Millennium Post

PM to fast track project implementation

Amid declining growth rate and the need to arrest economic slowdown in India, Prime Minister Manmohan Singh on Friday approved setting up of an Investment Tracking System to ensure speedy implementation of mega projects envisaging outlay of over Rs 1,000 crore.

The proposed mechanism is aimed at addressing delays in implementation of projects, said a statement from Prime Minister's Office. While implementation of public sector projects of over Rs 1,000 crore will be tracked by the National Manufacturing Competitiveness Council, those in the private sector would be monitored by the department of financial services in the ministry of finance.

The decision to fast track investments would provide fresh impetus to the economy, which is grappling with slowdown. Several mega projects, including Posco's proposed $12 billion steel plant in Orissa, has been hanging fire because of regulatory clearances and land acquisition issues.

The decision to set up Investment Tracking System, the statement said, is in ‘the context of delays faced by projects on multiple fronts - security clearances, environmental clearances, other clearances, land related matters, etc.’
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