Road Transport and Highways Minister Kamal Nath today said NRI billionaire L N Mittal has a valid point when he says inordinate delays in mining approvals are choking mega investments in the country.
"I think there is a force in his point where mining is concerned. He is talking about the various approvals, which are required by the mining sector. So there is a valid point he made which the government has to look at," Nath said on the sidelines of the Pravasi Bhartiya Diwas (PBD) 2010.
To a query on how he planned to attract NRI investments following the CEO and chairman of the world's largest steel maker ArcelorMittal commenting that the country was not ready for mega investments, Nath said Mittal's statement should be seen the context of the mining sector alone.
"India certainly is getting huge investments. We have got huge investments and we will continue to get huge investments," he said.
However, he said there is a lack of coordination between the state governments and the Centre where mining leases are concerned. "Certainly there is a question of state and Centre coordination in this...," he said.
Mittal, whose company's projects worth over Rs one-lakh crore have been held up for over four years for want of regulatory clearances and land, had yesterday said this was because no one quite saw the rapid growth coming.
