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NEW DELHI: Eighty-eight infrastructure and industrial projects, involving investment of nearly Rs 3 lakh crore - which is more than the Centre's budgeted income tax collections for the current financial year - have become operational over the past few months. This will help in adding jobs and easing pressure on banks, which had lent to the projects that got stuck due to lack of government clearances.
In all, investments worth Rs 2.88 lakh crore have gone on stream in sectors as diverse as power, steel, airports and oil and gas, data collated by the Project Monitoring Group (PMG) in the Cabinet secretariat showed. Power sector saw the maximum number of projects cleared. While PMG was constituted in July 2013, a majority of the projects started getting completed around June this year and the remaining are going to be ready over the next few months.
A dozen projects, involving investment of over Rs 47,500 crore, are expected to be up and running by December-end. Another nine with investment of close to Rs 33,000 crore will be ready in 90 days and another 11 worth close to Rs 67,000 crore will be working in 120 days, the sources said.
Over the past 15 months, the PMG has managed to get all ministries on board to resolve 386 issues related to 181 projects-with a majority dealing with environment and forest clearances and coal supply Of these 88 are operational but the list does not include several cases such as the Delhi Aerocity, comprising a number of hotels, as the entire project has not gone on stream. There are four hotels, which are yet to be opened and the civil aviation ministry will only treat it as "completed" after that, said sources familiar with the development.
In several cases, the projects have been treated as commissioned if one of the units of, say, a power plant has started working. There are cases where a project had been commissioned in 1981 but the expansion work could not be completed in the absence of fresh approvals.
Operational infrastructure facilities will reduce shortage of electricity and add capacity at several ports and airports. In addition, it will create jobs, especially on the shop floor.
For a number of business groups, it also means better finances as the companies had deployed capital and borrowed from banks to build plants or road projects borrowed from banks to build plants or road projects but were unable to repay the loans in the absence of any cash flow. It had also piled up pressure on banks. With the projects getting commissioned, some companies may tap the buoyant stock markets to raise resources and retire debt accessed from banks and financial institutions.
In all, investments worth Rs 2.88 lakh crore have gone on stream in sectors as diverse as power, steel, airports and oil and gas, data collated by the Project Monitoring Group (PMG) in the Cabinet secretariat showed. Power sector saw the maximum number of projects cleared. While PMG was constituted in July 2013, a majority of the projects started getting completed around June this year and the remaining are going to be ready over the next few months.
A dozen projects, involving investment of over Rs 47,500 crore, are expected to be up and running by December-end. Another nine with investment of close to Rs 33,000 crore will be ready in 90 days and another 11 worth close to Rs 67,000 crore will be working in 120 days, the sources said.
Over the past 15 months, the PMG has managed to get all ministries on board to resolve 386 issues related to 181 projects-with a majority dealing with environment and forest clearances and coal supply Of these 88 are operational but the list does not include several cases such as the Delhi Aerocity, comprising a number of hotels, as the entire project has not gone on stream. There are four hotels, which are yet to be opened and the civil aviation ministry will only treat it as "completed" after that, said sources familiar with the development.
In several cases, the projects have been treated as commissioned if one of the units of, say, a power plant has started working. There are cases where a project had been commissioned in 1981 but the expansion work could not be completed in the absence of fresh approvals.
Operational infrastructure facilities will reduce shortage of electricity and add capacity at several ports and airports. In addition, it will create jobs, especially on the shop floor.
For a number of business groups, it also means better finances as the companies had deployed capital and borrowed from banks to build plants or road projects borrowed from banks to build plants or road projects but were unable to repay the loans in the absence of any cash flow. It had also piled up pressure on banks. With the projects getting commissioned, some companies may tap the buoyant stock markets to raise resources and retire debt accessed from banks and financial institutions.
