December 13, 2012 / 20:27 IST
The Union Cabinet cleared the proposal to set up Cabinet Committee on Investment to expedite approvals to projects of Rs 1,000 crore or above, in an attempt to fire up the economy. "The proposal to set up Cabinet Committee on Investment, headed by Prime Minister, to fast-track mega projects of over Rs 1,000 crore was cleared," a source said. The high-powered panel for according speedy clearance to infrastructure projects was initially mooted by Finance Minister P Chidamabram. He had suggested that the body be called National Investment Board (NIB).
Also Read: Cabinet clears Cabinet Committee on InvestmentThe Cabinet at its meeting today, however, renamed the body as Cabinet Committee on Investment. The panel will have ministers in charge of infrastructure sectors as its members. Chidambaram's proposal had evoked sharp criticism from the Environment Ministry which had argued that the NIB would dilute its powers to take care of green concerns. "All the concerns of the Environment Ministry have been addressed," the source said, adding that the committee would fast track and coordinate mega projects.Environment Minister Jayanthi Natarajan had earlier written to the Prime Minister opposing any move to bypass the required green clearances for mega projects. She had said that the proposal seems to have been mooted only for the benefit of large firms and investors, while having no provision for redressing the concerns of affected people.Recently Chidambaram had said that there were over 100 projects, each involving investment of Rs 1,000 crore or more, that have been delayed due to various reasons. "Our problem is not conceptualising projects. Our problem lies in getting numerous clearances and getting the project off the ground within a reasonable time," he had said. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
