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Construction : Web Exclusive | May 2013 | Source : Construction Update

FM meets bankers, industrialists to speed up projects

Union Finance Minister P Chidambaram on May 14 met top bank executives and leading industrialists in Bangalore on speeding up execution of infrastructure projects by addressing procedural and structural issues. The finance minister has assured the industrialists all help in executing pending projects and kick-starting new projects to spur growth and attract more investments in the infrastructure sector, especially power, roads, highways and ports, a leading industrialist who participated in the 90-minute-long interactive session said.

Concerned over inordinate delays in completion of various infrastructure projects for want of statutory approvals and environmental clearances, Chidambaram held similar brain-storming sessions in Mumbai and Chennai for a first-hand account of the bottlenecks that were holding up investments and timely project execution. According to industry estimates, hundreds of projects valued at Rs 7 lakh crore (Rs.7 trillion) are stuck owing to delays in land acquisition, ecological clearances, coal linkages, gas allotments and extension of concessionary agreements.

About 120 new projects involving Rs.3 lakh crore (Rs.3 trillion) investments were discussed to facilitate their timely execution once they are sanctioned and given approvals, the industrialist said.

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