Finance Minister P Chidambaram informed Rajya Sabha that the government would take an early decision on the proposal to set up a National Investment Board (NIB) under Prime Minister Manmohan Singh.
The board is intended to expedite clearances for mega projects. A proposal is under consideration for constitution of a Cabinet committee with Prime Minister as chairman to expedite decisions on approvals or clearances for implementation of projects.
The government is said to be studying comments from various ministries and departments on the draft Cabinet note in this regard.
Chidambaram said it was felt that the delays in various approvals or clearances had an adverse impact on growth, employment generation and time or cost overruns in the individual projects.
The proposed Cabinet committee, he said, would monitor and review the implementation of major projects to ensure accelerated and time-bound grant of various licences, permissions and approvals and prescribe time limits.
“The ministry or department would be expected to take a decision after due diligence on the application within the stipulated time period.
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