After almost a year, Environment Minister Jairam Ramesh todaygranted clearance for South Korean steel giant Posco's Rs 52000 crore plant in Orissa. The clearance is, however, been granted with some conditions involving environment and forests.According to a study, the project is estimated to generate 8.7 lakh jobs and contribute 11.5 per cent to state's economy by 2017. With 12 million tonne annual capacity, Posco is expected to contribute one-tenth of central government’s annual steel production target of 120 million tonnes per annum by next year.Posco is the single biggest foreign direct investment project in India. it is expected to give a big push to country's economy which is expected to grow 8.5% in financial year 2010-11. At the time when India's FDI declined by 26 per cent to 87000 crore rupees due to fragile global economic recovery, the project is expected to help in a big way. Mr. Ramesh has, however, sought an assurance from the Naveen patnaik government in Orissa that there would be no Forest Violation Act in the state while acquiring over 1200 hectares of forest land for Posco.He said the final approval will be granted to the project only after the assurance from the state government.