CCI nod not leading to spurt in investments, says Montek

Admitting that CCI nod to mega infrastructure projects has not led to spurt in investments, Planning Commission Deputy Chairman Montek Singh Ahluwalia today said the efforts would not go waste.
"When you remove regulatory constraints, you don't get the response immediately. It is also possible that the projects are running into other problems ... So, I agree that we have not yet seen a sharp increase in investments.
"But you know these regulatory clearances are pre-conditions, so I don't think that the effort is wasted," he told reporters on the sidelines of an event here.
The Cabinet Committee on Investment (CCI), Ahluwalia said, had removed a number of regulatory constraints which were hampering the projects.

Sometimes, the projects get some other kind of problems despite getting a regulatory nod, he said.
"... Like for example, when the regulatory approval hasn't come, the investors focus on that, quite rightfully. Once it (regulatory clearance) comes, they have to get into financing side. It's quite possible, on the financing side, there are certain problems," he added.
CCI, which was set up in January 2013 to fast-track pending big-ticket projects under Prime Minister Manmohan Singh, has so far cleared projects worth over Rs 6 lakh crore.