PM’s Monitoring Group cleared 4 projects worth 8000 crore Rupees

The Prime Minister’s Project Monitoring Group in second week of July 2013 has cleared four projects worth 8000 crore rupees.

The two of project approved are from the power sector. Earlier in first week of July 201 11 power projects were cleared which involved an investment of 52300 crore Rupees.

The Project Monitoring Group (PMG) was set up in the Cabinet Secretariat in June 2013 and is basically a facilitating body for slowed down projects serving as a platform to bring together all ministries involved with projects not taking off.

Important points wth respect to the clearance of Projects

• Bank funds worth an approximate 7 lakh crore Rupees are locked in projects that are stuck due to various reasons.
• The power projects given clearance include Mejia TPP DBC with a generating capacity of 500 MW with investments worth 2500 crore Rupees and Raghunathpur TPP DBC with a generating capacity of 600 MW with investments worth 3000 crore Rupees.
• Both the projects were stucked due to un-availability of coal and have now signed coal supply agreements with Coal India Ltd.
• The two other projects that were cleared were stuck due to non-clearance by the Environment Ministry.