The Cabinet Committee on Investment (CCI) on Monday sought to give a fillip to the tottering economy by clearing infrastructure projects with projected investments of Rs 2 lakh crore. The CCI, headed by the prime minister, also gave definite directions to the administrative ministries concerned to complete all formalities regarding the approval of these projects spanning across power, roads, ports and oil and gas and cement sectors in the next 60 days.
In all, the CCI cleared 35 projects, of which more than two dozen were power projects that were delayed due to issues ranging from fuel linkage to environmental and forest clearance, defence clearance and land acquisition. Also, the CCI directed the road ministry to resolve the issue of premium rescheduling and take up the final proposal to the Cabinet at the earliest. More than 25 road projects are stalled in the absence of clarity on premium rescheduling norms.
Sources told FE the road ministry has already circulated a cabinet note on these lines and the final proposal will now be put up before the cabinet secretariat. According to NHAI estimates, over R98,000 crore of premium is stuck in 25 highway projects with a net present value of around R25,000 crore at stake.
Among the projects cleared on Monday by the CCI were Hinduja National Power Corporation’s project in Vizag district of Andhra Pradesh, the 680-MW Attunli Hydro Electric Project, the 3,097-MW Etalin Hydro Electric project and Sagar superthermal power project.