The government would clear 250 projects worth Rs 10 lakh crore shortly, Cabinet Secretary Ajit Seth said on Friday. The Cabinet Committee on Investment (CCI), set up to expedite project clearances, has given the green signal to 287 stalled projects so far, worth Rs 5.5 lakh crore.
"So far there has been resolution at some level or the other about almost 300 projects with the total investment of Rs 5.55 lakh crore .. .this process is an ongoing one and we have about another 250 projects with an investment of over Rs 10 lakh crore," Seth said at a Ficci event.
He admitted that reviving growth is not easy, but the steps taken by the government would yield results.
"Our fundamentals are sound...we are in difficulty but let's get out of it. How do we get out of it? We have to partner together...we will definitely overcome this challenge and increase the rate of growth and the steps that are being taken, I think will yield results," Seth said.
India's economic growth fell to a decade's low of five per cent in 2012-13 and during the first six months of the current fiscal the economy grew by 4.7 per cent.
Exuding confidence that "India story is alive and kicking", he said that in almost all sectors including power and telecommunications, the government is taking steps to enhance the growth.
He added that in addition to these measures, there is a need to reform governance itself. "It has been stressed time and again by industry and felt by government itself..."
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