Govt paving way for 863 projects with $121 bn investment

The Ministry of Commerce and Industry told the media that ministries and investors are working together to facilitate 863 projects with $121 billion investment in chemicals and petrochemicals, and steel and heavy industry.

Additional Secretary of the Department for the Promotion of Industry and Internal Trade (DPIIT), Sumit Dawra, said that states, including Maharashtra, Gujarat, Karnataka, Tamil Nadu and UP are witnessing the highest interest among potential investments, monitored by the Project Development Cells (PDCs).

In 2020, the ministry approved setting up PDCs across ministries and departments to attract investments.

Dawra said that most potential investments are for foreign investors, with domestic investors being the source of interest for 345 projects with a $15 billion investment.

From 863 projects, 272 projects of $41 billion are highly probable, 279 projects of $69 billion are moderately probable, and 312 projects of $11 billion are long-term.

He said that there might be some overlap between potential investments and those under various public-linked incentive (PLI) schemes.

Image Source