To clear projects stuck for various reasons like lack of clearances and other factors, Prime Minister Manmohan Singh has issued the direction for setting up a special group within the Cabinet Secretariat at a meeting that discussed the status of 215 investment projects. With this initiative, the government aims to fast-track the projects and it is likely to clear up to 40 such projects by next month.
As per the Prime Minister's Office statement, the Cell would be in the nature of a Project Monitoring Group for all large projects, both public and private and would pro-actively pursue them so that these investment projects are commissioned on time. Further, suitable officers may be identified at the earliest and priority projects may be quickly identified to be taken for tracking.
Finance Minister P Chidambaram has said that the Cell will fast-track all the stalled projects and the approach will be to get some early results. The government will mainly identify 20-40 projects that are nearing COD (commencement operation date). By adding further he said, ‘we will push that in the remaining month of June and I am sure by July, we will tell you which are the projects we pushed.’
Earlier this month, at the meeting chaired by the Prime Minister, Chidambaram had said that his Ministry has compiled a list of about 215 such projects, where the banks have already funded more than Rs 7 lakh crore and had highlighted time and cost overruns being faced by these projects, as well as the action required to remove the implementation bottlenecks.
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