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PMIC fast-tracks projects worth Rs 22.35 trillion

By IndianMandarins- 25 Jun 2019
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The Project Monitoring-Invest India Cell (PMIC) has resolved and fast-tracked 615 out of the total 1,038 projects that came under its review. These projects involve an investment of Rs 22.35 trillion, said a government statement on Monday.

 

The issue of 125 projects--with an anticipated investment of Rs 8,19,780 crore--required no further intervention from PMIC, said Finance and Corporate Affairs minister Nirmala Sitharaman in a written reply to a question in the Lok Sabha. Around 340 projects have been partly or fully commissioned with the actual flow of investment to Rs 11.66 trillion, based on February 2019 data, while 238 projects worth Rs 8.5 trillion are in the pipeline.

 

The statement added that as of June 2019, 298 projects with an investment of Rs 10.99 trillion are under consideration of PMIC now.

 

The primary focus of PMIC is on expediting the approvals for clearances from central and state authorities for setting-up of projects. PMIC does not distinguish between a ‘stalled’ or an ‘under implementation’ project in accepting a project for resolution of its issues.

 

Among various sectors, power has got the maximum number of 246 projects that got cleared, that may see about Rs 13.23 trillion worth of investments, followed by 201 projects in the road transport and highways sector with an investment of Rs 2.22 trillion. In the petroleum sector, 52 projects worth around Rs 3.72 trillion got fresh life under PMIC, while steel too got 42 projects resolved with around Rs 4.45 trillion investment.

 

In his Independence day speech in 2017, Prime Minister Narendra Modi had highlighted the dismal pace of project implementation in India. He said that “a space vehicle to Mars can be easily executed in nine months, a railway line spanning a mere 70 km lies unfinished for 42 years”.

 

At present, 36 projects worth around Rs 2.06 trillion in power, 89 projects with an investment of Rs 1.83 trillion in road transport and highways, 115 Rail sector projects worth Rs 1 trillion and 15 coal sector projects worth nearly Rs 69,971 crore are under the consideration of PMIC.

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