New Delhi, May 26 (IANS): The government on Tuesday set up a committee to recommend measures to "revisit and revitalise" the public-private partnership (PPP) mode of infrastructure development as union Finance Minister Arun Jaitley said in his budget speech, a statement said.

The committee will be headed by National Institute of Public Finance and Policy chairman and former finance secretary Vijay Kelkar and will comprise of members from banks, transport authorities, economists, lawyers and others.

The Infrastructure Development Finance Company will be providing secretarial assistance to the committee, which will analyse the risks involved in PPP projects in different sectors to suggest optimal risk sharing mechanism and propose any modifications to the contractual arrangements in place.

Its functions will also include recommending measures to improve capacity building in the government for effective implementation of PPP projects and review the experience of the policy.

The minister, in his budget 2015-16 speech to the parliament said the major issue involved in the revision of the PPP model is rebalancing of risk.

The government has given the power to the committee to consult various stake holders in the private sector, government sector, legal experts, banking and financial institutions and academia while firming up its recommendations. It has to submit its report within three months of being st up.