Stressing on the need for continued policy actions for facilitating fast clearances of projects in the Infrastructure space, Dr Montek Singh Ahluwalia, Deputy Chairman, Planning Commission, emphasised that “Reviving confidence of both domestic and foreign investors will depend critically on reviving investments in the economy’. Highlighting the criticality of project clearances in reviving growth, Dr Ahluwalia said “Project clearance is the most important issue, after GST, which should be pushed vigorously to support growth. Dr Ahulwalia was addressing the participants at the inaugural session of “Conference on Reviving Investment: Imperatives for Project Clearance’ organised by the Confederation of Indian Industry in New Delhi today.
Speaking further on reviving investments, Dr Ahluwalia said that “Apart from addressing the regulatory aspects impacting project clearance, there is also need to address the financing issues to support the swift take off of the cleared projects.”
With the country going into the election mode, Dr Ahluwalia urged the industry to undertake preparatory work and come up with an agenda which would elucidate a set of actions to be taken by the new government to push the growth agenda forward.
Speaking on the occasion, Mr Anil Swarup , Additional Secretary & Chairman Project Monitoring group , while focussing on the significance of digitisation in the clearance process said that, “ While digititisation of clearance processes would ensure fast tracking of approvals through instituting transparency and accountability, it will further facilitate getting various stakeholders at the ground level, for early resolution of the issues”. Highlighting the facilitative role played by PMG, Mr Swaroop eluded that the PMG has been able to facilitate clearance of around 147 projects worth Rs 5 lakh crore through a consultative approach involving all stakeholders.
Addressing the session Mr R Seshasayee, Past President & Chairman, Economic Policy and Council, CII and Executive Vice Chairman, Hinduja Group said that ensuring transparency, bringing clarity on policy interpretation and policy reengineering would be essential for speeding up processes for clearance.
Mr Chandrajit Banerjee, Director General, CII, in his opening remarks said that the experience of working with the PMG on process rationalisation is a unique one and presents industry an opportunity to contribute to this important task.
While making a presentation on reviving investments, Mr Suresh Subudhi, Partner and Director, The Boston Consulting Group alluded that “the phased action plan that has been carved out to improve the situation of project clearences in terms of clearly defined steps aligned between the ministry and industry along with set guidelines and timelines would help in reducing the time for the clearances.
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