PM's Monitoring Group clears projects worth Rs 1.5 lakh crore

The Prime Minister's Project Monitoring Group (PMG), set up to track stalled large investment projects, has cleared 38 projects worth Rs 1.5 lakh crore so far.

Established in June this year, the PMG has also received more than 244 projects worth Rs 12.5 lakh crore for resolving their specific issues and fast tracking them so far, its head and Additional Secretary in the Cabinet Secretariat Anil Swarup said.

"We have facilitated resolution of issues in 38 projects, entailing investments of about Rs 1.50 lakh crore. We have right now 244 projects on the website, they entail an investment of Rs 12.5 lakh crore and they increase every day," he said on the sidelines of a CII event.

Of the 244 projects, power sector projects have topped the list with over 80 projects which are stuck for want of various clearances. The roads and highways sector have over 30 projects while steel and railways have about 20 projects in the list so far.

According to Swarup, things have started happening on the ground and time frames are being set up with the concerned ministries or departments to take decisions.

"The initial number, which I gave you, 38 projects, they have started moving, some of them will move but the decisions have happened. For example, in 10 cases environmental clearances have been given, in 17 cases fuel supply agreements have actually been signed," he said.

For putting up projects for consideration of PMG, the concerned developer needs to list his project on the Cabinet Secretariat's website along with the issues and related documents.

Some of the projects cleared in the past by PMG include 500 MW Mejia thermal power project, worth Rs 2,500 crore and BPCL's integrated distillation units installation project, entailing over Rs 1,400 crore investment.

PMG is working as a facilitating body and brings together all concerned ministries on one platform for fast-tracking the decision making so that stuck projects can start moving. It was set up after a high level meeting, chaired by Prime Minister Manmohan Singh. In this meeting, Finance Minister P Chidambaram had said his ministry has compiled a list of about 215 stalled projects, where the banks have already funded more than Rs 7 lakh crore.

Opening up of hotels in the Delhi International Airport's Aerocity complex, which are stuck for want of security clearances, are likely to be taken up by the PMG on Thursday.