In a bid to give a major fillip to infrastructure projects, the Cabinet Committee on Investment (CCI) cleared 36 projects worth R1.83 lakh crore across sectors such as power, roads, railways, petroleum and natural gas.
“The CCI met on Monday to look at a large number of projects. It cleared projects with a total outlay of R1.83 lakh crore. The message we are trying to send is that we are very keen to get investment cycle restarted. The cycle has started and we are pushing it further,” finance minister P Chidambaram said on Tuesday.
The projects approved by the CCI on Monday include 18 power projects with an investment of R83,772 crore and nine other infrastructure projects with a total outlay of over R14,084 crore.
Another nine projects reviewed by the CCI involved an investment of over R85,000 crore. With regard to fuel supply agreements (FSA) for the power projects, the minister said all the FSAs would be signed by September 6. The earlier deadline of signing the FSA was August 31.
The minister further said that banks have already disbursed as much as R30,000 crore for the power sector projects and with clearances in place they would provide more funds for these projects. “We found that a number of projects were stalled for the lack of this clearance or that clearance. The CCI, I think has held five or six meetings and we are clearing these projects, removing the bottlenecks and getting it started,” he added.
The projects that have been cleared by the CCI include Reliance Power's 4,000-MW ultra mega power project at Sasan in Madhya Pradesh, L&T's Metro Rail project, Hindalco Industries project and Essar Power's Jharkhand project.