Millennium Post

Finance ministry to move for fast clearance of infrastructure projects

The finance ministry will shortly move a Cabinet note for setting up of a National Investment Board [NIB] to provide fast-tracking clearances to mega projects in the infrastructure sector.

'The finance ministry is likely to move a Cabinet note on NIB on Friday. The note is unlikely to mention any investment threshold for fast tracking infrastructure projects,' a finance ministry official said.

Concerned over delay in implementation of mega projects, Finance Minister P Chidambaram during the meeting of full Planning Commission earlier in the month had proposed Prime Minister-headed NIB to accord speedy clearance to proposals.

'It is not necessary for projects to be worth Rs 1,000 crore and above to come for NIB's consideration. The NIB will be headed by the prime minister,' the official added.

Several large projects involving investments of Rs 1.5 lakh crore are being held up because of delay in statutory clearances.
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