In a policy update, the Centre’s project management monitoring group has fast-tracked the clearance of over 200 projects worth about $112 billion.
Addressing the second India-Central Europe Business Forum meet here on Monday, Minister of State for External Affairs Gen VK Singh said: “The project management monitoring group, which works under the Union Cabinet Secretariat, found 548 projects with a total investment of $346 billion in a state of dormancy or slow progress.
“Now we have a mechanism to review projects and investments to fast-track implementation. Things are improving. We are offering a good climate for our friends from Central Europe.”
The meet, organised by the External Affairs Ministry and FICCI, focused on key sectors such as agriculture and food processing, IT and ITES, manufacturing, pharma and life sciences, renewable energy and clean tech, and tourism and urban infrastructure, including transportation.
“Our economic policies have been changed systematically, inflation has come down, fall in crude prices has allowed the investment climate to improve, and there is a resurgent mood in the investment community. This should be made use of by countries in Central Europe and India,” said Singh.
Karnataka Chief Minister Siddaramaiah said the State was “very happy to be the partner State for the second edition” of the meet.
“Karnataka and Central European nations have some very complementary characteristics. Both boast of well trained, lower cost workforce. The financial health of both are in good shape and so is the public and private debt situation. As the Chief Minister of one of India’s most industrialised, open and tech savvy States, I extend a hand of friendship to all Central European nations which are keen to find trade and business opportunities here,” he added.
“Karnataka’s strengths in the auto sector have attracted some of the biggest global names which include Volvo and Scania. I urge tier 2 suppliers from Central European nations to also come and invest here,” he said.