Cabinet panel approves Rs1,83,000-cr infrastructure investments

The cabinet committee on infrastructure (CCI) has approved investments of a total Rs1,83,000 crore ($28.38 billion) in new infrastructure projects, as part of the government's effort to fast-track project clearances and win back investor confidence, finance minister P Chidambaram said today.

These include 18 power projects involving investment of Rs83,000 crore and nine other infrastructure projects involving investment of Rs92,541 crore, Chidambaram told a news conference.

Chidambaram said Coal India Ltd will sign fuel supply agreements for the 18 power projects by 6 September.

Banks have already disbursed Rs30,000 crore to the 18 power projects cleared by CCI, the minister added.

Chidambaram said the government's priority is to restart the investment cycle. "Investment cycle has started and we are pushing it further," he said.

The CCI, headed by Prime Minister Manmohan Singh, has been set up to expedite decisions on approvals for implementation of projects.

The CCI tracks stalled projects through its project monitoring group wherein ministries or departments concerned iron out issues that adversely impact implementation of the projects.

To aid decision-making, the CCI has put in place a web-based information system that allows entrepreneurs to provide details of their projects as well as the issues that are affecting smooth implementation.

CCI takes decisions on expediting project clearances on the basis of the discussions and review of unresolved policy issues.

Meanwhile, Chidambaram said the government has earmarked enough money for the implementation of the Food Security Act and that the government will be able to maintain the budget targets on the fiscal front.