CIDCO seeks Prime Minister's intervention for Navi Mumbai airport approvals
Bankers said the finance minister advised them to lower interest rates on consumer durables that will help domestic demand pick up and investment in the manufacturing sector.
The Chairman of Maharashtra government-run urban planning agency CIDCO, Pramod Hindurao, on Saturday sought Prime Minister Manmohan Singh's intervention for speedy approvals and financial aid for Navi Mumbai International Airport (NMIA).
The project is estimated to cost Rs 14,500 crore.
Hindurao met Singh in Mumbai and submitted a status report on the proposed airport.
In a memorandum, he urged the PM to ensure speedy approvals for the greenfield project, so that works commence at the earliest.
CIDCO (City and Industrial Development Corp) is the nodal agency for the development of NMIA.
Hindurao, a senior NCP leader, told PTI here after the meeting that the Prime Minister gave a patient hearing to his submissions, and expressed the hope the project will be fast- tracked soon.
Giving a brief background of the airport plan, he said the Union Cabinet had given 'in-principle' approval to the project in 2007. Subsequently, CIDCO obtained environment and coastal regulation zone (CRZ) clearances from Ministry of Environment and Forests (MoEF) in 2010.
Since then, CIDCO is working towards seeking other required approvals at the Centre and State levels to launch the bidding process for commencement of Phase-I of the project by 2015, Hindurao said.
The airport is proposed to be developed through public- private participation, in which CIDCO/Airports Authority of India will hold 26 per cent equity and the rest by private developer.