UP may set up panel to spur investments

The Uttar Pradesh (UP) government plans to set up a project monitoring group (PMG) to fast-track investments and facilitate industry clearances. UP will be the 11th state to have a specialised PMG.

In this regard, Union additional secretary and Central PMG chairman Anil Swarup held a high-level meeting with senior UP government officials here.

Four crucial projects — six-laning of Varanasi-Aurangabad project, HPCL pipeline project, Prayagraj Power Generation Company project and pending state support agreements were taken up for fast-tracking.

Earlier, the Centre had set up PMG under the Cabinet Secretariat to facilitate clearance of infrastructure projects by bringing different ministries and departments on single platform. The Central PMG was instituted in July 2013 to accelerate pending industrial projects worth over Rs 1,000 crore.

Meanwhile, the Confederation of Indian Industry (CII) has suggested the Cabinet Committee on Investments could also consider reviewing projects below Rs 1,000 crore as well to boost investment.

“We will work closely with government departments to ensure speedy approvals and clearances for large scale manufacturing projects,” said Sachin Agarwal, vice-chairman, CII UP State Council.

CII had organised an interactive session with Swarup, who as PMG chairman is in charge of mega projects which are on hold.

He apprised industry how to approach/register with PMG to get clearance issues resolved and how similar mechanisms could be set up at the state level to help companies needing state clearances.

Agarwal lamented that over the past few years, domestic economy had witnessed a sharp drop in investment activity. “This has caused a decline in demand and slowing of economy considerably. A large number of projects have been stalled owing to a number of clearances and approvals.”