During his Budget Speech while presenting the General Budget 2015-16 in Parliament, the Union Finance Minister Shri Arun Jaitley had announced that the PPP mode of infrastructure development has to be revisited, and revitalized, in which the major issue involved is rebalancing of risk.  In pursuance of this announcement, a Committee comprising of the following members has been constituted:

Dr. Vijay Kelkar, former Finance Secretary and Chairman, National Institute of Public Finance & Policy(NIPFP), New Delhi	Chairman
Shri C.S. Rajan, Chief Secretary, Government of Rajasthan	Member
Shri S.B. Nayar, CMD, IIFCL, New Delhi	Member
Dr. Shekhar Shah, Director General, NCAER	Member
Shri Pradeep Kumar, MD, CBG, State Bank of India	Member
Representative of Ministry of Road Transport & Highways – not below the rank of Joint Secretary	Member
Shri Vikram Limaye, MD, IDFC	Member
Shri Sudipto Sarkar, Barrister-at-law, Kolkata	Member
Ms. P.S. Behuria, IRS (Retd.)	Member
Ms. Sharmila Chavaly, Joint Secretary, Department of Economic Affairs, Ministry of Finance, New Delhi	Member Secretary

The Terms of Reference of the Committee are as follows:

• Review of the experience of PPP Policy, including the variations in contents of contracts and difficulties experienced with particular variations/conditions, if any,
• Analysis of risks involved in PPP projects in different sectors and existing framework of sharing of such risks between the project developer and the Government, thereby suggesting optimal risk sharing mechanism,
• Propose design modifications to the contractual arrangements of the PPP based on the above, and international best practices and our institutional context, and  
• Measure to improve capacity building in Government for effective implementation of the PPP projects.

The Committee may consult various stake holders in the private sector, government sector, legal experts, banking/financial institutions and academia while firming-up its recommendations. 

Infrastructure Development Finance Company (IDFC) shall provide secretarial assistance to the Committee

The Committee shall submit its report within a period of three (3) months from the date of its Constitution.

Risk rebalancing of PPPs: committee to recommend contractual reforms and capacity building within a set reporting period. An expert committee constituted to reassess the PPP model must review PPP policy experience and contract variations, analyse sectoral risks and existing risk sharing frameworks, propose contractual design modifications informed by international best practice and domestic context, and recommend measures to strengthen government capacity for PPP implementation. The committee may consult stakeholders across private, public, legal and financial sectors; IDFC will provide secretarial assistance; and the committee must submit its report within a three month period from constitution.