Chapter 1: Introduction to Infrastructure

Chapter Outline
1.1. Introduction 1.2. What is Infrastructure 1.3. Infrastructure and Economic Development 1.4. Infrastructure and Social Development 1.5. Characteristics of Infrastructure 1.6. Infrastructure and Possible Roles of Actors 1.7. Provisioning of Infrastructure and Services

Learning Objectives
After reading this chapter, the reader would become aware of the following aspects related to infrastructure: a. b. c. d. Definition of Infrastructure Importance of Infrastructure to Development Characteristics of Infrastructure Roles of Various Actors in Infrastructure Creation and Service Delivery

Relevance
Over the last three decades, infrastructure has become a buzz word. The relevance of infrastructure is reflected in the quantum of investment (~ US $ 800 billion, which is 2% of the world GDP) made annually to create and maintain infrastructure world over (Morrow, 2008). An indicator of the growth in infrastructure sector is the increase in the market capitalization of the Macquarie Global Infrastructure Index, which reflects the stock performances of the infrastructure firms engaged in management, ownership and/or operation of infrastructure. This index has grown from US $ 465 billion on March 31, 2000 (Morrow, 2008) to US $ 2,427 billion on March 31, 2008 (www.ftse.com). Rising population, demographic changes, and positive macro economic trends are expected to attract further investment in infrastructure, which has been growing at a rapid pace. India expects to invest around US $ 1 trillion during 12th Five Year Plan (2012-2017) as against US $ 500 million targeted during 11th Five Year Plan (2007-2012).

1.1. Introduction
According to an online dictionary etymonline.com, the word infrastructure comes from French origin. It has been used in English since 1927. The prefix infra means below and hence infrastructure means below the structure. This word was initially used in the military jargon.

Over the years, various researchers and policy makers have considered infrastructure with slightly differing meaning as discussed in this chapter. Today, this word has become more of an umbrella term. It refers to transportation (roads, railways, airports, sea ports, inland waterways), energy (generation, transmission, distribution), water, sanitation, sewerage, SEZs, industrial parks, townships, industrial clusters, IT parks, logistics parks, irrigation, healthcare, education, leisure and entertainment, retail, tourism, housing, exhibition, and convention centers as infrastructure.

1.2. What is Infrastructure?

At a conceptual level, infrastructure can be defined as the basic physical and/or organizational structure required for the smooth functioning of an economy. It facilitates production of goods and services, which have economic and/or social value eg., roads, railway, electricity, water, health, education, IT etc. Many researchers and policy makers also refer to infrastructure as social overhead capital. Social because it is available to everyone (society at large) and not particularly to one person, overhead because it is not tied to one part of production of goods or services (rather allocated to various parts of production function), and capital because it is used as a factor of production (input to production) in the economy. Capital is also used to connote the high upfront investments that are required to create infrastructure. In other words, infrastructure (as social overhead capital) is a factor of production used to create goods and services that are for everyone in the economy.

Infrastructure should facilitate economic development, alleviate poverty, and sustain natural environment. While economic development should encompass poverty alleviation (through the trickle down effect) and sustain natural environment (through a sufficiently long term perspective), it may not happen naturally since perspectives are often relatively short term. Hence, we emphasize poverty alleviation since if society has to take-off, poverty is going to be the millstone with tremendous externalities preventing economic development. The third objective of sustaining natural environment is about how best to use our natural resources, prevent environmental degradation etc. This objective gains significance in the context of infrastructure, as it is very resource intensive.

Some policy makers and practitioners categorize infrastructure into economic and social infrastructure based on the upfront investment required. Economic infrastructure generally requires much higher investment as compared to social infrastructure. However, there is no strict boundary bifurcating the two. It is more like a continuum where high upfront investment end refers to economic infrastructure and low upfront investment end refers to social infrastructure.

Infrastructure

Economic

Social

Energy

Telecom/IT

Transport

Housing

Water supply

Sanitation

Education

Health

Figure 1-1: Economic and Social Infrastructure

At this point, we would like to highlight that some researchers use the term social infrastructure in a very wide sense. Hall and Jones (1999) and Chin (2002) have defined

social infrastructure as the institutions and government policies that make up the economic environment within which individuals and firms make investments, create and transfer ideas, and produce goods and services. Under this definition institutional set up and legal environment would become a part of the social infrastructure.

These infrastructure can function in three different contexts: (i) urban, (ii) rural, and (iii) cluster based development zones like industrial estates, agri parks, and special economic zones. The context may bring their own challenges in provisioning of the infrastructure and services. For example, provisioning of water in the urban context would primarily be drinking water; in the rural context, it would primarily be irrigation; and in the context of clusters, it would primarily be water for industrial use.

We provide some of the definitions of infrastructure as given by various committees and institutions. These definitions have specific operational implications on areas like lending norms, taxation, and investment incentivization etc.

1. Rakesh Mohan Committee (1996): Rakesh Mohan Committee was constituted as a part of the process to bring in changes in governance, upgradation and expansion of infrastructure. The committee submitted its report in the form of India Infrastructure Report 1996. It defined infrastructure as: electricity, gas, water supply, telecom, roads, industrial parks, railways, ports, airports, urban infrastructure, and storage as infrastructure.

2. Central Statistical Organization (CSO, 1996): Central Statistical Organization keeps record of the various infrastructure. For this purpose, it defines infrastructure as: electricity, gas, water supply, telecom, roads, railways, ports, airports, and storage as infrastructure.

3. Insurance Regulatory and Development Authority (2000): Insurance Regulatory and Development Authority (IRDA) defines infrastructure to allow life insurance companies to invest a portion of their investible corpus (current guideline says up to

15%) in infrastructure. For this purpose, infrastructure has been defined as: road, highway, bridges, airport, port, railways, road transport system, water supply project, water treatment system, solid waste management system, irrigation project, industrial parks, sanitation and sewerage system, generation-transmission-distribution of power, telecom, project for housing, or any other public facility as may be notified in the official gazette.

4. C. Rangarajan Commission (2001): Based on three characteristics of infrastructure sectors - natural monopoly, non tradability of output and creating externalities on society: railway tracks, signaling system, stations, Roads, bridges, runways and other airport facilities, T&D of electricity, telephone lines, telecommunications network, Pipelines for water, crude oil, slurry, waterways, port facilities, canal networks for irrigation, sanitation or sewerage.

Another set of three additional characteristics - high-sunk costs, non rivalness (up to congestion limits) in consumption, and possibility of price exclusion - led to identification of rolling stock on railways, vehicles, aircrafts, power generating plants, production of crude oil, purification of water, ships and other vessels.

While identifying the above mentioned reports, the Commission recommended that the list of infrastructure activities should be finalized by the Ministry of Statistics and Program Implementation (MOSPI) on the basis of the characteristics mentioned above.

5. Reserve Bank of India for Credit Facility (2004): Reserve Bank of India (RBI) defines infrastructure to identify the lending made in this sector by the various banks. It defines infrastructure as developing or operating and maintaining or developing, operating and maintaining any infrastructure facility that is a project in any of the following sectors, or any infrastructure facility of a similar nature (this list would change over a period of time based on government policy): i. a road, including toll road, a bridge or a rail system

ii. a highway project including other activities being an integral part of the highway project iii. a port, airport, inland waterway or inland port iv. a water supply project, irrigation project, water treatment system sanitation and sewerage system or solid waste management system v. telecom services whether basic or cellular, including radio paging, domestic satellite service (i.e. a satellite owned and operated by an Indian company for providing telecom service), network of trunking, broadband network and internet services vi. an industrial park or special economic zone vii. generation or generation and distribution of power viii. transmission or distribution of power by laying a network of new

transmission or distribution lines ix. construction relating to projects involving agro-processing and supply of inputs to agriculture x. construction for preservation and storage of processed agro-products perishable goods such as fruits, vegetables and flowers including testing facilities for quality xi. construction of educational institutions and hospitals xii. any other infrastructure facility of similar nature.

6. Income Tax Department (2005): For the purpose providing tax breaks, Income Tax Department defines infrastructure as: electricity, water supply, sewerage, telecom, roads & bridges, ports, airports, railways, irrigation, storage (at ports) and industrial parks.

7.

World Bank (2006): Power, water supply, sewerage, communication, roads & bridges, ports, airports, railways, housing, urban services, oil/ gas production and mining sectors

8. The Economic Survey (2007): The economic survey presented by the Government of India recognizes infrastructure as power, urban services, telecommunications, posts, roads, ports, civil aviation, and railways under infrastructure

9. RBI for Technical Commercial Borrowings (2007): For the purpose of commercial borrowing, RBI defines infrastructure as: power, telecom, railways, road including bridges, sea port and airport, industrial parks and urban infrastructure (water supply, sanitation and sewage projects)

10. Planning commission (2008): For the purpose of five year plans, Planning Commission defined infrastructure as: i. electricity (including generation, transmission and distribution) and R&M of power stations ii. non-conventional energy (including wind energy and solar energy) iii. Water supply and sanitation (including solid waste management, drainage and sewerage) and street lighting iv. Telecommunications v. road & bridges vi. ports vii. inland waterways viii. airports

ix. railways (including rolling stock and mass transit system) x. irrigation (including watershed development) xi. storage xii. oil and gas pipeline networks

In the past, the Income Tax Department and RBI have modified the definition of infrastructure based on the prevalent government policies to include certain industries which need stimulus or special treatment for a particular period.

A comparison of the various definitions have been provided in the table below:

Table 1-1: Actors and Possible Activities in Infrastructure

Source: www.infrastructure.gov.in

1.3. Infrastructure and Economic Development

Infrastructure is considered as the backbone of any country as it affects economys production function and hence economic growth. Production function is the most

important channel that affects growth. There is abundance of literature which discusses the contribution of infrastructure on output, productivity and welfare, both at conceptual (theoretical) and empirical levels. Arrow and Kurz were one of the first to identify this link in 1970 where they considered long term growth to be exogenously determined. The model presented a positive relationship between infrastructure and growth. An endogenous model of growth was developed by Barro in 1990 to demonstrate the positive effects of infrastructure on growth. The details of these models can be referred in any of the standard economics text books.

The empirical studies relating infrastructure and growth have been led by Aschauer (1989). Most of the empirical works in this direction have focused the impact of infrastructure on long term contribution to the level or growth rate of aggregate income or productivity. However, the empirical studies are inconclusive about the causality part.

Apart from directly affecting the production function, infrastructure also drives growth through other channels such as investment adjustment costs, durability of private capital, and demand and supply of health and education services. Investment in infrastructure enables a country to become competitive in provisioning of goods and services and thereby helps in attracting private capital for investment. Most of the researchers and policy makers believe in the positive affect1 of infrastructure on an economy. However, the magnitude of the impact has been found to be varying across countries. Empirical studies suggest that higher impact (measured on output, growth, and production cost) is observed at lower levels of income (Briceno et al, 2004; Romp and de Haan, 2005; Estache and Fay, 2007). The impact also depends on the state and the extent of the existing networks since most of the infrastructure services are provided through networks.

There are many authors who claim that causality is both ways between infrastructure and income (economic growth). Since most infrastructure services are both consumption and intermediate goods (Estache & Fay, 2007) endogeneity is bound to exist.

1.4. Infrastructure and Social Development

Infrastructure has been found to have disproportionate effect on the income and welfare of the individuals. Infrastructure raises the values of assets that individuals hold (land, human capital, houses etc) and lowers the transaction costs (transportation, logistics, information collection etc) incurred to access a market, both for inputs and outputs. The values of assets in less developed area are much lower than those in comparatively developed area. Similarly, the transaction costs are much higher for less developed area as compared to those of developed area. Hence, any infrastructure development in less developed area would take them closer to being competitive to the developed areas.

In order words, development of infrastructure in less developed areas would provide the individuals residing in these areas a better chance to offer goods and services at a competitive rate. Most of the people residing in the less developed areas are those with lower income. Hence, infrastructure provisioning would provide a tool to overcome poverty.

Social infrastructure includes development of rural roads, education, health facility, and market developments i.e. both economic and social infrastructure. In India, over the last decade, economic infrastructure in less developed areas has also attracted private capital apart from government funding. However, social infrastructure has been provided mainly by the government.

In 2004, Government of India also initiated its effort to attract private capital to social infrastructure, both in urban and rural areas. While, the initiative has met with some successes in urban areas, rural areas are yet to see many such projects with private investments.

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1.5. Characteristics of Infrastructure

Infrastructure is associated with a few unique characteristics. Some of these were also referred while defining infrastructure. These are: i. Economies of scale and scope ii. Essentiality of infrastructural services iii. Usage of a key national resource iv. Benefits from users to non-users v. Strong public interest vi. Non-exportability vii. Non-excludability viii. Non-subtractability

Economies of scale refer to reduction in unit cost as the size of a facility or scale increases ie., as the output increases. It relates to supply side changes ie., increase or decrease in the scale of production of a single product type. Economies of scope relate to demand-side changes eg., change in scope of marketing/branding of different types of products. In the context of infrastructure, economies of scale and scope are important because it needs high upfront investment and has decreasing marginal cost. This tends to create natural monopolies and hence necessitates regulation.

Along with the asset created (physical infrastructure), service is equally essential. In economic infrastructure, the service part of infrastructure is essential to realize the benefits of the infrastructure. For example, transport physical infrastructure (such as road, railway track etc) has no value without transport services. However, in the total sense of costs, the cost of service is relatively less in economic infrastructure as compared to that of social infrastructure. This is true even in say the health sector, where we talk of hi-tech hospitals with high investments. The service part of managing the assets does not receive the same importance as the service cost of providing medical facilities to a patient.

Another important factor of infrastructure is that it typically uses a very key national resource, which again brings it into the realm of requiring regulation. If we talk of ports,
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an important national resource, which we cannot easily throw away, is coastline. We really need to worry about what is the best use of coastline. If we consider telecom, we talk about the spectrum and the greatest tussle today in telecom development, and telecom and broadcasting is that there is a convergence between these two - and all the issues are tied around spectrum allocation. If we talk of road or rail, the key national resource is not just land but it is contiguous land. The need for contiguous land brings a host of issues/complexities with it. So, there are issues, which may go beyond viewing things at an enterprise level.

We have the benefits of infrastructure - partly because it is overhead - being enjoyed by not only the direct users but also by non-users. In fact, when arguments are made that any infrastructure like say urban transport can never pay for itself, what is implied is that direct user charges cannot probably pay for it, given the utility derived by the direct users. However, given the benefits to non-users, urban transport as an activity is economically viable for society at large and that is the reason why cities and societies continue to provide it. A crucial challenge therefore is how to channelize funds from the non-user, so that it goes back appropriately into the revenues and development of that infrastructure. The above factors also bring in an element of strong public interest.

Typically infrastructure is created and consumed locally, and hence it is non-exportable. However, telecom is now exportable with satellites, cell phones etc. In fact today, India can and has in many ways taken advantage of what we claim as the cheaper labor economy where banks of people in Bangalore, Delhi and Gurgaon provide key telephone services (call center services) to companies abroad. So, in a sense, because of this connectivity, there is exportability. The same is becoming true in power sector to some extent.

Exclusion is important because of the idea of pricing to realize direct user charges. Infrastructure services where direct user charges are to be levied, exclusivity becomes the tool to coerce users to pay for the facility.

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By non-subtractability, we imply that infrastructure does not get reduced in any manner with consumption. This is the fundamental cause for decreasing marginal costs. It also helps in bringing in user charges. Wherever, subtractability operates, all the users may not be charged uniformly as the level of consumption would be different for different users.

As it appears from the above discussion, infrastructure is a complex area to work with where public interest is strongly present. Hence, the roles of various actors in provisioning of infrastructure become very critical. We deal with this in the next subsection.

1.6. Infrastructure and Possible Roles of Actors

In provisioning of infrastructure various actors may be involved. Figure 1-2 shows the activities related to infrastructure provisioning (policy, development and delivery, and regulation and checks) and the players (bureaucracy, political system, think tank, media, judiciary, private developer, financial institutions and insurers, and users) possible involvement in provisioning of the infrastructure facility.

Figure 1-2: Actors and Possible Activities in Infrastructure

Actors Activities Policy Development and Delivery Regulation and Checks Bureaucracy Political System Think Tanks Media Judiciary Private Developer Financial Institutions and Insurers Users

More Involved Less Involved Not Involved

The roles of these actors have been classified as more involved, less involved and not involved. Bureaucracy may get involved in all the three levels of activities i.e. in policy making, development and delivery, and regulation and checks. In policy making, the bureaucracy is involved along with the elected representatives. They provide the requisite information regarding existing infrastructure, possible impact studies, resource requirements, and development across the world to the elected representatives to assist

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them in making the policy. Once the policy is declared, the operationalization of the policy is also carried out by the bureaucracy. They decide on the delivery mechanism. They are also involved in monitoring the progress and keeping a tab on the key indicators of progress.

Political system, as discussed above, is involved in policy making and to a less extent involved in development and delivery. Their involvement in development and delivery is restricted to providing guidelines or monitoring broad key indicators. They are insignificantly involved in regulation and checks.

Think tanks may be involved by the bureaucracy and political system in assisting them to formulate policies. The think tank provides the domain expertise, knowledge recent developments in the sector all over the world, and educated guess on the resource requirement and impacts of the policy under consideration. Thus, they are capable of contributing significantly whenever they are involved in policy making process. Their involvements in the other two activities are insignificant.

Media creates public opinion and highlights certain aspects of the proposed infrastructure and services to influence the policy making process and delivery mechanism. Their reach to public allows them to contribute these two activities. They are involved deeply in regulation and check processes where they can highlight and create mass movements against any activity which may not be directly expected from policy or delivery decisions.

Involvement of judiciary is limited to regulation and check. They act as a deterrent to those who may violate the policy or proposed delivery mechanism for the provisioning of the infrastructure. They are not involved in policy and delivery of infrastructure. However, in rare cases, judiciary has shown active role in policy and delivery mechanism, which would be discussed later in the chapter on role of judiciary in infrastructure.

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Private developer is involved in development and delivery as government machinery alone cannot delivery all the infrastructure. They are involved through a spectrum of relationships ranging from simple contract to build own and operate level. They influence the policy and regulation/check to a lesser extent as compared to other actors.

Financial institutions and insurers are also involved in development and delivery. They are involved as the financiers of the project as they provide debt and equity to the project. To a less extent, they influence policy and regulation & check stages by guiding the financing instruments and risk sharing mechanisms.

Users are strongly involved in the delivery and regulation & check stages. They are the primary beneficiaries of the project and hence they need to be involved in the delivery process. They also create checking mechanisms in the system to ensure efficient and effective delivery of infrastructure and services. To some extent, they are also involved in the policy making as they evolve the political system and also select the policy makers.

While we have identified the roles which may be played by each of the actors in infrastructure, we would discuss what may be the appropriate roles for each of them in coming chapters.

While the above sections have brought out the importance of infrastructure, public policy aspect of provisioning of infrastructure, and role of various players in infrastructure, the next section discusses the important challenges in provisioning of infrastructure and services on a sustained basis.

1.7. Provisioning of Infrastructure and Services

Infrastructure has traditionally been provided by the government (public sector) in India. The government provisioning of infrastructure and services have suffered from inefficiencies in asset creation and poor service delivery. Demand has always been higher than the supply. Given the strong public interest, large positive externality, non

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exportable nature, and inability of users to be able to pay had forced government to provide infrastructure on its own. However, over the last decade, private sector has participated in asset creation and service delivery in a big way. Road sector is a classic example of the successful participation of private sector. As per the 11th five year plan, total investment in infrastructure has been envisaged to be of the order of 494.4 billion USD (Table 1-2). It has been envisaged that private sector participation would be encouraged to meet this investment demand. Private sector would not only bring in efficiency and effectiveness but would also force demand side correction by charging users to pay for the facility and services. Table 1-2: Investment Envisaged in 11th Five Year Plan
Item \ Year Roads Railways Ports Airports Power (Electricity) Telecom Irrigation Water supply and sanitation Storage Gas Total GCF in 11th Plan (15% spillover is assumed)
Source: www.infrastructure.gov.in

2007-08 513,520 332,070 96,910 62,230 742,050 330,750 270,020 258,400 37,770 29,840

2008-09 543,180 399,640 117,400 64,590 928,290 398,340 338,390 311,100 40,980 34,540

2009-10 587,290 486,260 142,710 68,140 1,165,410 502,930 426,250 378,680 44,460 40,050

2010-11 679,010 597,380 173,970 72,960 1,469,140 634,080 539,460 465,550 48,240 46,510

2011-12 795,160 764,660 208,410 79,560 1,860,380 803,900 657,180 577,540 52,340 54,070

Rs 20,271,690 (US $494.43billion) @2006-07 prices

Government provisioning has also been supported by bringing in the merit good2 argument. Most of these infrastructure have some element of merit good nature and it is not preferable to exclude anyone from these services and hence it becomes the responsibility of the government to provide or pay on behalf of the users of these facilities and services.

Pure public goods are are non-rival in consumption and non-excludable e.g. defense services of a country, clean air etc. There are also goods where exludability is possible by enforcing user fee or any other mechanism, but it is not preferable to do so e.g. education and health services.
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Private sector involvement brings in many challenges due to the nature of infrastructure discussed in this chapter earlier. The natural monopoly status and demand-supply gap makes infrastructure a good instrument for earning super natural profit. To save users from being ripped, proper regulatory mechanism needs to be put in place.

At this point it is also important to recognize that even among the private players, interest of those in asset creation business lies in the first few years (during construction phase) while the service providers interest lies in longer period starting with completed assets. The asset creator gets paid within the period of construction and the quantum is generally much higher than those received during the service provisioning state. Thus the challenge is also to shift the balance towards service provisioning so that the users are benefited the most.

Chapter Summary

In this chapter, we discussed various definitions of infrastructure. At the conceptual level, we defined infrastructure as the basic physical and/or organizational structure required for the smooth functioning of an economy, which facilitate production of goods and services. These goods and services have economic and/or social value eg., roads, railway, electricity, water, etc. At the operational level, we discussed different definitions proposed by various committees constituted in the past.

We also discussed the important characteristics of infrastructure which include economies of scale and scope, essentiality of infrastructural services, usage of key national resources, benefits from users to non-users, strong public interest, nonexportability, non-excludability, and non-subtractability. While discussing these characteristics, we learnt the complexities/challenges posed in provisioning of the infrastructure due to above mentioned characteristics. We also discussed the roles of different actors in conceptualizing and provisioning of infrastructure.

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Glossary CSO: Central Statistics Organization GDP: Gross Domestic Product IRDA: Insurance Regulatory and Development Authority MOSPI: Ministry of Statistics and Program Implementation RBI: Reserve Bank of India SEZ: Special Economic Zone T & D: Transmission and Distribution USD: US Dollar

Objective Questions

1. Which one of the following is not a key characteristics of infrastructure (a) economies of scale and scope, (b) non-subtractability, (c) use of a key resource, (d) non-exportability to a large extent

2. Pricing of infrastructure is possible because of (a) economies of scale, (b) subtractability, (c) rival consumption, (d) excludability

3. Users may not be charged uniformly in cases where (a) subtractability of infrastructure applies, (b) economies of scale works, (c) economies of scope works, (d) high externality exists

4. Infrastructure is also referred as (a) Social underhead capital, (b) Personal Overhead Capital, (c) Social Overhead Capital, (d) Social Capital

5. As per the definition of the Word Bank, which of the following is not an infrastructure (a) Irrigation, (b) storage, (c) gas distribution, (d) (a), (b), and (c)

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Exercise 1. Compare the definition of infrastructure adopted by RBI and IT Department over the last ten years. Also, identify the reasons for including/excluding certain sectors based on news analysis, RBI circulars, IT circulars, planning commission documents, and any other source that you may come across. 2. Conceive any infrastructure around you that you think is essential. Detail out the characteristics and challenges of provisioning the infrastructure. Also, discuss the roles of various actors in the conceptualization and provisioning of the same.

References

Aschauer David A, 1989. Back of the G-7 pack: public investment and productivity growth in the Group of Seven, Working Paper Series, Macroeconomic Issues 89-13, Federal Reserve Bank of Chicago.

Arrow, Kenneth J & Kurz, Mordecai, 1970. "Optimal Growth with Irreversible Investment in a Ramsey Model," Econometrica, Econometric Society, vol. 38(2), pages 331-44

Briceo, C., A. Estache, and N. Shafik. 2004. Infrastructure Services In Developing Countries: Access, Quality, Costs and Policy Reform. The World Bank, Washington, DC.

Chin M S (2002). Modelling Social Infrastructure and Growth. Retrieved on October 10, 2010 from http://www.rbnz.govt.nz/research/workshops/112040/4apr02chin.pdf

Choate P and Walter S (1981). America in Ruins: the Decaying Infrastructure. Duke Press. Council of State Planning Agencies: Washington, D.C.

Estache, Antonio & Fay, Marianne, 2007. Current Debates on Infrastructure Policy, Policy Research Working Paper Series 4410, The World Bank

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FTSE: The Index Company, Received on August 20, 2010 from www.ftse.com

Hall, R E and Jones C I (1999). Why Do some Countries Produce so Much More Output Per Worker Than Others? Quarterly Journal of Economics, 114, pp 83-116.

Morrow Richard (2008). The Top 10: Asian Infrastructure Needs a Helping Hand. Asia Money. Available at http://www.asiamoney.com/Article/2055632/Channel/18878/THETOP-10-Asian-infrastructure-needs-a-helping-hand.html

Online Etymology Dictionary, Retrieved on January 5, 2010 from etymonline.com

Romp, W., and J. de Haan. 2005. Public Capital and Economic Growth: A Critical Survey. EIB Papers 10(1). European Investment Bank, Luxemburg.Available at: http://www.eib.org/infocentre/publications/eibpapersvolume10.n12005.htm.

Secretariat for Infrastructure, Planning Commission, Retrieved on March 11, 2010 from www.infrastructure.gov.in

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