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The Cabinet has approved infrastructure projects worth Rs 1.83 lakh crore, Finance Minister P Chidambaram said on Tuesday, part of a government drive to fast-track clearances and win back investor confidence.

A Cabinet panel cleared 18 power projects at a cost of Rs 83,772 crore, Chidambaram told a news conference. "The banks have already disbursed Rs 30,313 crore for 18 power projects," he informs adding, "expect banks to start disbursals once stalled projects get cleared."

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The pending FSAs will be signed by September 6 and bulk of the FSA signing will take place by August 31, the FM says.

Reliance Power's Sasan project, which has been given stage I clearance, will get stage II forest clearance soon. Also, all approvals granted to L&T Metro Rail projects and GMR 's Kishangarh Expressway will be approved soon.

The board of approval will take up with Hindalco SEZ matter on August 30. 

On the falling currency, Chidambaram said that the rupee had overshot its true level and that country was one of several emerging markets that was facing such pressures. The rupee weakened to 65 to the dollar in opening trade after the lower house of Parliament approved a plan worth nearly USD 20 billion to provide cheap grain to the poor.

Also Read: Rupee leads FX fall; SE Asia currencies at multi-year lows

But Chidambaram said the government will stick to its target of reining in the fiscal deficit to 4.8 percent of the gross domestic product even after carrying out the food security programme.

Meanwhile, Chidambaram said the government has appointed two panels to look into the NSEL issue. The panel will submit its report in the next 15 days.  "I am in regular touch with SEBI, FMC on NSEL issue," he told reporters.