Going forward economy can only become stronger: Chidambaram

The CCI and project monitoring group (PMG) has been an outstanding success, he said.

“I am very happy that the idea of CCI has now been vindicated. The greater vindication is coming from the fact that 15 states have come to the Cabinet Secretariat seeking advice and guidance on how to set up similar PMGs in respective states. I sincerely hope that every state will set up a cabinet committee and a PMG for projects that are being implemented in their states, he added.

Out of these 169 projects taken up by the CCI, in 108 projects “we have almost completely resolved the outstanding issues... (and) as a result... these projects are moving forward”, he said.

Fresh loans to the extent of Rs 1,02,292 crore have been released to the project promoters.

Of all the 169 projects, the total project cost is Rs 8,37,632 crore and the loan sanctioned by banks to these projects is Rs 2,92,658 crore.

The outstanding loan as of Feb 28, 2014, was 2,28,288 crore, which means roughly 70 per cent of the sanctioned loan has been disbursed, Chidambaram added.

To a query related to the Adani Group, considered close to Gujarat Chief Minister Narendra Modi, Chidambaram said he is appraised about various issues by investigating agencies.  “I am briefed from time to time about the enquires that are being conducted by various agencies—that is a matter of routine briefing...The Adani Group has figured in such briefings but right now I cannot tell you the details of each case,” Chidambaram said.

He also added that ministers “do not give directions” on individual cases.

Asked if the Central Board of Direct Taxes was suspicious about investments in the capital market made by certain foreign individual investors through Participatory Notes, Chidambaram said he was not aware of it.

“The P-note issue was addressed three-four years ago. Investment through P-notes is a regulated activity,” he said.