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The Cabinet Committee on Investment, (formerly called National Investment Board) has has been cleared by the Cabinet today.
So, finally a good news for the infrastructure sector, which has really faced the trouble of policy paralysis, slow approvals, no certainty as far as approvals are concerned are concerned.
The committee to fast-track nod to mega projects will be headed by the Prime Minister Manmohan Singh. It has the power to expedite big infrastructure projects of investment worth Rs 1000 crore and above.
The committee will identify projects in notified sectors and prescribe time limits for approvals. However, the constitution to be decided by the PM will also project monitoring in notified sectors and review implementation of delayed projects.
If a ministry has to give approval there will be a 30 day window and if the ministry does not give some sort of a response by that point in time, it will then be taken over by the Cabinet Committee on Investment to take forward. This is likely to bring in some degree of predictability when it comes to the large degree of infrastructure proposals and large big ticket infrastructure investments.
The UPA has been positioning two big ticket ideas. One is on the infrastructure sector and the other on cash transfer scheme through the Aadhar cards.
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