Petro-Chemical investment region issue referred to GOM

New Delhi, Nov 9 (UNI) The Cabinet Committee on Economic Affairs (CCEA) today referred the Petroleum, Chemicals and Petrochemicals Investment Regions (PCPIR), launched earlier this year to attract huge investments, to a Group of Ministers (GOM).

Speaking to reporters after the CCEA meeting, Finance Minister P Chidambaram said the PCPIR has been referred to GOM to sort out some issues in the matter.

Prime Minister Manmohan Singh had launched a major initiative to attract huge investments in the petrochemicals sector by creating special investment regions for such enterprises. The initiative will be backed by an appropriate policy framework for the development of these regions of requisite scale and level of facilities.

To facilitate the process, the Prime Minister has constituted a task force on Petroleum, Chemicals and Petrochemicals Investment Regions (PCPIR) that would enable quick and co-ordinated decision-making for attracting investments in the sector.

It would also provide an appropriate policy framework and examine existing Government policies and move for adoption of such policies and measures, including feedstock policy and related issues of availability and pricing. The task force would also identify, in consultation with interested State governments, the site(s) for the proposed PCPIRs.

The PCPIR would expedite the necessary clearances, upgradation and connectivity, including the SEZ clearance for the designated area within the investment region, infrastructural facilities, various environmental clearances and Foreign Investment Promotion Board (FIPB) clearances among others.

The State governments concerned would lead the task of setting up the PCPIR. Besides, assisting, expediting and monitoring various activities involved, including preparation of master plan, the task force would also facilitate single window clearance for necessary State-level approvals and appointment of an empowered CEO and constitution of project specific teams.

The nine-member task force was notified on January 2006 with the Principal Secretary to Prime Minister as the Chairman. The members of the task force include, Member Secretary, Planning Commission, Secretaries of Department of Chemicals and Petrochemicals, Petroleum and Natural Gas, Industrial Policy&Promotion, Commerce, Economic Affairs and Revenue.

UNI/RT SRS HT1642