South Korean steel giant Posco has been granted clearance by the Environment Ministry for it 52,000 crore rupees plant in Orissa. The clearance is with some conditions involving environment and forests. Environment Minister, Jairam Ramesh has sought an assurance from the Odisha government that there will be no violation of the Forest Act in the state while acquiring over 1,200 hectares of forest land for Posco. He said the final approval will be granted to the project only after the assurance from the state government.
Posco is the single biggest foreign direct investment project in India. It is expected to generate 8.7 lakh jobs and contribute 11.5 per cent to Orissa's economy by 2017. The project got the nod at a time when the country's FDI inflow declined by 26 per cent due to fragile global economic recovery. The environment ministry in its conditional approval has sought an assurance from the Naveen patnaik government that there will be no violation of Forest Right Act while acquiring over 1200 hectares of land for the project. The final approval will be granted only after the assurance.
Posco is the single biggest foreign direct investment project in India. It is expected to generate 8.7 lakh jobs and contribute 11.5 per cent to Orissa's economy by 2017. The project got the nod at a time when the country's FDI inflow declined by 26 per cent due to fragile global economic recovery. The environment ministry in its conditional approval has sought an assurance from the Naveen patnaik government that there will be no violation of Forest Right Act while acquiring over 1200 hectares of land for the project. The final approval will be granted only after the assurance.
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