FM Chidambaram to meet PSUs chiefs to determine a timeline for investment plan

FM Chidambaram to meet PSUs chiefs to determine a timeline for investment planFinance Minister P Chidambaram will today, on Sep. 12, meet the heads of nine bluechip public sector units (PSUs) to determine a timeline for these to start their investment plans.

The nine major PSUs have large cash reserves, around Rs 1.8 lakh crore, on hand, and have investment plans that they have so far put on hold. Arvind Mayaram, secretary at Department of Economic Affairs, recently said that the impact of investment by the major PSU would be seen very quickly.

Speaking at an event organised by FICCI in New Delhi on Tuesday, Mr. Mayaram said, "On the 12th (tomorrow), the finance minister is having a meeting with the CMDs of these corporations and the concerned administrative secretaries to put in place a timeline for these to begin to invest."

He stressed that the government was committed to quick clearances of big infrastructure projects. He added that the government was looking for better access to finance, thus all big projects were being monitored.

He further said that some problems had been identified in the ways to those investments, and the finance minister would take those problems to the cabinet for clearances or decisions.

Mr. Mayaram added that the finance ministry had prepared a 5-point action plan which included some very tough decisions on fuel subsidies to elevate overall investment sentiment.

The five-point action plan has been prepared at a time when the government is struggling to dispel persistent economic gloom.