The Cabinet Committee on Investment (CCI), which recently meet to discuss the permission for 47 stalled oil exploration projects with a combined proposed investment of $13.5 billion, has asked the union oil and defence ministries to resolve their differences on the projects.
The CCI that is headed by Prime Minister Manmohan Singh have authority to clear mega projects to address infrastructure issues. The panel was constituted in December with an aim to expedite investment proposals costing more than Rs 1,000 crore and improve India's investment climate.
The defence ministry was told that the energy security of the country is very important as $15 billion has already been invested and oil reserves have been discovered in the country. Defence ministry officials have laid out some concerns like the Navy holds exercises off the Visakhapatnam coast with friendly nations. The Navy has been asked to determine another area for exercises and the two parties have one month to reach an agreement on the matter.
Officials have said that both Finance Minister P Chidambaram and Prime Minister Singh are committed to clear the investment projects by settling disputes between parties soon. The panel is expected to discuss stalled projects in its next meeting.
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