New Delhi: After defeating the Opposition’s motion in the Lok Sabha over the Foreign Direct Investment (FDI) in multi-brand retail, the government is all set to expedite the process for economic reforms. JPN/Bureau/Agencies
In this direction, the Cabinet will on Thursday consider a proposal for setting up of National Investment Board (NIB) for quicker implementation of projects entailing investments in excess of Rs 1,000 crore.
The proposal to constitute Cabinet Committee on Investment or National Investment Board (NIB) is listed as one of the agenda for the meeting scheduled to be held on Thursday, sources said.
The main objective of proposed board will be to oversee and monitor large projects and make the complete process easier. The government is seeing the move as crucial for reviving slowing economy.
Recently, Finance Minister P 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.
Major projects will be directly under the supervision of Prime Minister’s office as the NIB would be chaired by Prime Minister Manmohan Singh.
The proposed NIB is being delayed by the Cabinet because the Ministry of Environment and Forest has expressed certain reservations over it.
Environment Minister Jayanthi Natarajan had written to the Prime Minister opposing any move to bypass 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.
New Delhi: After defeating the Opposition’s motion in the Lok Sabha over the Foreign Direct Investment (FDI) in multi-brand retail, the government is all set to expedite the process for economic reforms.