Union Cabinet clears Rs 33,500 crore power projects

The Union Cabinet has sanctioned approval to power projects worth Rs 33,500 crore.

Power minister RK Singh said that the Cabinet’s decisions would address coal related issues of stressed assets and make hydropower more affordable.

The Cabinet Committee on Economic Affairs (CCEA) has decided to treat all hydro plants as renewable, giving them access to cheaper overseas funds. The decisions include imposing hydro power obligations.

According to the government, “This will facilitate quick decision-making and obviate the need for multiple instances of approval by CCEA for the same CPSE.”

The alternative mechanism includes finance minister and minister for road transport and highways as permanent members. The minister for the relevant ministry of the CPSE being divested joins the mechanism as a temporary member for decision on that unit.

Image credit : fuelcellstore.com

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