Union Finance Minister P Chidambaram on Monday held a series of meetings with select bankers, industrialists and investors in Mumbai to revive economic growth.Speaking to reporters after the meeting, Mr. Chidambaram said that the government wants to identify the reasons why more than 340 projects have been stalled and how can they be restarted.Mr. Chidambaram said that he has realized that the most common and major reasons stalling the projects were land acquisition, gas or coal linkages, environmental clearances, forest clearances and in some cases the inability or the unwillingness of banks to restructure loans.Expressing his commitment to remove bottlenecks hampering the implementation of these projects, the Finance Minister said that the government will deal with these issues on a project to project basis; adding he would undertake a similar exercise in Chennai shortly.Chidambaram was accompanied by Banking and Financial Services Secretary Rajiv Takru.Aiming to expedite the implementation of stalled projects, the government had recently set up a high-powered Cabinet Committee on Investment under Prime Minister Dr. Manmohan Singh, to remove blockages hampering mega projects. Meanwhile, one of the industrialists who attended the meeting, Mr. Kumarmangalam Birla later told reporters that the Finance Minister was very concerned and keen to complete these projects.
News On AIR | April 8, 2013 7:59 PM
Chidambaram meets bankers, industrialists, investors to revive economic growth<br/>