Green signal to major undertakings of Rs 25,000 crore by Finance Ministry
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The real estate is climbing the ladder fast and faster without any stoppage. At a recent issue, through www.propertykhazana.com a high profile committee of ministerial head of finance has cleared the stones in the path of few stalled infrastructural ventures that amounts to Rs 25 000 crores. The sole decision was to fasten the project growth which was under scrutiny of government authorities for various matters as stated by D K Mittal – Financial Service secretary. It was well analyzed by the expert team and green signal flagged them for their further processing including the loan sections and other financial involvements.
Among these the major projects released by the government are L&T Metro Hyderabad, Hinduja Power, Vishakhaptanam and Seembari Expressway, Andhra Pradesh. L&T project is the largest among these all that amounts to loan sanction of approximately Rs 16000 crores. Further it was also confirmed that the financial committee is discussing about those projects right now which crosses the loan sanction of Rs 1500 crores and after its completion it will be taking down the cases of loan sanction of over Rs 1000 crores. As of now the government has talk for around 24 projects that calculates around Rs 209,000 crores. These projects consist of various sectors like power, mining, real estate and cement. It was due to some or the other reasons like environment, issue of land acquisition and other related set backs. After the clearance from the government it will make more transparency for the pending loan amount to get sanction for the fast progress of the projects and also put a progressive grade to the slowed down credit loans. The step collected much applause from the financial analyst around the nation and said it will be a positive step against the downgrading economic scene that hit last year to all the sectors of the business. It was earlier declared a lower credit loan growth at the last economic year by the RBI that depleted to 18% from 19 percent.
Source: NIMMA BENGALURU
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