India to approve oil, gas projects 'in 30 days flat': Anand Sharma
Allaying fears of delay in clearances, India today promised foreign investors that it will approve oil and gas projects "in 30 days flat" as it invited Gulf businesses to take advantage of investment opportunities in the country.
"I share your concern in delay in clearances. We are working seriously in that direction. The first meeting of the Cabinet Committee on Investment examined projects in the oil and gas and decisions will be taken in 30 days flat," Commerce and Industry Minister Anand Sharma said while addressing the India Business Meet here.
Expressing India's determination to carry forward the economic reform programme, Sharma said that the Indian government has taken several initiatives in the past to rationalise and simplify Foreign Direct Investment (FDI)procedures.
The minister further said that efforts were being made to revert to 9 per cent growth path. The economy in the current financial year is expected to decline to 5 per cent from 6.2 per cent in 2011-12.
"Once things improve, we need to have double digit growth and sustain it for at least two-and-half decades. This is important from the point of view of sustained growth and social needs of providing jobs to a young population," he said, adding India's economic fundamentals are strong and its growth story is intact.
As regards the taxation issues, Sharma said, "Government is working on it and Goods and Services Tax is being pushed with all sincerity".
Referring to the immense possibility of the economic engagement between the two countries, Sharma said that the establishment of a
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