Since its inception in July last year, the project monitoring group (PMG) of the Cabinet Committee on Investments has accorded clearances to150-odd core sector projects amounting to Rs 5.54 lakh crore, of which 113 projects involving investments to the tune of Rs 3.67 lakh crore have now been fast-tracked to the implementation stage.
According to data accessed by The Indian Express, investments worth Rs 3,24,919.92 crore is already in place, predominantly in coal and power sector.
“A lot of these investments were already in place but they have been de-clogged now. For instance, a power project may have been already in place but the fuel supply agreement was not signed. Such issues are being ironed out now that are helping to free up investments,” said an official involved in the development.
Execution of 80 power projects has now begun including the Talwandi Sabo power project in Punjab, a Rs 12,000 crore power project of Sterlite Energy, 23 coal projects and six projects relating to petroleum and natural gas.
“The PMG is trying to not only resolve all pending issues for infrastructure projects that were cleared by the CCI, but we are also now working on their implementation and touching base with state and district level officials to ensure that all approvals at state level are also given,” said the official.
More investments could flow in with the environment ministry clearing 26 projects worth Rs 2 lakh crore since early this year.
With below-5 per cent growth for four consecutive quarters, the government has been hopeful that a slew of project clearances may help the economy get back on the 6 per cent GDP growth trajectory in FY15.