PM's Monitoring Group clears projects worth Rs 4.30 lakh crore

The Prime Minister's Project Monitoring Group (PMG), set up to track stalled large investment projects, has cleared 128 projects worth over Rs 4.30 lakh crore so far.

 

Of this, PMG has given priority to troubled projects from the power sector and has resolved all issues on 94 projects, entailing an investment of over Rs 3.80 lakh crore, data available on its website showed.

 

Besides, issues in 34 projects of oil and gas, railways, steel, roads and highways, shipping, civil aviation and mines have also been resolved. They involve investments of over Rs 50,000 crore.

 

In total, it has so far compiled a list of 378 stalled projects for want of various types of clearances, entailing investments over Rs 17.23 lakh crore.

 

The PMG was set up in June, after a high level meeting chaired by the Prime Minister, to facilitate and work for resolving specific issues of the projects and fast tracking them.

 

The issues and clearances of the stalled projects depend on their current stage and include environment and forest clearances, land acquisition, lack of co-ordination between various government departments and clearances stuck at the state government level.

 

India Inc has been raising its concern against the slow pace of project clearances for quite some time, saying that this has led to a severe decline in country's manufacturing activity, thereby lowering exports and affecting current account deficit (CAD).

 

According to the official figures, India's manufacturing sector had grown by only 1% in 2012-13. Between April and August this year, country's industrial growth has been at a dismal rate of 0.1%, while the manufacturing growth has declined by 0.1%.

 

The list of cleared projects include Rs 12,000 crore project for development of new terminal building at the Mumbai Airport, Rs 12,000 crore power project of Sterlite Energy and Rs 9,900 crore project of Adani Power (third phase of Mundra project).

 

The PMG has also resolved issues related to Rs 7,000 crore project of Utkal alumina refinery of Hindalco in Odisha and Rs 4,255 crore Lumding-Silchar(482Km) gauge conversion project of Railways, which is aimed at providing seamless connectivity to lower Assam and Tripura, Mizoram and Manipur with rest of India.