FE@CAMPUS MASTERMIND:Response by Abhishek Kumar Singh to question for Jan 14-20
Investment whether public or private plays an important role in development of Indian economy. It is today one of the most attractive destinations for business and investment opportunities for NRIs and foreign investors with the available large manpower base, diversified natural resources and strong macroeconomic fundamentals. But the chariot of this incredible growth story is constantly being pulled back by a plethora of reasons, one being the delay in granting environmental licenses to a number of corporate investment projects.
Environmental clearance norms require any person who desires to undertake any new project or the expansion or modernisation of any existing industry or project listed in the Schedule I to get a clearance from Ministry of Environment and Forests which will be valid for a period of 5 years for commencement of the construction or operation. The environmental clearance process is required for 39 types of projects, major being Nuclear Power projects ,River Valley projects, Ports, Harbours, Airports, Petroleum Refineries ,Chemical Fertilisers ,Bulk Drugs and Pharmaceuticals, Exploration for oil and gas, Thermal Power Plants, Mining Projects, Highway Projects, Raw Skins and Hides, Pulp, paper and Cement projects.
The gruesome administrative process of getting environmental clearances has led to stalling of number of important infrastructural projects. In a bid to spur fresh investments and unlock investments stuck in the pipeline, the Ministry of Environment is considering some dilution in environment norms. As a step in this direction,