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Cabinet may consider approval for large projects

Cabinet may consider approval for large projects

Union cabinet may consider approval for several large-sized infrastructure projects, costing at least Rs 1,000 crore, to ensure expeditious clearances.

Union finance ministry is learnt to have sought specific comments from the concerned ministries on pending approvals.

The ministry may ask the Cabinet Committee on Investment to consider “expeditious” clearance for 20 big-ticket infrastructure projects worth Rs 1.8 lakh crore.

Finance ministry feels that expeditious implementation of these projects would reduce the NPAs (non-performing assets) in the banking system significantly.

Owing to lack of statutory approvals, these projects are stuck for more than a year. These include Hindalco Industries’ 3.59 lakh tonne a year aluminium smelter project at Lapanga in Odisha and Hyderabad metro rail project being executed by L&T.

The government is hoping the move will spur credit growth while checking the rising tide of bad loans in the banking sector.

In the last two months, the government has cleared some projects.

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