Indian Investment Projects on Fast Track

MUMBAI, INDIA - “The Government of India has set up a project monitoring group to fast track projects worth Rs. 1,000 crores. The group tasked with the job of clearing 449 projects worth Rs. 22 lakh crores has successfully resolved 163 projects worth Rs 5.7 lakh crores”, said Mr. Anil Swarup, IAS, Additional Secretary & Chairman, Project Monitoring Group, Cabinet Secretariat, Government of India during an interactive meeting on “Investor after Care” jointly organized on 30th July 2014 by WTC Mumbai and All India Association of Industries. 

Elaborating on the working of the project-monitoring group Mr. Swarup said timely implementation of projects is the sole criteria of the group. For the purpose the group has adopted digitalization by creating a national portal. The portal receives problems faced by the industry, which is automatically sent across concerned Ministries. The transparent flow of information ensures immediate action on the part of the Government while restricting unfair practices such as corruption and ensuring accountability in the system. Also, the project-monitoring group periodically meets central and state officials to discuss and disperse pending proposals.  

Enumerating on the future activities of the project monitoring group Mr. Swarup said firstly the group intends to form an interstate web portal to fast track state projects in the range of Rs. 100 crores to Rs. 1,000 crores. Secondly, an independent grievance portal for Ministry of Forestry has been created. Going forward, the group shall be replicating the same for Ministries of Environment, Mining and Coal. Mr. Swarup said that the Indian economy has been at a helm of global affairs with a new, promising and vibrant Government. India is a paramount importance for foreign investors. Displaying ease of doing business with India with an able and efficient IT application is the agenda for the project-monitoring group.

Earlier, in his welcome remarks Mr. Vijay Kalantri, President, All India Association of Industries said that Indian administration is in the hands of a new and stable Government, which has targeted high growth rates for the economy. The capital sparse Indian economy has huge potential for drawing investments in the sectors such as technology, health, education to name a few. Also, the economy looks forward to investing US$ 1 trillion in infrastructure sector. However, a major hindrance in the growth of the economy is that polices initiated by the Government do not percolate to the desk level. Hence, the setting up of the project monitoring group which stipulates timelines will go a long way in generating domestic and foreign investments for the economy.  Capt. Somesh Batra, Vice-Chairman, MVIRDC World Trade Centre proposed the vote of thanks.

PHOTO: (L-R) Capt. Somesh Batra, Vice Chairman, WTC Mumbai, Dr. Liu Youfa, Consul-General of the People's Republic of China in Mumbai, Mr. Vijay Kalantri, President, All India Association of Industries, Mr. Anil Swarup, IAS, Additional Secretary & Chairman, Project Monitoring Group, Cabinet Secretariat, Government of India, Mr. Narinder Nayar, President, Indo-Italian Chamber of Commerce & Industry, Mr. Leszek Brenda, Consul General of the Republic of Poland in Mumbai, Ms. Rupa Naik, Executive Director, All India Association of Industries and Director- Projects, WTC Mumbai