New Delhi:
Finance Minister P Chidambaram is presenting the ministry's report on the state of economy.
Here are the highlights:
- 30 per cent of pending projects have been cleared.
- Cabinet Committee on Investment has cleared 18 power projects
- 9 infrastructure, energy projects have been cleared by the committee
- Approvals are in place, they will have to go back to banks
- Then you will see investments being made
- Can't mention a timeline but projects are not being stalled
- Bottlenecks are being removed
- If investments start, many things will happen... demand for various things will increase
- Message that we are sending is that we are keen on getting investment cycle started again
- Found a number of projects were stalled, CCI was constituted for that purpose
- Now, removing bottlenecks
- The investment cycle has started and it will gather pace as we go on
- We have appointed two committees and asked them to submit report within 15 days
- Meanwhile, some discussion about where FMC should be located
- Once the two reports come, the government will take action
- We are keeping a careful watch and are in touch with SEBI and FMC regulator
- After Food Bill, the Land Acquisition Bill is the next listed item
- Every emerging market is challenged today, India too
- The impact is more in currency and equity market
- Be patient, Rupee will find its appropriate level. Currently, Rupee is undervalued
- Have to do what requires to be done