Modi moves in to speed up $300 billion stuck projects

December 18, 2014

New Delhi, Dec, 18: 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 reportrs.modi projects

Pro-business Modi has faced criticism in recent weeks that his ambition to spur investment and re-energise the economy has yet to be realised, 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.

"The PMO's stamp will make a big difference."

A PMO official said a bureaucrat who had worked closely with Modi when he was chief minister of Gujarat will head the monitoring group. The senior officer is among a few trusted civil servants with whom the PMO thrashes out key decisions, often at the expense of ministerial authority.

Former Prime Minister Manmohan Singh set up the PMG last year to prod ministers and bureaucrats sitting on files, a tendency that came to be known as "policy paralysis" and was blamed for growth of less than 5 percent for two straight years.

Since its inception, the PMG has facilitated 197 stalled projects worth about $110 billion.

South Korean steel maker POSCO (005490.KS) is one of many companies to have approached the PMG. POSCO has waited nine years to get approvals to set up a $12 billion steel plant, which would be India's biggest foreign direct investment.

Tata Power (TTPW.NS) and Adani Power (ADAN.NS) are other top companies awaiting clearances.

"Business confidence has certainly improved in the last six to seven months, but this confidence now needs to get translated in the project delivery, kick-starting the investment cycle and boosting consumer demand," said Sunil Kanoria, president-elect of industry body ASSOCHAM.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
March 29,2020

Mumbai, Mar 29: Virologist Minal Dakhave Bhosale led from the front to create India's first coronavirus testing kit even when she was in the last stage of her pregnancy.

Bhosale's efforts paid the price with her team delivering the testing kit in a record time of six weeks.

Bhosale gave birth to a baby girl just a day before submitting the kit to the authorities for evaluation.

"It was like giving birth to two babies," Bhosale told PTI over the phone.

The virologist said both the journeys - that happened in parallel - were not without challenges.

"There were complications in the pregnancy while work on the test kit was on. The baby was delivered through cesarean," she said.

Bhosale said she felt that it was the right time to serve the people to help them in combating the coronavirus threat.

"I had been working for five years in this field and if I don't work in emergency situations when my services are needed the most, then what is the use?" she said.

Though Bhosale was not able to visit the office due to the pregnancy, she was guiding a team of 10 persons working on the project at Mylab Discovery in Pune.

The strong bonds forged with the team over the years and their support made it possible, she said.

Company's co-founder Shrikant Patole said just like drug discovery, test kits too go through a lot of quality checks to improve the precision.

He credited Bhosale for the success of the project.

The COVID-19 testing kit delivered by Bhosale's team will reduce the time taken for delivering a result to 2.5 hours from the prevalent practice of eight hours.

A pioneering approach to testing without compromising on the results was adopted, Bhosale said.

The Maylab test kit will cost Rs1,200, a quarter of Rs 4,500 per kit that the government has been spending on testing so far.

"I'm happy that I could do something for the country," Bhosale said.

As of Friday, only 27,000 of the 1.3 billion people were tested for the virus in the country.

According to experts, high scale testing is essential because it alone can ensure an early diagnosis of COVID-19 and lower down the fatalities.

The company is confident of ramping up the capacity at its plant in Lonavala to deliver 100,000 kits a week, Patole said.

He said the authorities are helping the company, including giving priority for shipping of the raw materials.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
July 20,2020

New Delhi, Jul 20: Alleging that 2,426 companies have "looted" people's savings to the tune of Rs 1.47 lakh crore from banks, Congress leader Rahul Gandhi has asked if the Prime Minister Narendra Modi led government will conduct a probe into it to punish those guilty.

"2,426 companies looted 1.47 lakh crore rupees of people's savings from banks. Will this government investigate this loot and punish the culprits?" Gandhi said on Twitter, without elaborating.

"Or will it allow them to flee like Nirav and Lalit Modi?" he asked.

Gandhi's attack came after media reports claimed that the All India Bank Employees Association (AIBEA) had released a list of 2,426 borrower accounts that have been categorised as “wilful defaulters” with dues amounting to Rs 1,47,350 crore to the banking system.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 20,2020

Kolkata, May 20: Cyclone 'Amphan' lay centred about 240 km south of Digha in West Bengal on Wednesday morning as an extremely severe cyclonic storm, the Met department said here.

The intensity near the centre of the storm was 170 to 180 kmph gusting to 200 kmph, the Met said.

'Amphan' is very likely to move north-northeastwards and cross West Bengal-Bangladesh coast between Digha and Hatiya, close to the Sunderbans during the afternoon to evening of Wednesday with a wind speed of 155 to 165 kmph gusting to 185 kmph as a 'very severe cyclonic storm', the Met department said.

West Bengal has evacuated more than three lakh people to safer places as the cyclonic storm 'Amphan' roared towards the coastal areas of the state, officials said.

The Met department, which has issued an "orange message" for West Bengal, warned of extensive damage in Kolkata, Hooghly, Howrah, South and North 24 Parganas and East Midnapore districts.

The Met department has advised that all establishments and markets remain closed in Kolkata and adjoining areas and movement of people be restricted on May 20.

There is likely to be disruption of rail and road link at several places, uprooting of communication and power poles, extensive damage to all types of 'kutcha' houses and some damage to "old badly managed pucca" structures and potential threat from flying objects, the weatherman warned.

There is also likelihood of extensive damage to standing crops, plantations and orchards and blowing down of palm and coconut trees, the Met said.

The weatherman has advised diversion or suspension of rail and road traffic in the districts which are likely to be affected.

The Eastern Railway (ER) has cancelled the departure of Howrah-New Delhi AC Special Express for Wednesday.

The departure of 02301 Howrah-New Delhi AC Special Express on Wednesday and 02302 New Delhi-Howrah AC Special Express on May 21 would remain cancelled, the ER said.

Wind speed along and off the coastal areas of West Bengal will reach 75 to 85 kmph with gusts up to 95 kmph from Wednesday morning along and off districts of North and South 24 Parganas, East and West Midnapore, Kolkata, Howrah and Hooghly, Regional Met director G K Das said.

"It will gradually increase thereafter becoming 110 to 120 kmph gusting to 130 kmph over West Midnapore, Howrah, Hooghly, Kolkata and wind speed of 155 to 165 kmph gusting to 185 kmph over the districts of North and South 24 Parganas and East Midnapore of West Bengal from the afternoon to night of May 20," he said.

Under its impact rainfall will occur in most places over the districts of Gangetic West Bengal on Wednesday, with heavy to very heavy downpour with extremely heavy rain at a few places in Kolkata, Howrah, East Midnapore, North and South 24 Parganas and Hooghly districts, he said.

"Storm surge of 4 to 5 metres above astronomical tide is likely to inundate low lying areas of South and North 24 Parganas and about 3 to 4 metres over low lying areas of East Midnapore district of West Bengal during the time of landfall," he said.

The Indian Navy has dispatched a diving team for providing assistance to the West Bengal government in relief operations, a Defence official said.

The diving team from Vishakhapatnam has brought specialised equipment along with them which can be used for rescue in case of flooding and have been positioned at the Naval Service Selection Board at Diamond Harbour in South 24 Parganas district, the official said.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.