3"+ +3 * 0(%)*+, &3-+(*&+3( *-? * !!! %. +/,*.0,&+ 34 0,(43(5*-&,T$%-F,? (,+"(-. %- !!!.D 8 4%7,? .,()%&, &3-+(*&+ 0(,),-+. +/, 0(%)*+,

    &3-+(*&+3( 4(35 ,7&,,?%-> +/, 5%-%5"5 0,(43(5*-&, #,-&/5*(F. .0,&%4%,? %- +/, &3-+(*&+D

    W- +/, 3+/,( /*-?@ * &3-+(*&+ +/*+ $%-F. (,+"(-. +3 0,(43(5*-&, %-&,-+%)%],. +/, 0(%)*+,

    &3-+(*&+3( +3 ,7&,,? 5%-%5"5 #,-&/5*(F. *-? >,+ (,G*(?,? 43( *??%+%3-*$ )*$", >,-,(*+,?D

    :(*-.5,( 45

  • 7/25/2019 PPP Report by london

    29/80

    77" " # $ % & ' ( ' ) * + + + ' ( # , # - ( $ . / 0 ' ' ) # ' * ) 1 2 ) 3 ( $ % 2 0 3 4 ) 1 '

    .,()%&,. +/*+ *(, 0(%5*(%$C 43( 0(%)*+, ".,,7*50$,. %-&$"?, &*0+%), 03G,( 0$*-+.@ AB 0*(F. *-?

    +3"(%.5 0(3Z,&+. +/*+ *(, 3G-,? *-? 30,(*+,? #C 0(%)*+, &350*-%,.D

    78/&$&+ =L=J @460*(*+&), %-&,-+%),. +/*+

    -,,? +3 &3$$*#3(*+, *-? &33(?%-*+, +/,%( *&+%3-. +3 ,-."(, +/, ."&&,.. 34 +/, 0(3Z,&+D 8 $*&F 34

    &355%+5,-+@ *#.,-&, 34 &$*(%+C 34 (3$, 3( * $*&F 34 +,&/-%&*$ &350,+,-&, 34 *-C 3-, 34 +/,

    .+*F,/3$?,(. &*- Z,30*(?%], +/, 0(3Z,&+@ *-? *?),(.,$C *44,&+ *$$ +/, 3+/,( .+*F,/3$?,(.D

    B/, >3),(-5,-+@ G/%$, #,%-> * 0*(+-,( %- +/, 0(3Z,&+@ 5".+ 0$*C * 53(, &,-+(*$ (3$, +/*- +/,

    3+/,( .+*F,/3$?,(.D B/%. *??%+%3-*$ #"(?,- 34 ?"+C 4*$$. 3- +/, >3),(-5,-+ ?", +3 +/, 4*&+ +/*+

    +/, (,.03-.%#%$%+C 34 0(3)%?%-> 0"#$%& >33?. (,.%?,. +(*?%+%3-*$$C G%+/ +/, >3),(-5,-+D A+ %. +/,

    governments ?"+C +3 ,-."(, +/*+ %4 +/%. (,.03-.%#%$%+C %. ./*(,? G%+/ 3+/,( *>,-+. +/,- +/,

    3"+&35,. *&/%,),? ./3"$? #, #,-,4%&%*$ 43( +/, 0"#$%&D B/, >3),(-5,-+ *$.3 /*. +/, *#%$%+C +3

    (,>"$*+, *-? >3),(- +/, 3+/,( .+*F,/3$?,(. #C %+. $*GT5*F%-> *"+/3(%+CD

  • 7/25/2019 PPP Report by london

    30/80

    78" " # $ % & ' ( ' ) * + + + ' ( # , # - ( $ . / 0 ' ' ) # ' * ) 1 2 ) 3 ( $ % 2 0 3 4 ) 1 '

    78/&$&+ =LRJ @460*(&.4- 45 @4.+.; E&.I.; E,+#(-. *-2 1-',-+&),. 45 N&55,(,-+ C+*I,/4%2,(.

    @#((,-+ C+*+#. 45 "#$%&' "(&)*+, "*(+-,(./&0.

    A-?%* /*. .,,- )*(%,? +(*&+%3- %- ?,),$30%-> 0(3Z,&+. +/(3">/ !!! 53?,.D A- .35, .,&+3(.@ ."&/

    *. (3*?.@ !!!. /*), #,,- ,.+*#$%./,? *. +/, 0(,4,((,? 53?, 34 ?,),$305,-+@ *-? .,),(*$

    0(3Z,&+. *(, %- +/, 0%0,$%-,D

    A&BL =L?J C,'+4(`[&., """ H*+#(&+9K#6$,( 45 "(4P,'+.

    Source: Compiled from data available in Status of implementation of PPP projects in India as of July

    2011.

    Public S ector

    Cost Incurred Return/Benefit

    Risk Borne

    Project Identification Monitoring

    Political Risk? Regulatory Risk? Residual Asset value

    risk

    Fulfilment of mandateto provide public

    infrastructure

    Public/User

    Cost Incurred Return/Benefi t

    Risk Borne

    Tax User charges Displacement

    Usage of qualityinfrastructure

    Time and cost savings Employment

    opportunities

    Improved livingstandard

    Private developer

    Cost Incurred Return/Benefit

    Risk Borne

    Opportunity cost ofinvestment

    Debt repayments Technical & human

    resources

    Financial risk Development risk Operation risk Technology risk Non-political force majeure

    risk

    Return on investment Increased technical

    competence

    Enhanced brand equity

    Lenders

    Cost Incurred Return/Benefit

    Risk

    Cost of capital Opportunity Cost

    Financial viability risk Currency Risk? Asset liability t enure

    mismatch

    Return on investment

    VGF

    Debt RepaymentsTax

    Access

    User charges Environmental/ socialimpact

    Exclusion

    Debt Protection

  • 7/25/2019 PPP Report by london

    31/80

    79" " # $ % & ' ( ' ) * + + + ' ( # , # - ( $ . / 0 ' ' ) # ' * ) 1 2 ) 3 ( $ % 2 0 3 4 ) 1 '

    [,3>(*0/%&*$$C +33@ +/,(, /*. #,,- * G%?, ?%.0*(%+C #,+G,,- !!! %-),.+5,-+.D N*00%-> +/,

    !!! A-),.+5,-+ !,( L*0%+* eG/%&/ 5,*."(,. +/, !!! %-+,-.%+Cf@ ./3G. +/*+ +/, .3"+/,(- *-?

    G,.+,(- (,>%3-. /*), >(,*+,( %-),.+5,-+. %- !!!.D J3(+/ ,*.+,(- .+*+,. 34 A-?%* /*), $3G !!!

    %-+,-.%+C@ *$+/3">/ K%FF%5 %. *- ,7&,0+%3- ?", +3 +/, ,7%.+,-&, 34 * $*(>, -"5#,( 34 5%&(3T/C?,$

    03G,( 0(3Z,&+.D

    23GT%-&35, .+*+,. /*), * !!! %-),.+5,-+ 0,( &*0%+* 34!

    M@P:b G/%&/ %. *$53.+ /*$4 34 +/,*),(*>, 43( +/, (,.+ 34 A-?%*D

    78/&$&+ =LUJ C+*+,`[&., """ 1-+,-.&+9

    Source: Compiled from data available in Status of implementation of P!! 0(3Z,&+. %- A-?%* *. 34 \"$C

    2011.

    B/%. ?%.0*(%+C *53-> !!! %-),.+5,-+. %. ?", +3 .,),(*$ 4*&+3(. +/*+ *(, (,`"%(,? 43( ."&&,..4"$

    ?,),$305,-+ 34 0(3Z,&+. %- +/, !!! 53?,D A- +/, -,7+ .,&+%3-@ G, /*), $%.+,? .,),- F,C ."&&,..

    4*&+3(. 34 ."&&,..4"$ !!! 0(3Z,&+.D

  • 7/25/2019 PPP Report by london

    32/80

    7:" " # $ % & ' ( ' ) * + + + ' ( # , # - ( $ . / 0 ' ' ) # ' * ) 1 2 ) 3 ( $ % 2 0 3 4 ) 1 '

    C,'+&4-111

    C,),- C#'',.. A*'+4(. A4( 755,'+&), """.

    6),- +/3">/ G, /*), ,.+*#$%./,? +/*+ +/, 0(%)*+, .,&+3( 0*(+%&%0*+%3- %- &355,(&%*$ *-? .3&%*$

    %-4(*.+("&+"(, %. -,&,..*(C *-? +/*+ +/, !!!. *(, *- %503(+*-+ 5,&/*-%.5 34 .+("&+"(%-> ."&/

    0*(+%&%0*+%3-@ %+ %. ,..,-+%*$ +3 (,&3>-%], +/*+ !!!. *(, -3+ +/, 3-$C .3$"+%3- for Indias

    %-4(*.+("&+"(, G3,.D B/, (,.03-.%#%$%+C 34 0(3)%?%-> %-4(*.+("&+"(, $%,. 0(%5*(%$C G%+/ +/,

    >3),(-5,-+ *-? !!!. 5".+ -3+ #, )%,G,? *. * 5,&/*-%.5 43( +(*-.4,((%-> +/*+ (,.03-.%#%$%+C

    +3 +/, 0(%)*+, .,&+3(D

    !!!.@ #C +/,%( ),(C -*+"(,@ %-)3$), &330,(*+%3- *-? &33(?%-*+%3- *53-> .,),(*$ ,-+%+%,. G/3.,

    %-+,(,.+. *-? 3#Z,&+%),. 34+,- ?%),(>,D !!! 0(3Z,&+. +/,5.,$),. *(, /%>/$C &/*$$,->%-> *. +/,C

    %-&$"?, $3-> >,.+*+%3- 0,(%3? *-? 0(3Z,&+ $%4, G%+/ -"5,(3". (%.F. %-)3$),? +/*+ F,,0 &/*->%->

    3),( +/, projects lifecycleD !!!. *$.3 %-)3$), 5"$+%0$, ?,0,-?,-&%,. *&(3.. .+*F,/3$?,(. *-?

    "-&,(+*%-+C %- 43(,&*.+%-> ?,5*-?@ G/%&/ 5*F,. +/, 5*-*>,5,-+ *-? ,7,&"+%3- 34 * ."&&,..4"$

    !!! 0(3Z,&+ ),(C ?,5*-?%->D

    8 &355%++,? >3),(-5,-+@ *- %-43(5,? *-? *&+%), &355"-%+C *-? * &350,+,-+ 0(%)*+, .,&+3(

    G%+/ 4%-*-&%*$ *-? 5*-*>,(%*$ &*0*#%$%+C *(, +/, 0(%5*(C %->(,?%,-+. 43( * ."&&,..4"$ 0*(+-,(./%0

    0(3>(*5D 8)*%$*#%$%+C 34 $3->T+,(5 4"-?.@ ,7/*".+%), %?,-+%4%&*+%3- *-? 30+%5*$ *$$3&*+%3- 34

    (%.F. *-? *00(30(%*+, 0(%&%-> *(, ,..,-+%*$ 43( .533+/ &33(?%-*+%3- *53->.+ .+*F,/3$?,(.D

    O%-*$$C@ +/, .3&%*$ *-? ,-)%(3-5,-+*$ %50*&+ 34 +/, 0(3Z,&+ 5".+ #, &*(,4"$$C 5*-*>,?D

    B/, F,C ."&&,.. 4*&+3(. %?,-+%4%,? *-? 0(,.,-+,? %- +/%. .,&+%3- *(, &*+,>3(%],? %-+3 +/(,, +C0,.1

    ;D C+*I,/4%2,(.E4%,.(,.03-.%#%$%+%,.@ &350,+,-&%,. *-? &355%+5,-+ 34 +/, 0"#$%&

    .,&+3(@ 0(%)*+, .,&+3(@ 4%-*-&%,(.@ &3-."$+*-+.@ ,-?T".,(.@ &355"-%+C *-? &%)%$ .3&%,+CD

    9D 1-+,(*'+&4-4%-*-&%->@ (,),-", >,-,(*+%3- *-? (%.FT./*(%-> *53-> .+*F,/3$?,(.D

    MD "(4P,'+ 160*'+.3&%*$ %-&$".%3- *-? ,-)%(3-5,-+*$ .".+*%-*#%$%+CD

  • 7/25/2019 PPP Report by london

    33/80

    7D" " # $ % & ' ( ' ) * + + + ' ( # , # - ( $ . / 0 ' ' ) # ' * ) 1 2 ) 3 ( $ % 2 0 3 4 ) 1 '

    78/&$&+ RL?J C,),- C#'',.. A*'+4(. 54( """ "(4P,'+.

  • 7/25/2019 PPP Report by london

    34/80

    7M" " # $ % & ' ( ' ) * + + + ' ( # , # - ( $ . / 0 ' ' ) # ' * ) 1 2 ) 3 ( $ % 2 0 3 4 ) 1 '

    ?L C+(4-B "#$%&' C,'+4( @*0*'&+9 *-2 @466&+6,-+ +4 12,-+&59&-B; C+(#'+#(&-B

    *-2 Z4),(-&-B 45 """ "(4P,'+.

    B/, (,.03-.%#%$%+C 34 0(3)%?%-> 0"#$%& %-4(*.+("&+"(, *-? .,()%&,. %. ,-+(".+,? 0(%5*(%$C +3 +/,

    >3),(-5,-+D E%+/ +/, ,5,(>,-&, 34 * .+(3-> *-? )%#(*-+ 0(%)*+, .,&+3( 3),( +/, 0*.+ +G3

    ?,&*?,.@ +/,(, %. * -,,? 43( * .+(*+,>%& ./%4+ %- +/, (3$, 34 +/, >3),(-5,-+ %- %50$,5,-+%-> !!!

    0(3Z,&+.D A-.+,*? 34 #,%-> ?(%),- #C 4%-*-&%*$ &3-.+(*%-+.@ +/, >3),(-5,-+ ./3"$? 03.%+%3- %+.,$4

    *. * 0*(+-,( *. G,$$ *. *- 3),(.,,( 34 +/, *&+%)%+%,. #,%-> "-?,(+*F,-D O3( ."&/ * (3$,@ +/,

    >3),(-5,-+ -,,?. +3 .+(,->+/,- %+. >3),(-*-&, &*0*#%$%+%,. G/%&/ %-&$"?, *&&"(*+,

    %?,-+%4%&*+%3-@ 0(30,( .+("&+"(%-> *-? )%>%$*-+ 53-%+3(%-> 34 +/, 0(3Z,&+.D

    E, /*), $%.+,? 3"+ 4%), 4,*+"(,. +/*+ &/*(*&+,(%], .+(3-> 0"#$%& .,&+3( &*0*&%+C1

    S&T H*+#(, E*+&4-*%,

    B/, %-%+%*$ -,,? 43( %50$,5,-+%-> !!!. G*. ?", +3 +/, $*&F 34 0"#$%& 4"-?. 43( %-),.+5,-+ %-

    %-4(*.+("&+"(,D !!!. 0(,.,-+,? *- *++(*&+%),@ *-? %- 5*-C &*.,.@ +/, 3-$C (3"+, 43( (*%.%->

    53-,C 43( 0"#$%& %-4(*.+("&+"(,D 67+,(-*$ ."003(+ G*. >%),- #C 4"-?. (,&,%),? 4(35 5"$+%$*+,(*$

    *>,-&%,. +/*+ G,(, &3-?%+%3-*$ 3- +/, %-)3$),5,-+ 34 0(%)*+, .,&+3( +/(3">/ * 0*(+-,(./%0

    53?,$D K%-&, +/,-@ &355,(&%*$ %-4(*.+("&+"(, .,&+3(. /*), 5*+"(,? &3-.%?,(*#$CD B/3">/ +/,

    5*%- (,*.3- 43( %50$,5,-+%-> !!!. %. .+%$$ +/, ./3(+*>, 34 0"#$%& 4"-?.@ +/,(, %. -3G *-

    *??%+%3-*$ 53+%),@ G/%&/ %. +3 ,-/*-&, +/, `"*$%+C #,%-> ?,$%),(,? +/(3">/ %50$,5,-+%-> *

    0(3Z,&+ +/(3">/ +/, !!! 53?,D B/%. %. *$.3 +3 >*%- * 433+%-> *53-> 03$%&C 5*F,(. *-?

    #"(,*"&(*+.D 8 43&". 3- ,44%&%,-&C@ `"*$%+C 34 .,()%&, *-? *00(30(%*+, *$$3&*+%3- 34 (%.F &*-

    ?,$%),( )*$", 43( 53-,CD

    !(%)*+, .,&+3( 0*(+%&%0*+%3-@ /3G,),(@ %. 53(, ,70,-.%), &350*(,? +3 +/, >3),(-5,-+s *.

    >3),(-5,-+ &*- (*%., 4"-?. 4(35 5*(F,+. *+ * $3G,( &3.+ &350*(,? +3 0(%)*+, .,&+3( ?", +3 +/,absence of any associated risk with governments borrowings. T/%. 5,*-. +/*+ +/, /%>/,( &3.+

    34 0(%)*+, .,&+3( 0*(+%&%0*+%3- 5".+ #, &350,-.*+,? #C /*(-,..%-> +/, 30,(*+%3-*$ *-?

    5*-*>,(%*$ ,44%&%,-&C 34 +/, 0(%)*+, .,&+3( %- 3(?,( +3 %50(3), +/, `"*$%+C 34 +/, 0(3?"&+ 3(

    .,()%&, &(,*+,? 43( +/, 0"#$%&D

    B/, %-&$".%), >(3G+/ 3#Z,&+%), 34 +/, >3),(-5,-+ &*$$. 43( 0(3)%?%-> `"*$%+C .,()%&,. +3 +/,

    53.+ ,&3-35%&*$$C *-? .3&%*$$C ?,0(%),? .,&+%3-. 34 +/, &3"-+(CD K3&%*$ .,&+3(.@ $%F, G*+,(

    ."00$C *-? .*-%+*+%3-@ 0"#$%& /,*$+/@ .3$%? G*.+, 5*-*>,5,-+@ *-? ,?"&*+%3- *(, 0$*>",? #C

    033( %-4(*.+("&+"(, 4*&%$%+%,. *-? .,()%&,.Dd!!!. &*- #, /*(-,..,? +3 %50(3), *&&,.. *-? `"*$%+C

    34 #*.%& *5,-%+%,. *-? 3+/,( .,()%&,.D A+ 5".+ -,),(+/,$,.. #, -3+,? +/*+ +/, %-)3$),5,-+ 34

    !!!. %- +/, .3&%*$ .,&+3( %. .+%$$ *+ * -*.&,-+ .+*>,Db

    A50$,5,-+%-> 0(3Z,&+. %- +/, !!! 53?, 43( .3&%*$ .,&+3(. 5".+ #, ?3-, 43( +G3 (,*.3-.4%(.+

    +3 0(3)%?, G%?,.0(,*? *&&,.. *-? .,&3-?@ +3 %50(3)%-> +/, `"*$%+C 34 .,()%&,.D [%),- +/,

    ,..,-+%*$ -*+"(, 34 +/,., .,()%&,. *-? +/, )*.+ ?%.&(,0*-&%,. %- +/, 0"(&/*.%-> 03G,( 34 ?%44,(,-+

    dB/, &3"-+(C 4*&,. * ./3(+*>, 34 *(3"-? 9@RMM ?3&+3(. 34 9M@dbM (,`"%(,? 43( +3+*$h d;Rc 03.%+%3-. G,(,$C%-> )*&*-+ *. 3- M;.+ March, 2010. Please see K+*+,TG%., J"5#,( 34 8$$30*+/%& X3&+3(. *+ !(%5*(CV,*$+/ L,-+(,. e!VL.f in India, Ministry of Health & Family Welfare, GOI, (2010). The teacherT.+"?,-+ratio in lower primary schools and middle schools was 42 and 34 respectively in 2005. Please see Accessto Elementary Education in India: Country analytical Review, R. Govin?* '* +

  • 7/25/2019 PPP Report by london

    35/80

    7B" " # $ % & ' ( ' ) * + + + ' ( # , # - ( $ . / 0 ' ' ) # ' * ) 1 2 ) 3 ( $ % 2 0 3 4 ) 1 '

    .3&%3T,&3-35%& .,>5,-+.@ %+ %. ,..,-+%*$ +/*+ +/, >3),(-5,-+ 0$*C * 53(, 0(35%-,-+ (3$, %-

    4%-*-&%-> +/,., 0(3Z,&+. +/(3">/ #"?>,+*(C ."003(+cD B/, &"((,-+ ,70,-?%+"(, 34 +/,., .,()%&,.

    %. ,70,&+,? +3 %-&(,*., .%>-%4%&*-+$C %- +/, 43(+/&35%-> 0,(%3? 34 +/, ;9+/0$*-D 8. ?%.&"..,?

    #,43(,@ !!!. ./3"$? #, .,,- *. * 5,&/*-%.5 +3 %-&(,*., +/, ,44%&%,-&C *-? ,44,&+%),-,.. 34 +/%.

    ,70,-?%+"(, #C $,),(*>%-> 0(%)*+, .,&+3(s+,&/-%&*$ *-? 5*-*>,(%*$ ,70,(+%.,DP

    S&&T C#.+*&-,2 "4%&+&'*% *-2 F#(,*#'(*+&' @466&+6,-+

    A-4(*.+("&+"(, 0(3Z,&+. *(, &350$,7 3G%-> +3 +/, $3-> 0(3Z,&+ $%4, *-? ?%44,(,-+ F%-?. 34 (%.F.

    %-)3$),? %- +/, ?%44,(,-+ 0/*.,. 34 * 0(3Z,&+D 6),- +/, 0,(%3? 4(35 +/, *--3"-&,5,-+ 34 *

    0(3Z,&+ +3 %+. *00(3)*$ &*- +*F, .,),(*$ 53-+/.D A+ /*. #,,- 3#.,(),? +/*+ *-C 03$%+%&*$ (,>%5,

    &/*->, &*- &*"., .,),(, ?,$*C. 3( ,),- +,(5%-*+%3- 34 0(3Z,&+.D V,-&,@ * .".+*%-,? &355%+5,-+4(35 +/, >3),(-5,-+ %. -,&,..*(C +3 ,-."(, +/*+ +/, 0(3Z,&+. *(, -3+ 0"+ *+ (%.F ?", +3 +/,

    ?%44,(,-&, %- 03$%+%&*$ %?,3$3>%,. 34 ?%44,(,-+ ("$%-> 0*(+%,.D B/, 8%(03(+ 8"+/3(%+C 34 A-?%*

    e88Af #3*(? *00(3),? +/, 53?,(-%]*+%3- 34 X,$/% A-+,(-*+%3-*$ 8%(03(+ %- 9::M@ #"+ &/*->, %-

    +/, L,-+(*$ >3),(-5,-+ ?,$*C,? +/, %50$,5,-+*+%3- 34 +/%. 0(3Z,&+ *. +/, 6503G,(,? [(3"0

    34 N%-%.+,(. e6[3Nf G*. (,&3-.+%+"+,? %- 9::RD B/, 0(3Z,&+ G*. 4%-*$$C *00(3),? 3-$C %- 9::dD

    K,, U37 MD;D

    cB/, ?(*4+ J*+%3-*$ !!! !3$%&C@ 9:;; .+*+,. +/*+ *--"%+C 53?,$. G3"$? #, "-?,(+*F,- %- .3&%*$ .,&+3(.DPlease see p.6 of the Draft National PPP Policy, 2011, DEA, Ministry of Finance, GoI.P!$,*., .,,@ /++01^^GGGD+/,/%-?"D&35^30%-%3-^=,*?,(.T6?%+3(^*(+%&$,9M;;;MPD,&,

    F48 RL? H#6$*& V N,%/& 1-+,(-*+&4-*% 3),(-5,-+ .%-&, ;PPdD A- 9::M@ 8%(03(+ 8"+/3(%+C 34 A-?%* 4%-*$$C *>(,,?+3 53?,(-%], +/,5@ 43$$3G%-> G/%&/ +/, #%??%-> 0(3&,.. G*. %-%+%*+,?D B/%. 0(3Z,&+ %. 3-,

    34 +/, %-%+%*$ .+,0. "-?,(+*F,- #C +/, >3),(-5,-+ +3G*(?. +/, 0(%)*+%.*+%3- 34 +/, *%(03(+

    .,&+3(D 6*($%,( +/, L3&/%- A-+,(-*+%3-*$ 8%(03(+ G*. ?,),$30,? %- ;PP;D V3G,),(@ %- +/,

    &*., 34 X,$/% *-? N"5#*%@ +/, $*&F 34 ,70,(%,-&, %- +/%. .,&+3( (,."$+,? %- %..",. ?"(%-> +/,

    #%??%-> 0/*.,D 8 >(,*+,( ,50/*.%. G*. $*%? 3- +/, 4%-*-&%*$ 0*(*5,+,(. 34 +/, #%??,(.

    %-.+,*? 34 +/, +,&/-%&*$ ,70,(+%.,D

    N3(,3),(@ +/, =O! *-? 3+/,( #%? ?3&"5,-+. G,(, -3+ &$,*( 3- .,),(*$ *.0,&+.D B/%.

    (,."$+,? %- 5"$+%0$, 0(,T#%? 5,,+%->.@ +/3">/ &*((C%-> 3"+ .,),(*$ 5,,+%->. G%+/ #%??,( %.

    /,$04"$ *. %+ (,?"&,. 3&&"((,-&, 34 ?%.0"+,. %- 4"+"(, $%F, +/, ?%44,(,-+ %-+,(0(,+*+%3- 34

    legal terms by contracting parties. Further, bias of the Evaluation Committee towards.35, 0(%)*+, .,&+3( &350*-%,. G*. *$.3 (,03(+,? %- +/, 5,?%*D V3G,),(@ .35, &"(*+%),

    5,*."(,. G,(, +*F,- $*+,(@ *-? * 53?,$ =O! G*. 0(3)%?,? *-? 0(3&,?"(,. 43( .,$,&+%3- 34

    6)*$"*+%3- L355%++,, G,(, "-?,(+*F,-D

    2003 2004 2005 2006

    July - AAIAmendment Bill formodernisation ofAirpo rts waspassed

    DecAppoi ntmentof ABN Amro as aFinancial Consultant

    Sep .-Appro val byGoI for a JointVenture to beformed

    FebInvitation toregister forExpression ofInterest (EoI)

    June4th as the lastsubmission date for EoI On 15th, the new Govt made policy

    changes (FDI of 49% within 74%)

    Appointment of Global TransactionAdvisor, Legal Consultant and

    Accounts & Tax Advisor

    Jul y-

    Extendeddates ofsubmission

    April Request forPropo sal andTransactionDocuments issued toPre-Qualified Bidders

    JuneFinal Bidsto besubmitted

    SeptBid Dateextended

    Aug TransactionDocumentsfinalised

    Nov - EvaluationCommitteereported the Plan-nin g Commission

    Dec.Revised Evaluation Constitution of

    Committee ofSecretaries and Groupof Eminent TechnicalExperts (GETE)

    JanSubmissionof reports byGETE

    FebAllegationsagainst AAI andUnion of India byReliance AirportDevelopers PvtLtd.

  • 7/25/2019 PPP Report by london

    36/80

    7O" " # $ % & ' ( ' ) * + + + ' ( # , # - ( $ . / 0 ' ' ) # ' * ) 1 2 ) 3 ( $ % 2 0 3 4 ) 1 '

    A-4(*.+("&+"(, ./3"$? #, #"%$+ #*.,? 3- * (3#".+ *-? G,$$T0$*--,? )%.%3- ?3&"5,-+D B/%. G%$$

    /,$0 +3 *?30+ * &3/,(,-+ *-? &350(,/,-.%), *&+%3- 0$*- 43( +/, %-+,>(*+,? ?,),$305,-+ 34

    %-4(*.+("&+"(, *&(3.. *$$ .,&+3(.D ["Z*(*+ /*. a vision documents titled Big 2020 which attempts

    +3 0"+ +3>,+/,( * &350(,/,-.%), )%,G 34 0(3>(*55,. *-? 0(3Z,&+. G/%&/ *(, *%5,? +3 (*%., +/,

    .+*+, +3 * -,G $,),$ 34 ?,),$305,-+D B/, ?3&"5,-+ >3,. #,C3-? +/, 4%), C,*( 0$*--%-> 0(3&,..

    *-? $%-F. %-?%)%?"*$ 0(3Z,&+. 34 ,*&/ ?,0*(+5,-+ %-+3 *- %-+,>(*+,? 0(3>(*5 43( +/, .+*+,D A+ *$.3

    schedules projects in line with the states priorities.

    7A

    A4 ."&/ )%.%3- ?3&"5,-+. &3"$? #,0(,0*(,? 43( ,*&/ .+*+, *-? 43( +/, &,-+(,@ %+ &3"$? /,$0 %- &(,*+%-> *- %-4(*.+("&+"(, *>,-?* 43(

    +/, ,-+%(, &3"-+(C +/*+ %. +3 .35, ,7+,-+ 0(,?%&+*#$, #C +/, .+*F,/3$?,(.D

    K,),(*$ .+*+, >3),(-5,-+. *-? +/, &,-+(*$ >3),(-5,-+ /*), #,,- 0"++%-> *00(30(%*+,

    %-.+%+"+%3-*$ *-? (,>"$*+3(C 4(*5,G3(F +3G*(?. +/%. ,-?D B/, ?(*4+ J*+%3-*$ !!! !3$%&C *%5. +3

    &(,*+, * &350(,/,-.%), 4(*5,G3(F 43( 43(5*$%]%-> !!!. *. +/, 0(,4,((,? 43(5 %- .,&+3(. $%F,

    (3*?.@ *%(03(+.@ 03G,(@ ,+&D G/,(, ."&/ 0*(+-,(./%0. /*), ,*($%,( #,,- ."&&,..4"$D

    8+ +/, .+*+, $,),$@ )*(C%-> ?,>(,,. 34 &355%+5,-+ +3G*(?. !!!. &*- #, 3#.,(),?D B/, ?%.0*(%+C

    %- +/, 0(,.,-&, 34 !!! 03$%&C^>"%?,$%-,.@ 4%-*-&%*$ ."003(+ +3 !!! 0(3Z,&+. #C >3),(-5,-+.

    *-? %- +/, 0(,.,-&, 34 30,(*+%3-*$ !!! 0(3Z,&+. %- ?%44,(,-+ .+*+,. ./3G +/, ?%44,(,-+ $,),$. 34&355%+5,-+ +/*+ +/, ?%44,(,-+ .+*+, >3),(-5,-+. /*), +3G*(?. !!!.D

    K35, .+*+,.@ $%F, ["Z*(*+@ N*/*(*./+(* *-? 8-?/(* !(*?,./ /*), #3+/ !!! *&+.^03$%&%,. *-?

    .,),(*$ !!! 0(3Z,&+. +/*+ *(, ,%+/,( %- +/, %50$,5,-+*+%3- 3( %- +/, 30,(*+%3-*$ .+*>,D 8 4,G

    .+*+,. $%F, _++*( !(*?,./ ?3 -3+ /*), * !!! 8&+ 3( !3$%&C #"+ .+%$$ /*), !!! 0(3Z,&+.D W+/,(

    .+*+,. $%F, N%]3(*5 /*), -,%+/,( * !!! $*G -3( * .+*+, !!! 0(3Z,&+D

    K35, 34 +/, ?,$*C. 4*&,? G/%$, ,7,&"+%-> !!! 0(3Z,&+. %-&$"?,@ $*-? *&`"%.%+%3- ?,$*C.@ ?,$*C %-

    3#+*%-%-> ,-)%(3-5,-+*$ *-? 3+/,( &$,*(*-&,. *-? ?,$*C. %- +/, (,$,*., 34 4"-?.D;;B/,., %..",.

    &*- #, .3$),? %4 +/,(, %. * &3-.%.+,-+@ .".+*%-,?@ 03$%+%&*$ *-? #"(,*"&(*+%& &355%+5,-+ 4(35 +/,>3),(-5,-+D

    B/,(, /*. #,,- * +(,-? 34 %-&(,*.%-> &355%+5,-+ 4(35 +/, &,-+(*$ >3),(-5,-+ +3G*(?. !!!.D

    B/%. &*- #, ?,+,(5%-,? 4(35 +/, 4*&+ +/*+ +/, &,-+(*$ >3),(-5,-+ /*. .,+ * 0(3>(,..%),$C

    %-&(,*.%-> +*(>,+ 34 4%-*-&%-> +3+*$ %-4(*.+("&+"(, -,,?. +/(3">/ 0(%)*+, 0*(+%&%0*+%3- %-&$"?%->

    !!!. ?"(%-> ,*&/ ."#.,`",-+ O%), g,*( !$*-D B/, ;:+/ !$*- /*? +*(>,+,? 9: i 34 +/,

    %-),.+5,-+ %- %-4(*.+("&+"(, 0(3Z,&+. +3 #, 53#%$%],? #C +/, 0(%)*+, .,&+3( G/%&/ >(,G +3 M: i

    %- +/, ;;+/!$*- *-? S: i %- +/, ;9+/!$*-D

    S&&&T @*0*$&%&+9

    A+ %. -,&,..*(C +/*+ +/, .+(3-> &355%+5,-+ 34 +/, >3),(-5,-+ %. ."003(+,? #C %+. .+(3->

    %50$,5,-+*+%3- &*0*#%$%+CD B/%. ./3"$? #, ?"$C (,4$,&+,? %- %+. *#%$%+C +3 %?,-+%4C +/, 0(3Z,&+@ %+.

    +,&/-%&*$ ,70,(+%., +3 (%>/+$C .+("&+"(, +/, 0(3Z,&+@ *-? 0"+ %- 0$*&, ."%+*#$, >3),(-*-&, *-?

    53-%+3(%-> 5,&/*-%.5.D

    ;:Please refer to Review of Blueprint for Infrastructure in Gujarat (BIG 2020) O%-*$ =,03(+@ [AXU@e9::PfD;; O3( ,7*50$,@ K*.*- _$+(* N,>* !3G,( !(3Z,&+ G*. ?,$*C,? *. +/, &*0+%), 5%-,. *$$3++,? +3 %+ G,(,"-?er the MoEF NoTGo zone. Similarly, progress on Navi Mumbai International Airport was delayed

    *. &3-.+("&+%3- 34 *- *%(03(+ %- J*)% N"5#*% G*. -3+ * 0,(5%..%#$, *&+%)%+C "-?,( L3*.+*$ =,>"$*+%3-k3-, -3+%4%&*+%3- 34 ;PP;D O"(+/,(@ +/, &3-.+("&+%3- 34 +/, *%(03(+ G3"$? /*), (,."$+,? %- * $3.. 34 Pc/,&+*(,. 34 5*->(3),.D

  • 7/25/2019 PPP Report by london

    37/80

    7C" " # $ % & ' ( ' ) * + + + ' ( # , # - ( $ . / 0 ' ' ) # ' * ) 1 2 ) 3 ( $ % 2 0 3 4 ) 1 '

    B/, 0(3Z,&+. %?,-+%4%,? ./3"$? 4%+ +/, countrys overall sectoral strategy and policy framework. A+

    %. *$.3 %503(+*-+ +3 #.'-*#19 *"' -''. 43( * 0*(+%&"$*( 0(3Z,&+ (*+/,( +/*- #.'-*#19 *"' (&)>'?* %+.,$4@

    ,.0,&%*$$C G/,- %+ %-)3$),. +/, .3&%*$ .,&+3(D 8 $*(>, -"5#,( 34 0(3Z,&+.@ 53.+$C %- +/,

    &355,(&%*$ %-4(*.+("&+"(, .,&+3(. *(, %?,-+%4%,? +/(3">/ * +30T?3G- *00(3*&/ G/,(, +/, .+*+,

    %?,-+%4%,. 0(3Z,&+. *-? %50$,5,-+. +/,5 G%+/ $%5%+,? &3-.%?,(*+%3- 34 +/, -,,?. *-? *.0%(*+%3-.

    34 +/, 0,30$,D A- 3(?,( +3 0(,),-+ +/%.@ * #3++35T"0 *00(3*&/ &3"$? #, *?30+,?@ G/,(, +/,

    ?,5*-? 43( 0(3Z,&+. &35,. 4(35 +/, 0,30$, *-? >3),(-5,-+ ,7,&"+,. +/,5 G%+/ +/,%-)3$),5,-+ 34 +/, 0,30$,D O3( ,7*50$,@ +/, 0,30$, &*- ?,&%?, %4 * 5,+(3 (*%$ 3( * 4$,,+ 34 /%>/T

    &*0*&%+C #".,. G3"$? #, 53(, /,$04"$ %- *??(,..%-> +/,%( +(*-.03(+*+%3- 0(3#$,5D 8 /3$%.+%&

    0$*- G3"$? #, * &35#%-*+%3- 34 #3+/ +/, +30T?3G- *-? +/, #3++35T"0 *00(3*&/ G/%&/ &3"$?

    #, &3--,&+,? +3 +/, -*+%3-*$^.+*+, $,),$ 5*.+,( 0$*-D

    A- 3(?,( +3 0(,),-+ *-? ,$%5%-*+, "-0$*--,? *-? %50(*&+%&*$ 0$*-.@ +/, 0(3Z,&+ %?,-+%4%&*+%3-

    0(3&,.. ./3"$? #, 0(30,($C .+("&+"(,?D B/%. &3"$? *$.3 0(,),-+ +/, /*.+, %- *G*(?%-> 0(3Z,&+.

    43( 03$%+%&*$ >*%-.D 8 $%.+ 34 %?,-+%4%,? 0(3Z,&+. ./3"$? #, 5*?, 0"#$%& .3 +/*+ 0,30$, +/,5.,$),.

    &*- *>(,, "03- +/, F%-? 34 *00(3*&/ (,`"%(,? +3 "-?,(+*F, +/, 0(3Z,&+D N3(,3),(@ %+ G3"$? *$.3

    ,-*#$, +/, 0(%)*+, .,&+3( +3 *..,.. +/, 03+,-+%*$ 5*(F,+D

    B/, !!! *(,-* %- +/, &3"-+(C /*. G%+-,..,? * 5%7 34 ."&&,..4"$ *-? 4*%$,? 0(3Z,&+. G/%&/ /*.

    (*%.,? &3-&,(-. *#3"+ +/, ".,4"$-,.. 34 ."&/ 0(3Z,&+.D B/,(, *(, ."&&,..4"$ 0(3Z,&+. +/*+ &3"$?

    #, ,5"$*+,? $%F, +/, U/%G*-?% 6$,&+(%&%+C X%.+(%#"+%3- O(*-&/%.,@ 8$*-?"( K,G,(*>, !(3Z,&+@

    85(%+.*( A-+,(TL%+C U". B,(5%-*$ ,+&D V3G,),(@ 0(3Z,&+. $%F, X,$/%TJ3%?* B3$$G*C@ X,$/%T

    ["(>*3- 670(,..G*C@ H*?3?*(*TV*$3$ B3$$ =3*? g*5"-* 670(,..G*C@ J/*)*TK/,)*

    A-+,(-*+%3-*$ L3-+*%-,( B,(5%-*$@ [*->*)*(*5 !3(+@ H%]/%-Z*5 !3(+ ,+&D@ ,-&3"-+,(,?

    0(3#$,5. ?"(%-> 0(3Z,&+ 0(,0*(*+%3- *-? ?,),$305,-+ 0/*.,.D;9B/%. %. 0(%5*(%$C #,&*"., +/,

    >3),(-5,-+ *?30+,? * projectTbased *00(3*&/ +3G*(?. !!!.D B/, $*&F 34 0$*--%-> *-?

    %-+,>(*+%3- 34 +/, 0(3Z,&+ 0$*- G%+/ +/, (,>%3-*$ 0$*- *-? 3+/,( 0$*-. /*), (,."$+,? %- * 5%7+"(,

    34 #3+/ ."&&,..4"$ *-? 4*%$,? 0(3Z,&+.D A+ %. *$G*C. >33? +3 $33F *+ +/, #%> 0%&+"(, *-? 43(5"$*+,0(3Z,&+. ".%-> * 0(3>(*55*+%& *00(3*&/D O3( %-.+*-&,@ 03G,( >,-,(*+%3- 0(3Z,&+. 34+,- 4*&,

    30,(*+%3-*$ ?,$*C. #,&*"., 34 ?,$*C. %- ."00$C%-> +/, (,`"%(,? +(*-.5%..%3- *-? ?%.+(%#"+%3-

    5,&/*-%.5. 3( ,.+*#$%./5,-+ 34 *00(30(%*+, 4",$ $%-F*>,.D 8-3+/,( ,7*50$, G3"$? #, +/,

    U*->*$3(, A-+,(-*+%3-*$ 8%(03(+ G/,(, +/, (3*? &3--,&+%-> U*->*$3(, &%+C +3 +/, *%(03(+ G*.

    -3+ (,*?C ,),- +/3">/ +/, *%(03(+ G*. (,*?C 43( 30,(*+%3-.D

    !33( .+("&+"(%-> 34 * 0(3Z,&+ %. 3-, 34 +/, 0(%5*(C (,*.3-. 43( %+. 4*%$"(,D B/, &"((,-+ 5,+/3?

    34 .+("&+"(%-> 0(3Z,&+. %. #*.,? 3- +/, 0(,0*(*+%3- 34 * X,+*%$,? !(3Z,&+ =,03(+. eX!=.f #C

    &3-."$+*-+. .,$,&+,? *-? *003%-+,? #C +/, >3),(-5,-+D A+ %. +/,(,43(,@ &("&%*$ +/*+ +/,

    >3),(-5,-+ 5*%-+*%-. 3#Z,&+%)%+C *-? +(*-.0*(,-&C %- .,$,&+%-> &3-."$+*-+. G/3 /*), +/,

    (,`"%(,? .,&+3(*$ ,70,(+%.,DE/%$, .,$,&+%-> &3-."$+*-+. %+ %. %503(+*-+ +3 .,, %4 +/, &3-."$+*-+.

    /*), * +(*&F (,&3(? 34 ."&&,..4"$$C .+("&+"(%-> 0(3Z,&+.D B/, 4%-*-&%*$ #%? ./3"$? #, 34

    .,&3-?*(C %503(+*-&,D A- A-?%*@ +/, 0(3Z,&+ ?,),$305,-+ &3.+ %. 5"&/ $3G,( &350*(,? +3

    >$3#*$ .+*-?*(?.D A- A-?%*@ 3-$C 9 i 34 +/, 0(3Z,&+ &3.+ %. .0,-+ 3- +/, X,+*%$,? !(3Z,&+ =,03(+

    G/,(,*. %+ %. *(3"-? S i *-? #,+G,,- dTP i %- _Q *-? _K8 (,.0,&+%),$CD;MB/%. &3.+ ./3"$? #,

    %-&(,*.,? +3 ,-."(, +/*+ +/, 0(3Z,&+ ?3,. -3+ ."44,( ?", +3 &3.+T&"++%-> %- +/, 0(3Z,&+ .+("&+"(%->

    0/*.,D

    ;9K,,@ +33$F%+D000%-%-?%*D&35^/%>/G*C.^53?"$,MT(3%,G0T%-+(3D0/0l$%-F.m(3%,G0;Y$%-F.;m(3%,G09D;MPlease refer to Building India: Accelerating Infrastructure Projects, McKinsey & Company, 9::P@ 43(4"(+/,( ?,+*%$.D

  • 7/25/2019 PPP Report by london

    38/80

    8A" " # $ % & ' ( ' ) * + + + ' ( # , # - ( $ . / 0 ' ' ) # ' * ) 1 2 ) 3 ( $ % 2 0 3 4 ) 1 '

    [3),(-5,-+ ./3"$? *$.3 #, &*0*#$, ,-3">/ +3 ,)*$"*+, +/, %-0"+. 0(3)%?,? #C +/, *003%-+,?

    &3-."$+*-+.D A+ ./3"$? /*), *?,`"*+, +,&/-%&*$ ,70,(+%., %- *00(30(%*+,$C .+("&+"(%-> +/, $,>*$

    ?3&"5,-+. 0,(+*%-%-> +3 +/, 0(3Z,&+D B/%. G3"$? ,-."(, +/*+ +/, >3),(-5,-+ 344%&%*$.

    ."&&,..4"$$C -,>3+%*+, +/, +,(5. 34 +/, &3-&,..%3- *>(,,5,-+ G%+/ +/,%( &3"-+,(0*(+. %- +/,

    0(%)*+, .,&+3(D K+*-?*(?%]*+%3- 34 &3-+(*&+. *+ +/, -*+%3-*$ *-? .+*+, $,),$ #*.,? 3- %-+,(-*+%3-*$

    .+*-?*(?. G3"$? *$$3G %-+,(0(,+*+%3-. 34 +/, &3-+(*&+. %- * &3-.%.+,-+ G*C +/,(,#C $,*?%-> +3

    $,..,( 3&&"((,-&,. 34 ?%.0"+,.D =%>3(3". +(*%-%-> 34 >3),(-5,-+ 344%&%*$. *+ *$$ $,),$. G/3 *(,*..3&%*+,? G%+/ !!! 0(3Z,&+. %. %503(+*-+D

    H4-&+4(&-B V Z4),(-*-',

    O3( ,44,&+%), >3),(-*-&,@ +/, (,>"$*+3(. ./3"$? #, ,503G,(,? ."44%&%,-+$CD A4 +/, (,>"$*+3(C

    *"+/3(%+%,. 3-$C /*), +/, 03G,( +3 ?,+,(5%-, +*(%44 (*+,. *-? -3 03G,( +3 .,+ *-? ,-43(&,

    0,(43(5*-&, .+*-?*(?. 3( 3+/,( 5,*."(,. %- 3(?,( +3 0(3+,&+ +/, users%-+,(,.+@ +/,- +/,%( (3$,

    %. $%5%+,? *-? 34 $%++$, /,$0 +3 +/, .3&%,+CD !$,*., (,4,( +3 U37 MD9 43( *- %$$".+(*+%3-D B/". +/,

    >3),(-5,-+ *$.3 /*. +/, (,.03-.%#%$%+C 34 ,.+*#$%./%-> .+(3-> (,>"$*+3(C #3?%,.D B/3">/ +/,(,

    *(, (,>"$*+3(. %- +/, &355,(&%*$ %-4(*.+("&+"(, .,&+3(.@ +/,%( %-?,0,-?,-&, %. 34+,- `",.+%3-,?@

    *. +/, >3),(-5,-+ %. #3+/ +/, .+*F,/3$?,( *-? +/, (,>"$*+3(D B/,(, /*), #,,- .">>,.+%3-. +/*+

    +/, >3),(-5,-+ ./3"$? -3+ #, 0*(+ 34 +/, >3),(-*-&, 5,&/*-%.5 +3 0(,),-+ * &3-4$%&+ 34%-+,(,.+.D A- .3&%*$ .,&+3( 0(3Z,&+.@ +/,(, %. -3 (,>"$*+3(C #3?C *+ +/, *0,7 $,),$D A4 !!!. *(, +3

    #, *?30+,? *+ *- %-&(,*.%-> (*+, %- +/,., .,&+3(.@ +/,(, %. * -,,? +3 ,.+*#$%./ %-?,0,-?,-+

    (,>"$*+3(C #3?%,. *+ +/, *0,7 $,),$ +3 .+*-?*(?%], +/, ?,),$305,-+ 34 0(3Z,&+.D

    !(30,( 53-%+3(%-> 5,&/*-%.5. ,-."(, *&&3"-+*#%$%+C 34 #3+/ +/, 0(%)*+, *-? 0"#$%& .,&+3(D 8+

    0(,.,-+@ +/, 53-%+3(%-> 34 0(3Z,&+.@ %- 5*-C &*.,. %. ,-+(".+,? +3 ?%44,(,-+ *>,-&%,. *-? %+ %. -3+

    &$,*( G/*+ *.0,&+ 34 +/, 53-%+3(%-> %. ?3-, #C G/%&/ *>,-&CD O3( ,7*50$,@ %- * .+*+, .03-.3(,?

    0(3Z,&+@ G/,(, .35, &3503-,-+ 34 +/, H%*#%$%+C [*0 O"-?%-> eH[Of %. *$.3 ."003(+,? #C +/,

    &,-+(*$ >3),(-5,-+@ +/, 53-%+3(%-> %. ?3-, #C +/, !!! &,$$ *+ #3+/ +/, &,-+(*$ *-? .+*+, $,),$D

    V3G,),(@ +/, ?%)%.%3- 34 53-%+3(%-> (,.03-.%#%$%+C %. -3+ ),(C &$,*( +3 +/, .+*F,/3$?,(.D

    J3(5*$$C@ *- A-?,0,-?,-+ 6->%-,,( e* &3-."$+*-&C 4%(5f %. +/, 53-%+3(%-> *"+/3(%+C ,-+(".+,?

    G%+/ +/, (,.03-.%#%$%+C 34 * 4*%(@ *5%&*#$, *-? `"%&F .,++$,5,-+ 34 ?%.0"+,.D B/, .,$,&+%3- 34 *-

    %-?,0,-?,-+ ,->%-,,( ./3"$? *$.3 #, #*.,? 3- * +(*-.0*(,-+ *-? &350,+%+%), 0(3&,..D B/,

    (,.03-.%),-,.. 34 +/, 53-%+3(%-> *"+/3(%+C %- +/, .3&%*$ .,&+3( 0(3Z,&+. %. ,),- 53(, &(%+%&*$

    +/*- +/*+ %- +/, &355,(&%*$ .,&+3(.D 8$.3@ G/,(,),( 03..%#$,@ &355"-%+C 3( &%)%$ .3&%,+C

    representatives like the Resid,-+Welfare Organizations or 8*-&/*$ K*5%+%,.@ ./3"$? #,

    ,-&3"(*>,? +3 #, * 0*(+ 34 +/, 53-%+3(%-> 0(3&,..D;R

    ;R8*-&/*$ K*5%+% *$.3 &*$$,? *. A-+,(5,?%*+, !*-&/*C*+ %. +/, .,&3-? +%,( 34 !*-&/*C*+% =*Z KC.+,5 %-A-?%*D A+. 5,5#,(. *(, ,$,&+,? 5,5#,(. 34 +/, 0"#$%&D O3( 4"(+/,( ?,+*%$. .,,@/++01^^*("-*&/*$0(*?,./D-%&D%-^0*-&/*C*+^/+5$^0*&/*C*+D/+5

  • 7/25/2019 PPP Report by london

    39/80

    87" " # $ % & ' ( ' ) * + + + ' ( # , # - ( $ . / 0 ' ' ) # ' * ) 1 2 ) 3 ( $ % 2 0 3 4 ) 1 '

    S&)T @%*(&+9 45 E4%,

    H,(C 34+,-@ ?%44,(,-+ #3?%,. 4(35 ?%44,(,-+ $,),$. 34 +/, >3),(-5,-+ *(, %-)3$),? %- +/, )*(%3".

    .+*>,. 34 * 0(3Z,&+D B/%. -,&,..%+*+,. ,7*&+ .0,&%4%&*+%3- 34 +/, (3$,. 34 +/, %-)3$),? #3?%,.@,.0,&%*$$C +/,%( (3$,. %- $,>%.$*+%), *-?3+/,( 03G,(.D X,$*C. %- >,++%-> (,>"$*+3(C *00(3)*$. *(,

    34+,- &*".,? ?", +3 +/, $*&F 34 *?,`"*+, %-43(5*+%3- *53-> +/, ?,0*(+5,-+.D B/, &3-.+("&+%3-

    34 +/, g*5"-* 670(,..G*C 4*&,? ."#.+*-+%*$ ?,$*C. %- 3#+*%-%-> (,>"$*+3(C &$,*(*-&,. *. +/,

    +/(,, >3),(-5,-+ #3?%,.@ +/, >3),(-5,-+ 34 X,$/%@ +/, >3),(-5,-+ 34 _++*( !(*?,./ *-? J,G

    WF/$* A-?".+(%*$ X,),$305,-+ 8"+/3(%+C eJWAX8f@ * $3&*$ *"+/3(%+C@ %-)3$),? %- +/%. 0(3Z,&+

    $*&F,? 0(30,( &3T3(?%-*+%3-D B/, !(3)%.%3- 34 _(#*- 85,-%+%,. %- ="(*$ 8(,*. e!_=8f

    0(3>(*5 43( ("(*$ ?,),$305,-+ +/*+ /*. #,,- (,T$*"-&/,? ?"(%-> +/, ;;+/ !$*- *$.3 (,`"%(,.

    ,44,&+%), &33(?%-*+%3- *53-> +/, >3),(-5,-+ #3?%,. %-)3$),?D7DB/%. 0(3>(*5 %. * &3-),(>%->

    03%-+ 43( +/, .&/,5,. 0(303.,? #C +/, N%-%.+(C 34 ="(*$ X,),$305,-+@ *-? 3+/,( 5%-%.+(%,.

    $%F, +/, N%-%.+(C 34 =,-,G*#$, 6-,(>C@ N%-%.+(C 34 !*-&/*C*+% =*Z ,+&D O3( ."&&,..4"$ 30,(*+%3-34 !_=8@ %+ %. ,..,-+%*$ +/*+ ,*&/ 5%-%.+(C *-? ?,0*(+5,-+ %. *G*(, 34 %+. (3$, *-? (,.03-.%#%$%+CD

    S)T @4-.,-.#. F#&%2&-B

    E/%$, +/,(, %. * #(3*? &3-.,-.". 3- +/, -,,? 43( !!!. %- &355,(&%*$ %-4(*.+("&+"(, .,&+3(.@ +/,

    *00(30(%*+,-,.. 34 !!!. %- .3&%*$ .,&+3(.@ $%F, G*+,( ."00$C@ .3$%? G*.+, 5*-*>,5,-+@ *-?

    0"#$%& /,*$+/ *(, .+%$$ * 03%-+ 34 ?,#*+, %- 0"#$%& 0,(&,0+%3-D 6),- %4 * !!! 0(3Z,&+ %.

    %50$,5,-+,?@ %+ %. +/, (,.03-.%#%$%+C 34 +/, >3),(-5,-+ +3 #(%-> +/, %..",. %-)3$),? G%+/ +/,

    0(3Z,&+ %- * 0"#$%& 43("5D N3.+ 34 +/, 0(3Z,&+. *(, %?,-+%4%,? #C +/, 5%-%.+(%,. &3-&,(-,? *+

    ;S B/, !_=8 0(3>(*5 G*. %-%+%*$$C $*"-&/,? #C L,-+(*$ [3),(-5,-+ %- 9::M %- b )%$$*>,. *. 0%$3+0(3Z,&+.D

    F48 RL= K/*)* C/,)* 1-+,(-*+&4-*% @4-+*&-,( :,(6&-*%

    B/, J/*)* K/,)* A-+,(-*+%3-*$ L3-+*%-,( B,(5%-*$@ * 5*Z3( &3-+*%-,( /*-?$%-> 4*&%$%+C 3- +/,

    G,.+,(- &3*.+ 34 A-?%* %. +/, 4%(.+ 0(%)*+, &3-+*%-,( +,(5%-*$ 34 +/, &3"-+(CD B/, ,),-+. +/*+

    "-43$?,? ?"(%-> +/, ?,),$305,-+ 34 +/, $*-?5*(F 0(3Z,&+ /%>/$%>/+,? +/, -,,? 43( * .+(3->

    (,>"$*+3(D B/, B*(%44 8"+/3(%+C 43( N*Z3( !3(+. eB8N!f+/, *0,7 #3?C 43( 5*Z3( 03(+. 4*%$,?

    to review port tariff and was not able to monitor the private consortiums revenue flow that

    (,."$+,? %- *&&("*$ 34 53-303$C (,-+. +3 +/, $*++,(D

    B/, 0(%)*+, 0$*C,( ,-Z3C,? #,-,4%+. #C 0*..%-> +/, #"(?,- +3 +/, ".,(.D B8N! G*. .,,- +3 #, *

    G,*F (,>"$*+3( *. %+. (3$, G*. (,.+(%&+,? +3 .,++%-> +*(%44. *-? (,)%.%-> +/,5D A+ G*. -3+ ,-+(".+,?

    G%+/ +/, +*.F 34 *..,..%-> 0,(43(5*-&, 34 +/, 0(%)*+, 0$*C,( *-? .,&"(%-> %-+,(,.+. 34 +/, ".,(.D

  • 7/25/2019 PPP Report by london

    40/80

    88" " # $ % & ' ( ' ) * + + + ' ( # , # - ( $ . / 0 ' ' ) # ' * ) 1 2 ) 3 ( $ % 2 0 3 4 ) 1 '

    #3+/ &,-+(*$ *-? .+*+, $,),$ *-? *(, ,)*$"*+,? #C *- *0,7 #3?C &3-.+%+"+,? 43( +/, 0"(03.,D

    L"((,-+$C@ +/, >3),(-5,-+ .+*(+. %-+,(*&+%3- G%+/ +/, 0"#$%& 3-$C *+ +/, 3-.,+ 34 $*-? *&`"%.%+%3-

    0(3&,.. #C G*C 34 %.."%-> -3+%&,. +3 +/, $*-?3G-,(.D

    A+ G3"$? #, 53(, *00(30(%*+, %4 +/, >3),(-5,-+ 4%(.+ %-+,(*&+ G%+/ +/, ".,(. *#3"+ +/, 0(3Z,&+.@

    *-? ?%.0,$ +/, ?3"#+. 34 +/, 0,30$, (,>*(?%-> +/, 03+,-+%*$ $3.. 34 $*-? *-? $%),$%/33?D A+ %.

    %503(+*-+ +3 ./*(, +/, 0$*- G%+/ +/, 0"#$%&@ .,,F .">>,.+%3-. *-? %-&3(03(*+, &/*->,. %4-,&,..*(CD ALB /*. >(,*+$C ,-/*-&,? +/, .&30, 34 %-+,(*&+%3- #,+G,,- +/, >3),(-5,-+ *-? +/,

    0"#$%&D 80*(+ 4(35 (,?"&%-> +/, +%5, *-? &3.+ 34 %-+,(*&+%3-@ %+ %. *$.3 ".,( 4(%,-?$CD J3G +/,

    >3),(-5,-+ &*- 5*F, %-&(,*.%-> "., 34 +/%. 5,?%"5 +3 .,,F .">>,.+%3-.@ 4,,?#*&F *-?

    >(%,)*-&,. 4(35 ?%44,(,-+ .+*F,/3$?,(. *-? +*F, +/, (,`"%(,? ?,&%.%3-. #*.,? 3- +/%.

    %-43(5*+%3-D 8 ),(C &3-+,503(*(C ,7*50$, %. 34 +/, JV8A ".%-> O*&,#33F *. * 0$*+43(5 +3

    *??(,.. +/, &3-&,(-. 34 ".,(. #C >%)%-> *- 3003(+"-%+C 43( ?,),$30,(T".,( %-+,(*&+%3-D B/,

    !$*--%-> L355%..%3- /*. *$.3 %-%+%*+,? *- 3-$%-, 43("5 +3 %-)%+, .">>,.+%3-. *-? 30%-%3-.

    4(35 &3553- 0,30$, 3- 0$*--%-> 0(%3(%+%,.D

    =L "(&)*+, C,'+4( @*0*'&+9

    A-4(*.+("&+"(, ?,),$305,-+ %- A-?%* /*. ?,53-.+(*+,? +/, &350,+,-&, 34 +/, 0(%)*+, .,&+3(

    3),( +/, $*.+ +G3 ?,&*?,.D B/3">/ &*0*&%+C #"%$?%-> %. * &3-+%-"3". 0(3&,..@ +/,0(%)*+, .,&+3(

    /*. ?%.0$*C,? %+. *#%$%+C %- .,&+3(. $%F, (3*?@ *%(03(+.@ 03G,( *-? 03(+.D X,.0%+, +/%.@ +/,(, /*),

    #,,- %-.+*-&,. 34 4*%$"(, *-? +/, "-?,($C%-> &*".,. -,,? +3 #, *??(,..,? +3 0(,),-+ ."&/ &*.,.D

    B/, >3),(-5,-+ /*. %-%+%*+,? .,),(*$ .+,0. +3 0(3)%?, * &3-?"&%), ,-)%(3-5,-+ +3 +/, 0(%)*+,

    .,&+3( %- +/,., *(,*.D O3( %-.+*-&,@ +/, >3),(-5,-+ /*. *?30+,? +/, &350,+%+%), #%??%->

    0(3&,.. +3 >%), ,`"*$ 3003(+"-%+C +3 *$$ &350*-%,. %- +/, 0(%)*+, .,&+3(D A+ /*. *$.3 *++,50+,? +3

    .+*-?*(?%], +/, !!! 0(3&"(,5,-+ 4(*5,G3(F #C %.."%-> N3?,$ L3-&,..%3- 8>(,,5,-+.

    eNL8.f 43( +/, &355,(&%*$ %-4(*.+("&+"(, .,&+3(. +/*+ .,(),. *. >"%?,$%-,. 43( ./*(%-> 34(,.03-.%#%$%+%,. #,+G,,- +/, >3),(-5,-+ *-? +/, 0(%)*+, .,&+3(D A-?%* A-4(*.+("&+"(, O%-*-&,

    L3(03(*+%3- 2%5%+,? eAAOL2f /*. #,,- .,+ "0 +3 $33F *4+,( +/, 4%-*-&%*$ -,,?. 34 +/, !!!

    0(3Z,&+.D

    !(%)*+, .,&+3(. 5".+ &3-),(+ +/,., 3003(+"-%+%,. +3 #,-,4%+ +/,5.,$),. *-? +/, ".,(.D N3(,3),(@

    +/,%( %-)3$),5,-+ %- %-4(*.+("&+"(, ?,),$305,-+ ./3"$? -3+ Z".+ #, 43( +/, #3++35T$%-, #"+

    ./3"$? *$.3 43&". 3- +/, .3&%3T,&3-35%& ?,),$305,-+ 34 +/, &3"-+(C %- * .".+*%-*#$, *-?

    %-&$".%), 5*--,(D

  • 7/25/2019 PPP Report by london

    41/80

    89" " # $ % & ' ( ' ) * + + + ' ( # , # - ( $ . / 0 ' ' ) # ' * ) 1 2 ) 3 ( $ % 2 0 3 4 ) 1 '

    *T "(&)*+, N,),%40,(.

    &L :,'/-&'*% @460,+,-',J

    B/, .&*$, 34 %-),.+5,-+ %. "."*$$C ),(C $*(>, %- %-4(*.+("&+"(, 0(3Z,&+.@ G%+/ (,+"(-. .0(,*? 3),(

    * $3-> /3(%]3-D B/, 0(%)*+, .,&+3( ./3"$? /*), +/, *#%$%+C +3 5*-*>, +/, 4%-*-&%*$ (%.F. *(%.%->

    3"+ 34 +/, $3-> >,.+*+%3- 0,(%3? 34 0(3Z,&+.D 8+ 0(,.,-+@ +/, &350,+,-&, 34 +/, 0(%)*+,

    ?,),$30,(. )*(%,. *&(3.. .,&+3(.D A- +/, (3*?. .,&+3(@ ?35,.+%& &350,+,-&, /*. #,,- ,.+*#$%./,?+3 *- ,7+,-+@ #"+ *%(03(+. *-? 03(+. *$.3 %-)3$), 0*(+%&%0*+%3- 34 43(,%>- &350*-%,. 43( ,%+/,(

    +,&/-%&*$ 3( 4%-*-&%*$ (,*.3-.D K35, ."&/ ,7*50$,. *(, +/, VC?,(*#*? 8%(03(+@ [*-*>*)*(*5

    !3(+ *-? \,>"("0*?" !/*., A !3G,( !(3Z,&+D

    78/&$&+ RL=J A4(,&B- "*(+&'&0*+&4- &- """ "(4P,'+. &- 1-2&*

    CaK "(4P,'+ A4(,&B- "*(+-,( "(&6*(9 E,*.4-

    ;DX,$/% A-+,(-*+%3-*$8%(03(+ e!f 2+?D

    O(*-F4"(+ 8%(03(+ K,()%&,. E3($?G%?,N*$*C.%* 8%(03(+ V3$?%->. U,/(*?

    B,&/-%&*$

    9D JKALB

    !YW 8".+(*$%* !3(+.

    Q3-.3+%"5 !,($*0*$*- U,/(*?XUL [(3"0 34 L350*-%,.

    B,&/-%&*$

    MD [*->*)*(*5 !3(+ E*(#"(> !%-&". eM:if O%-*-&%*$

    RD XJX O$CG*C8.%*- A-4(*.+("&+"(, N,]]*-%-,L*0%+*$ O"-?

    O%-*-&%*$

    K3"(&,1 L350%$,? 4(35 )*(%3". (,03(+.@ &*., .+"?%,.@ *-? -,G.0*0,( *(+%&$,.D

    &&L 7-B&-,,(&-B 755&'&,-'9

    8- %-&(,*.%-> -"5#,( 34 &350$,7 0(3Z,&+. *(, #,%-> "-?,(+*F,- %- +/, !!! 53?,D 80*(+ 4(35+/, ,-3(53". #"?>,+ (,`"%(,? +3 ,7,&"+, +/,., 0(3Z,&+.@ +/,(, %. *$.3 * -,,? 43( .30/%.+%&*+,?

    *-? .+*+,T34T+/,T*(+ +,&/-3$3>CD K35, 34 +/, &350$,7 0(3Z,&+. "-?,(+*F,- #C !!! %-&$"?, +/,N,+(3 =*%$ 0(3Z,&+.@ A-+,(-*+%3-*$ 8%(03(+.@ _$+(* N,>* !3G,( !(3Z,&+. e_N!!f@ ,+&D

    L350*(,? +3 +/, %-+,(-*+%3-*$ .+*-?*(?.@ A-?%*- 0(%)*+, ?,),$30,(. /*), G,*F .F%$$ .,+ %- (%.F5*-*>,5,-+@ ,->%-,,(%->@ 0(3&"(,5,-+ *-? &3-.+("&+%3-D 8$.3@ +/, *00$%&*+%3- 34 )*$",,->%-,,(%-> *-? $,*- &3-.+("&+%3- 0(%-&%0$,. %. ),(C $3G %- A-?%*D;d

    &&&L C4'&*% @466&+6,-+

    L355%+5,-+ 34 +/, 0(%)*+, .,&+3( +3G*(?. +/, 0(3Z,&+ %. )%+*$ 43( ,.+*#$%./%-> * (,$%*#$, $3->T+,(5 0*(+-,(./%0D B/, &355%+5,-+ 34 +/, ?,),$30,( -,,?. +3 #, *- *$$T%-&$".%), 3-, 4(35,44%&%,-+ ?,$%),(C 34 +/, 0(3Z,&+ G%+/%- .+%0"$*+,? &3.+ *-? +%5, +3 *?,`"*+, =Y= 5,*."(,. 43(

    #3+/ -*+"(*$ *-? /"5*- (,.3"(&,.D A- +/, &*., 34 H%]/%-Z*5 !3(+ X,),$305,-+ 0(3Z,&+@ +/,0(%)*+, ?,),$30,( #*&F,? 3"+ 34 +/, 0(3Z,&+ *+ * ),(C $*+, .+*>, G/%&/ $,? +3 (,T.+*(+%-> 34 +/,,-+%(, #%??%-> 0(3&,.. (,."$+%-> %- $3.. 34 #3+/ +%5, *-? 53-,CD K,, U37 MDMD

    ;dBuilding India Accelerating Infrastructure Projects N&Q%-.,C Y L350*-C@ 9::PD

  • 7/25/2019 PPP Report by london

    42/80

    8:" " # $ % & ' ( ' ) * + + + ' ( # , # - ( $ . / 0 ' ' ) # ' * ) 1 2 ) 3 ( $ % 2 0 3 4 ) 1 '

    &)L @4-.,-.#. F#&%2&-B

    !(%)*+, 0$*C,(. /*), *- %503(+*-+ (3$, +3 0$*C %- #"%$?%-> * 4*)3(*#$, 30%-%3- 34 +/, 0(3Z,&+

    *53-> +/, ".,(. *-? +/, 0(3Z,&+ *44,&+,? 0,30$,D 6.0,&%*$$C %- .3&%*$ .,&+3( 0(3Z,&+.@ +/,

    ."003(+ 34 +/, &355"-%+C %. &(%+%&*$ +3 +/, ."&&,.. 34 * 0(3Z,&+D A+ %. +/,(,43(, %503(+*-+ 43(

    +/, ?,),$30,(. +3 ,->*>, %- * &350(,/,-.%), ?%*$3>", 0(3&,.. G%+/ +/, )*(%3". .,>5,-+. 34

    +/, 0"#$%& *-? %-43(5 +/,5 34 +/, 03.%+%), *. G,$$ -,>*+%), *.0,&+. 34 +/, 0(3Z,&+ *-? *#3"+

    +/, 5,*."(,. +/*+ G3"$? #, "-?,(+*F,- +3 5%+%>*+, +/, -,>*+%), *.0,&+.D

    K3 4*( +/, 0(3Z,&+ ?,),$30,(.@ ,.0,&%*$$C %- +/, 03(+ *-? 03G,( .,&+3(@ /*), 5*?, ),(C $%++$,

    ,443(+. +3 ,->*>, +/, 0"#$%& %- +/,%( 0$*-.D W- 5*-C 3&&*.%3-. ,7/*".+%), 5*00%-> 34 +/,

    0,30$, *44,&+,? #C +/, 0(3Z,&+ 3( * ?,+*%$,?,-)%(3-5,-+ *..,..5,-+ G*. -3+ "-?,(+*F,-D O3(

    %-.+*-&,@ %- +/, L3*.+*$ ["Z*(*+ !3G,( 2+?D _N!!@ +/, 4%./%-> &355"-%+C G*. ,7&$"?,?

    4(35 +/, $%.+ 34 0(3Z,&+T*44,&+,? 0,30$,D K,, U37 MDR 43( *- %$$".+(*+%3-D B/%. G*. * )%3$*+%3-

    34 +/, !,(43(5*-&, K+*-?*(? K3&%*$ *-? 6-)%(3-5,-+*$ 8..,..5,-+ *-? N*-*>,5,-+

    KC.+,5D 2*-?3G-,(. *(, 34+,- %-43(5,? *#3"+ * 0*(+%&"$*( 0(3Z,&+ #C G*C 34 -3+%&,. 3(

    *?),(+%.,5,-+. 3-$C *4+,( +/, 0(3Z,&+ /*. #,,- ?,&%?,?D A- +/,Q(%./-*0*+-*5 !3(+ 0(3Z,&+@

    +/, $%),$%/33? 34 +/, Yandis, (a local community in the Krishnapatnam area) was severely%50*&+,? ?", +3 +/, 0(3Z,&+ *-? +/,C ?%? -3+ ,),- (,&,%), *-C &350,-.*+%3- 3( (,/*#%$%+*+%3-

    43( +/%.D

    S$T @4-.#%+*-+.

    L3-."$+*-+. *(, (,.03-.%#$, %- >"%?%-> +/, >3),(-5,-+ %- %?,-+%4C%-> +/, (%>/+ 0(3Z,&+ *. G,$$

    *. +/, (%>/+ #%??,(D B/, 3#Z,&+%)%+C 34 +/, &3-."$+*-+. %. ,..,-+%*$ ?"(%-> +/, ,-+%(, $%4, 34 *

    0(3Z,&+D B/, .,$,&+%3- 34 * (%>/+ &3-."$+*-+ +/*+ /*. .3"-? F-3G$,?>, *-? ,70,(%,-&, %- +/,

    .,&+3( &3-&,(-,? 0*),. +/, G*C 43( +/, .,$,&+%3- 34 +/, (%>/+ 0(3Z,&+.D V,(, *?,`"*+,

    ,50/*.%. ./3"$? #, 0$*&,? 3- +/, +,&/-%&*$ ,70,(+%., 34 +/, &3-."$+*-+ %- * 0*(+%&"$*( .,&+3(DL350(35%.%-> 3- +/, `"*$%+C 34 &3-."$+*-+. &*- (,."$+ %- 033( .+("&+"(%-> 34 +/, 0(3Z,&+D O3(

    F48 RLR D&O/&-P*6 1-+,(-*+&4-*% @4-+*&-,( :,(6&-*%

    H%]/%-Z*5 A-+,(-*+%3-*$ K,*03(+ G*. * 5*Z3( 0(3Z,&+ %-%+%*+,? #C +/, [3),(-5,-+ 34 Q,(*$*D

    B/, 0(3Z,&+ G*. %503(+*-+ #,&*"., 34 %+. .+(*+,>%& $3&*+%3- *-? %+. &*0*&%+C +3 #33.+ A-?%*n.

    +(*?, *-? &355,(&%*$ *&+%)%+%,.D B/, >3),(-5,-+ 5*?, .,),(*$ ,443(+. .%-&, 9::d +3 .,$,&+ *

    ."%+*#$, 0(%)*+, ?,),$30,(D X,.0%+, +/, 03+,-+%*$ 34 +/, 0(3Z,&+@ %+ *++(*&+,? %-+,(,.+ 4(35 3-$C *

    4,G #%??,(. *$+/3">/ #%??%-> G*. "-?,(+*F,- +/(,, +%5,.D A+ G*. 4%-*$$C %- 9::c@ +/*+ 2*-&3

    G*. .,$,&+,? +3 "-?,(+*F, +/%. 0(3Z,&+D V3G,),(@ +/, &350*-C $*+,( #*&F,? 3"+ 34 +/, 0(3Z,&+

    &$*%5%-> +/*+ +/, 0(3Z,&+ G*. 4*&%-> $,>*$ %..",. *$+/3">/ .35, .3"(&,. .+*+, +/*+ +/, ?,),$30,(

    #*&F,? 3"+ ?", +3 +/, $*&F 34 4%-*-&%*$ &*0*#%$%+C +3 %50$,5,-+ +/, 0(3Z,&+D B/%. 4"(+/,(

    ?,$*C,? +/, 0(3Z,&+D 6),- +/, >3),(-5,-+ /*? ?%44%&"$+C %- *((*->%-> 4"-?. 43( +/, 0(3Z,&+@G/%&/ G*. *- *??%+%3-*$ 0(3#$,5 +/*+ &*".,? 4"(+/,( ?,$*CD B/, >3),(-5,-+ $*+,( ,70$3(,?

    )*(%3". 30+%3-. +3 4"-? +/, 0(3Z,&+D A+ *$.3 &3-.%?,(,? )*(%3". N3_.@ #"+ /*. #,,-

    "-."&&,..4"$ +%$$ -3GD

    2006 2007 2008 2009 2011April Pre bid

    meeting with 40Private sectordevelopers.

    July- Strategic

    Advisor andTechnicalConsultantappointed.

    June Consortiumled by Lanco wonthe bid.

    2010

    AugAn Indo -Chinese firmwhich wo n the bid was denied

    security c learance by CentralGovt.

    Oct 18th was the lastday to submit bids.Extended to 15th Dec.

    Further extended to 31st

    Jan.

    June / July Consortium

    led by Zoo m Developerschallenged Govtsdecision

    Lanco backs out of

    the pro ject.

    Govt co nsidered various options :

    MoUwith Spanish GovtSCI Expressed Interest

    SBT to fund the project .

    Bidding process extended tocarry out Environmental

    Impact Study .Central Govt refused to aidthe State owned Major Port.

  • 7/25/2019 PPP Report by london

    43/80

    8D" " # $ % & ' ( ' ) * + + + ' ( # , # - ( $ . / 0 ' ' ) # ' * ) 1 2 ) 3 ( $ % 2 0 3 4 ) 1 '

    ,7*50$,@ %- +/, X,$/%T["(>*3- 670(,..G*C@ +/, 3(%>%-*$ .&30, 34 +/, 0(3Z,&+ G*. &/*->,?

    ."#.+*-+%*$$C *-? +/, 4%-*$ .&30, G*. %..",? +3 +/, &3-&,..%3-*%(, Z".+ ?*C. #,43(, +/, 3(%>%-*$

    .&/,?"$,? &350$,+%3- ?*+, 34 +/, 0(3Z,&+D A- +/, &*., 34 +/, H*?3?*(*TV*$3$ B3$$ (3*?@ +/,

    *&+"*$ $,),$ 34 +(*44%& ?%? -3+ 5*+&/ +/, ,70,&+,? +(*44%& $,),$. *. 0,( +/, +(*44%& .+"?C #,&*".,

    +/, +(*44%& ,.+%5*+,. G,(, #*.,? 3- +/, *.."50+%3- +/*+ %-&,-+%),. 43( %-?".+(%*$ ?,),$305,-+

    %- V*$3$ *(,* G3"$? &3-+%-", 3),( +/, $3-> +,(5D V3G,),(@ +/, %-&,-+%),. G,(, G%+/?(*G- #C

    +/, >3),(-5,-+ %- $*+,( C,*(.D 8 /%>/T$,),$ &355%++,, 3- J*+%3-*$ V%>/G*C X,),$305,-+!(3>(*5 eJVX!f@ .,+ "0 #C >3),(-5,-+@ .+*+,? +/*+ .,),(*$ (3*? 0(3Z,&+. (,."$+,? %-

    ?%.0"+,.@ *. +/, X!=. G,(, -3+ &*(,4"$$C 0(,0*(,?D;b B/,., ,7*50$,. ./3G +/*+ ,->*>%->

    &3-."$+*-+. G%+/ .3"-? F-3G$,?>, *-? ,70,(%,-&, %. ,..,-+%*$ %- 0(,0*(%-> X!=.D

    23G %-),.+5,-+ %- 0$*--%-> *-? ,->%-,,(%-> *.0,&+. 34+,- (,."$+. %- /%>/,( %50$,5,-+*+%3-

    &3.+. %- +/, 43(5 34 +(*-.*&+%3- &3.+. *-? .,++$,5,-+ 34 4%-*-&%*$ &$*%5. *(%.%-> ?", +3

    ?%.0"+,.D K"&/ ?%.0"+,. %-)3$), * $3+ 34 +%5, *-? 53-,C Z,30*(?%]%-> +/, #,-,4%+. 34 !!!.D

    B/,(, *(, %-.+*-&,. G/,(, &355,(&%*$$C "-)%*#$, 0(3Z,&+. G,(, +,-?,(,? %-%+%*$$C *-? $*+,(

    +,(5%-*+,?D K%>-%4%&*-+ ?%44,(,-&,. %- +/, +3+*$ 0(3Z,&+ &3.+. ,.+%5*+,. #C J*+%3-*$ V%>/G*C.

    8"+/3(%+C 34 A-?%* eJV8Af *-? +/, 0(%)*+, ?,),$30,(. /*), *$.3 #,,- (,03(+,?D;c

    B/,(, %. *$.3 * -,,? +3 %-&(,*., +/, -"5#,( 34 B(*-.*&+%3- 8?)%.3(. eB8f ,50*-,$$,? #C +/,L,-+(*$ >3),(-5,-+ 43( !!! 0(3Z,&+.D 8+ 0(,.,-+@ +/,(, *(, 3-$C ;; B8. *)*%$*#$, 43( &,-+(*$

    >3),(-5,-+ 0(3Z,&+.D J3G +/*+ *- %-&(,*.%-> -"5#,( 34 0(3Z,&+. *(, #,%-> 0$*--,?@ %+ %.

    %503(+*-+ +3 ,70*-? +/, $%.+ 34 ,50*-,$$,? &3-."$+*-+.D

    RL @466#-&+9 "*(+&'&0*+&4-

    B/, ,-?T".,(. 34 *-C 0"#$%& %-4(*.+("&+"(, *(, +/, &3553- 0"#$%&@ G/3 *$.3 "$+%5*+,$C #,*( +/,

    &3.+ 34 ?,),$30%-> +/*+ %-4(*.+("&+"(,@ ,%+/,( ?%(,&+$C@ +/(3">/ ".,( &/*(>,.@ 3( %-?%(,&+$C@

    +/(3">/ +*7,.D B/,(, %. /,-&, * -,,? 43( %-)3$)%-> (,0(,.,-+*+%),. 34 +/, $3&*$ &355"-%+CD B/%.&3"$? #, ?3-, ,%+/,( +/(3">/ J3-T[3),(-5,-+*$ W(>*-%]*+%3-. eJ[W.f@ &%)%$ .3&%,+%,.@ 3(

    +/(3">/ 5,5#,(. 34 [(*5 !*-&/*C*+^k%$$* !*(%./*? ,+&D;P8 43("5 ./3"$? #, &(,*+,? 43( +/,

    &355"-%+C +3 &355"-%&*+, +/,%( -,,?. +3 +/, >3),(-5,-+ +/(3">/ &/*--,$. $%F, .5*$$ >(3"0

    5,,+%->.@ =3"-? B*#$,.@ Q%.*- N*/*0*-&/*C*+.@ 3-$%-, 0"#$%& 43("5.@ ,+&D9: K"&/ * 43("5

    ./*$$ *??(,.. +/, &3-&,(-.@ *00(,/,-.%3-. *-? *&&,0+*#%$%+C 34 +/, )*(%3". &*+,>3(%,. 34

    .+*F,/3$?,(. *-? +/, >3),(-5,-+ 3- %+. 0*(+ ./3"$? ,-?,*)3( +3 &3-.%?,( +/,., %..",. G/%$,

    0(,0*(%-> +/, 0(3Z,&+D

    V3G,),(@ &"((,-+ ,443(+. %- +/%. ?%(,&+%3- /*), #,,- $,.. +/*- .*+%.4*&+3(CD B/,(, /*), #,,-

    &*.,. G/,(, 0(3Z,&+. /*), &(,*+,? *- *?),(., %50*&+ 3- +/, $3&*$ &355"-%+CD 80*(+ 4(35

    ,-)%(3-5,-+*$ %..",.@ +/,(, /*. #,,- %-."44%&%,-+ (,/*#%$%+*+%3- 34 0,30$, ?"(%-> +/, $*-?

    *&`"%.%+%3- 0/*., %- 5*-C &*.,.D B/, K*.*- _$+(* N,>* !3G,( !(3Z,&+ %- N*?/C* !(*?,./ /*.

    ?%.0$*&,? d::: 0,30$, %- +/, (,>%3- *-? /*. (,?"&,? +/,5 +3 ,7+(,5, 03),(+CD 8. *

    &3-.,`",-&, 34 ."&/ %-&%?,-+.@ 0(3Z,&+. ."&/ *. [%(C, _$+(* N,>* !3G,( !(3Z,&+ /*),

    ;b Please refer to Second Report on Faster Implementation of NHDP, B. K. Chaturvedi, Member @!$*--%-> L355%..%3-@ e9:;:f 43( 4"(+/,( ?,+*%$.D;cPlease refer to the Times of India, 28.11.2011.

    ;P[(*5 !*-&/*C*+@ A-+,(5,?%*+, !*-&/*C*+ *-? k%$$* !*(%./*? *(, $3G,.+@ %-+,(5,?%*+, *-? /%>/,.+ +%,(.34 +/, !*-&/*C*+ .C.+,5 %- A-?%*@ (,.0,&+%),$CD9:@#$+-%. +/, V%-?% G3(? 43( * 4*(5,(D

  • 7/25/2019 PPP Report by london

    44/80

    8M" " # $ % & ' ( ' ) * + + + ' ( # , # - ( $ . / 0 ' ' ) # ' * ) 1 2 ) 3 ( $ % 2 0 3 4 ) 1 '

    0(350+,? 5*->3 4*(5,(. *-? 3+/,(. +3 &3-?"&+ 5*(&/,. *-? /"->,( .+(%F,. +3 0(,),-+ +/,

    [3),(-5,-+ 4(35 *&`"%(%-> +/,%( *>(%&"$+"(*$ $*-?. *-? .,++%-> "0 * 03G,( 0$*-+D9;

    O3( 0(3Z,&+. %- &355,(&%*$ %-4(*.+("&+"(, .,&+3(.@ +/, >3),(-5,-+ &*- %-%+%*+, 0(3Z,&+.@

    ?%.+(%#"+, %-43(5*+%3-@ *-? +/,- .,,F 0"#$%& 30%-%3- ,.0,&%*$$C 3- 5*++,(. $%F, *$+,(-*+%), .%+,

    $3&*+%3-.@ =Y= 0*&F*>,.@ ,+&