Govt to set-up system to track major infra projects
- IPL spot-fixing case: Net widens, police watching 3 more players, other bookies
- IPL 2013 LIVE SCORE: Regular wickets keep Sunrisers Hyderabad in the hunt
- Sonia Gandhi, PM Manmohan Singh slam BJP for disrupting Parliament, stalling bills
- IPL spot-fixing: 'Bookie' Vindoo was close to BCCI chief's son-in-law, say cops
- Jessica Lall case: Shayan Munshi to face perjury trial
The government today said it will put in place an 'Investment Tracking System' to ensure speedy implementation of major infrastructure projects.
"Projects in the private sector are to be monitored and followed up by the Department of Financial Services, Ministry of Finance," an official statement said.
A format has been developed for monitoring such projects in the private sector and under Public Private Partnership (PPP) and is available at the department's website, it said.
Promoters of the projects, where the proposed investment is Rs 1,000 crore and above, are requested to provide details of their projects along with reasons behind delay, it said.
This information may also be updated on a monthly basis, the statement said, adding that the department is separately working on developing a web-based system for the monitoring of such projects which will enable the stakeholders in updating the status on a regular basis.
Large projects in the country are being delayed due to various reasons including land issues, fuel supply shortage and environmental clearances.
Meanwhile, as many as nine state-owned financial institutions, including SBI, Punjab National Bank, Bank of Baroda and LIC, have joined hands for consortium lending to infrastructure projects worth over Rs 1,000 crore each.
Other financial institution which are part of the consortium include Bank of India, Canara Bank, Union Bank, IDBI Bank and IIFCL.
The consortium aims to speed up the sanction process, bring uniformity in the approach and terms of lending, thereby facilitate early financial closure of the infrastructure project, the statement said.
Banks have been cautious on lending to infrastructure projects due to various reasons, including land issues.
The country's poor infrastructure, which is seen as a major bottleneck for economic growth, requires an estimated investment of a whopping USD 1 trillion in the 12th Plan (2012-17). Of this, 50 per cent is expected to come from the private sector.
- Fixing probe now reaches Bollywood, son of Dara Singh held
- BCCI cashes Pune Warriors guarantee, 'disgusted' Sahara walks out of IPL
- Sreesanth spent Rs 1.95L on clothes, bought friend BlackBerry, paid in cash: Police
- Delhi firm with MoD as client is linked to Pak cyberattacks
- After Infosys, iGATE sacks Phaneesh Murthy for sexual misconduct
- 2 weeks after harassment, Haryana schoolgirls return, cops in tow