Waiting for funds- Large projects need help
From Hindalco to Tata Steel, financial help is being sought for in big numbers, because there are around 100 projects still waiting for assistance. The public sector banks in the first quarter of 2014 is being thronged for help, and the industrial houses are placing all hopes on the incoming government to remedy the situation at the earliest, especially with capital goods sectors and manufacturing.
Sources from the Finance Ministry say;
- Project sizes that span 250crores and more, banks have proposals from them in 108 numbers.
- Important sectors to cover are commercial real estate, automobile, power roads and oil and natural gas too.
- Another important sector would be iron and steel for investment purposes
- Commercial projects, 100 of them
- Total investment needed 2.26 lakh crores
- Sanctioning done so far would be 27556 crores, only 3252 crores has been given
Eminent players say that only 169 projects so far have sent in their proposals of which credit to 108 projects have come through. For the projects as mentioned only 1 lakh crore has come about, and 6300 crore would be released ahead, says a source. The incoming government is of the opinion that the projects are at various stages of planning or take off, hence the delay.
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