Cabinet clears projects worth Rs5,50,00 cr; Rs10,00,000-cr projects in pipeline

The government has approved 287 stalled projects worth Rs5,50,000 crore and the Cabinet Committee on Investment (CCI) is expected to clear another 250 projects worth Rs10,00,000 crore soon, cabinet secretary Ajit Kumar Seth said on Friday.

He said the CCI, set up in January with a view to fast-track project clearances, has been working on easing the regulatory burden and simplify procedures to boost infrastructure projects.

"So far there has been resolution at some level or the other of about almost 300 projects with the total investment of Rs5,50,00 crore...this process is an ongoing one and we have about another 250 projects with an investment of over Rs10,00,000 crore," cabinet secretary Ajit Kumar Seth said in Delhi.

CCI has had 11 meeting since its inception, he said. While noting that the task of reviving the economy that had slowed since 2008-09 is a big challenge, he exuded confidence that growth will bounce back.

"Our fundamentals are sound...we are in difficulty but let's get out of it. How do we get out of it? We have to partner together...we will definitely overcome this challenge and increase the rate of growth and the steps that are being taken, I think, will yield results," he said.

India's economy recorded a growth of 5 per cent in 2012-13 and 4.7 per cent during the first six months of this financial year, the slowest pace in a decade.

Seth said the government is taking steps to enhance growth in almost all sectors, including power and telecommunications, adding that guidelines on telecom mergers and acquisitions are being worked out.

Besides, he said, the government is considering a regulatory authority for the road sector in order to streamline the implementation of various projects.

"Lot has been done in the power sector. We have approved the guidelines for pricing and pass-through of higher cost of imported coal and the issue of signing fuel supply agreements (FSAs) has also been resolved and 157 FSAs have been signed this year," he added.