Rs60,000 cr stuck in held-up Maharashtra projects
22 Oct 2012
As the union government seeks to push through its plan to set up the National Investment Board with overriding powers to clear projects held up by various ministries – particularly the environment ministry – thousands of crores of rupees are stuck in projects due to lack of environmental approval.
In Maharashtra alone Rs60,000 crore are stuck in 1,200 infrastructure projects, Bloomberg TV reports. It says the delay in environmental approvals has been in spite of the fact that the state has two environmental committees.
Infrastructure projects have no single-window clearance and thus it takes from six months to two years to get a green nod, despite there being a mandated time frame for clearance, it says.
According to its sources, of the infrastructure projects held up in the state, 720 are in the real estate sector; 464 in the power sector; and 103 in the industrial sector.
