Coming down heavily on the suspension of the environmental clearance granted to Posco’s mega steel project in Odisha by the National Green Tribunal, Industry body ASSOCHAM, has terming it as 'disturbing', especially in view of Manmohan Singh’s recent assurance to leading businessmen in Seoul that they must have faith in India notwithstanding the delays.
Over six years of delay in giving various clearances for the 12 billion dollar project – which is the biggest Foreign Direct Investment in the country – will have an adverse impact on future investment climate, said the Associated Chambers of Commerce and Industry of India (ASSOCHAM).
“The government should have long-term and transparent policies if India has to seek foreign investments for double digit GDP growth,” said secretary general DS Rawat, adding, “Otherwise the confidence among foreign investors will be undermined.”
Earlier, in a major setback to the South Korean steel giant, the National Green Tribunal has suspended the environment clearance granted to Posco’s proposed mega project in Orissa a year ago.
A few days ago in Seoul, PM Manmohan Singh had told South Korean President Lee Myung-bak that the Posco project was in progress and would be implemented soon.