PM Modi moves in to speed up $300 billion stuck projects
Prime Minister Narendra Modi has taken direct control of a project-monitoring body to fast-track investments worth almost $300 billion and revive manufacturing in the country, two officials with direct knowledge of the matter told Reuters.
Pro-business Modi has faced criticism in recent weeks that his ambition to spur investment and re-energise the economy has yet to be realized, more than six months after he won elections with the strongest mandate in three decades.
Industrial output contracted in October in its worst performance in three years, jarring with a much-publicised "Make in India" campaign Modi has championed to make the country a manufacturing powerhouse.
By taking over the Project Monitoring Group (PMG), which was previously in the cabinet secretariat, Modi could help firms planning coal, power, steel and infrastructure projects cut through a maze of up to 180 clearances.
"The fact that the prime minister's office (PMO) will be directly overseeing all the project clearances will impart a greater degree of efficiency and also ensure that clearances are fast tracked at every level," said one of the officials, declining to be identified ahead of a public announcement.
Prime Minister Narendra Modi has taken direct control of a project-monitoring body to fast-track investments worth almost $300 billion and revive manufacturing in the country, two officials with direct knowledge of the matter told Reuters.
Pro-business Modi has faced criticism in recent weeks that his ambition to spur investment and re-energise the economy has yet to be realized, more than six months after he won elections with the strongest mandate in three decades.
Industrial output contracted in October in its worst performance in three years, jarring with a much-publicised "Make in India" campaign Modi has championed to make the country a manufacturing powerhouse.
By taking over the Project Monitoring Group (PMG), which was previously in the cabinet secretariat, Modi could help firms planning coal, power, steel and infrastructure projects cut through a maze of up to 180 clearances.
"The fact that the prime minister's office (PMO) will be directly overseeing all the project clearances will impart a greater degree of efficiency and also ensure that clearances are fast tracked at every level," said one of the officials, declining to be identified ahead of a public announcement.
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