Indian government approves multi $1bn infrastructure projects

The Indian government Tuesday said that it has given its nod to at least 36 stalled multi- billion-dollar infrastructure projects in a bid to spruce up the sluggish economy and falling currency. Indian Finance Minister P. Chidambaram said that the 36 stalled projects include oil, gas, power, road and railways sectors, with value estimated at 1.83 trillion rupees (28.4 billion U.S. dollars) . "The message we are sending is that the investment cycle has restarted, and we are pushing it," he told the media in the national capital. "Disbursements would start as the approvals are being given. Clearly the signal is projects are not being stalled. Stalled projects have been un-blocked. What I say today, would be heard by banks also. The banks' chairmen waiting to disburse funds would do it now," the Finance Minister added. The Indian currency hit a record low, breaching 66 rupees to a U.S. dollar in intra-day trading Tuesday.