Seven large infra projects see light of day
The government has cleared seven big-ticket investment projects worth `21,000 crore, some of whom have been held up for decades. The oldest among them is a 235km railway line that is critical to tap Chhattisgarh’s second largest iron ore reserves and ensure the survival of the Bhilai Steel Plant whose current iron ore sources are expected to run out in a few years.
Apart from this, problems plaguing a hydro-electricity project in Sikkim that has been in the works since 2005, a 120km six-lane highway in Karnataka, a four million tonne iron ore processing plant being set up by NMDC in Chhattisgarh and three major power projects that could raise India’s electricity generation capacity by over 3,500 MW, have also been fixed.
The finance ministry has helped resolve financing issues facing three power projects. The Reserve Bank of India and the finance ministry were roped in to help expedite a loan sanction from the Power Finance Corporation for the Sikkim project.