POSCO Project Biggest FDI for India: Naveen

POSCO Project Biggest FDI for India: Naveen
Orissa Chief Minister Naveen Patnaik today said the POSCO project, which has been hanging fire for the last five years, has a potential of earning huge revenue for the Centre as well as the state and will create many employment opportunities for the country.

Patnaik also said the implementation of the Rs 51,000-crore project is also the responsibility of the central government.

"It is also the responsibility of the Centre. The Union government should see that  a major project like POSCO be implemented. It is the biggest FDI of the country," Patnaik told reporters on the sidelines of a function here.

The project, which was stalled after a four-member central panel submitted a split report on whether to withhold the environment clearance earlier granted to the company, is likely to be discussed by Prime Minister Manmohan Singh with the president of South Korea during a scheduled visit.

The project, which needs 4,004 acres of land, also encountered stiff opposition from the local people for fear of being displaced.

On August 5, the Ministry of Environment and Forest had issued a cease work notice to the state government on the recommendation of the N C Saxena Committee which claimed that Forest Rights Act, 2006 was grossly violated at the proposed project site.
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