New Delhi: In a move to nudge the slackening pace of the Indian economy, the incumbent Prime Minister, Manmohan Singh announced a slew of measures for oil, coal and power sectors.
“The most important thing we can do to revive the investment climate domestically is to deal with the many impediments affecting the implementation of infrastructure projects,” expressed Singh while addressing the annual general meeting of industry chamber CII.
According to him, the government will give final clearances to 31 oil blocks in the next two weeks; furthermore clearances for 12 coal mining projects have also been fast-tracked. “These projects would add 37 million tonnes to our annual coal production,” he said.
He also acknowledged the persisting dilemma in the power projects by saying that the problem of fuel supply-both coal and gas, to power projects has been posing problems. “The Ministries are working to reach a resolution to these problems in a time-bound manner. I hope we will see results in next three weeks,” Singh added
The Neo-liberal proponent also hinted about more reforms to follow in the coming days in the foreign investment arena. The Prime Minister said that foreign investors should be encouraged to use India as a part of their global supply chain.
”The liberalization of FDI in multi-brand retail, civil aviation and other areas, are important signals. We are reviewing the FDI policy comprehensively to see what more can be done in the coming months,” he said.
EPC World News Bureau
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