Chidambaram to meet India Inc, Bankers to set free stalled projects

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Worried about the slowing economic growth, finance minister P Chidambaram will initiate a series of discussions with India Inc and bankers from next week to remove the infrastructure bottlenecks which are stalling projects worth around Rs 7 lakh crore.

FM's first meeting is scheduled on Monday in Mumbai, followed by another in Bangalore. The meetings will see not only industry captains, but also chiefs of leading banks like State Bank of India, Bank of Baroda, Union Bank, Canara Bank and Corporation Bank coming up together to address the issue.

As per a data compiled by finance ministry, around 215 projects worth over Rs 250 crore each have been stalled currently due to various reasons and most of them are financed by public sector banks.

Among the projects stalled, most are related to power sector with a total estimated value of Rs 5 lakh crore.

Read more about: chidambaram
Story first published: Friday, April 5, 2013, 9:30 [IST]
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