Cabinet approves mega projects to boost confidence
Keen to get the investment cycle re-started, the Cabinet Committee on Investment (CCI) has cleared three dozen projects envisaging an investment of Rs 1.83 lakh crore, finance minister P Chidambaram said today.business Updated: Aug 27, 2013 11:45 IST
Keen to get the investment cycle re-started, the Cabinet Committee on Investment (CCI) has cleared three dozen projects envisaging an investment of Rs 1.83 lakh crore, finance minister P Chidambaram said on Tuesday.
The projects approved by the CCI on Monday include 18 power projects with an investment of Rs 83,772 crore and 9 other infrastructure projects with a total outlay of over Rs 14,084 crore, he told reporters.
Another 9 projects reviewed by the CCI involved an investment of over 85,000 crore.
The CCI, Chidambaram said, "cleared projects with a total outlay of Rs 1.83 lakh crore".
As regards the fuel supply agreements (FSA) for the power projects, the minister said all the FSAs would be signed by September 6. The earlier deadline of signing the FSA was August 31.
The message of these decisions, Chidambaram said, was to re-start the investment cycle. "Message that we are sending, we are very keen to get investment cycle restarted. ...the cycle has started and we are pushing it further," he said.
The minister further said that banks have already disbursed as much as Rs 30,000 crore for the power sector projects and with clearances in place they would provide more funds for these projects.