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PM calls meeting to push infra projects

business Updated: Jun 04, 2012 22:20 IST

With projects worth Rs 146,000 crore pending, Prime Minister Manmohan Singh has called a meeting on Wednesday to review the status of infrastructure sector with an aim of pushing the slowing growth.

The meeting, which will be attended by ministers of all infrastructure-related ministries, is expected to assess whether the targets are being met and what needs to be done to address bottlenecks, sources said here on Monday.

The government has maintained that $1 trillion would be required in the infrastructure sector during the 12th Plan (2012-17) of which it expects 50% from private sector.

The meeting assumes significance as it comes against the backdrop of economic growth falling to nine-year low of 6.5% in 2011-12 and contraction of industrial output in March quarter.

According to finance ministry documents, projects worth R1.46 lakh crore are pending because of absence of regulatory clearances. These are in the sectors of power, steel, highways and cement. These projects are besides the mega projects like $12 billion Posco steel project and $90 billion Delhi-Mumbai Industrial Corridor, which are also delayed on various counts.