Sharma allays fears of delays in clearance of oil and gas sector FDI

Minister of commerce, industry and textiles Anand Sharma today allayed fears of foreign investors of delays in clearance of oil and gas projects in India, promising to clear such projects in just 30 days.

The minister invited businesses in the Gulf to take advantage of investment opportunities India provides.

"I share your concern in delay in clearances. We are working seriously in that direction. The first meeting of the Cabinet Committee on Investment examined projects in the oil and gas and decisions will be taken in 30 days flat," Sharma said at the meeting.

Sharma said the government has taken several steps in the past few months to rationalise and simplify procedures for foreign direct investment (FDI) and that the government is determined to carry forward the reform process.

The government, he said, is determined in its efforts to revert the Indian economy back to the 9 per cent growth path, adding that growth in the current financial year is expected to be around 5 per cent, down from 6.2 per cent in 2011-12.

He, however, said India's economic fundamentals were strong and its growth story intact.