High-powered panel under PM formed to clear mega projects
14 Dec 2012 4:20 PM IST
The Union Cabinet on Thursday cleared the proposal to set up Cabinet committee on investment under the chairmanship of Prime Minister Manmohan Singh to accord expeditious approval to projects of over Rs 1,000 crore.
‘The proposal to set up the committee to fast-track mega projects of over Rs 1,000 crore was cleared’, sources said.
The high-powered body for giving speedy clearance to infrastructure projects was initially mooted by finance minister P Chidamabram. He had suggested the body be called National Investment Board (NIB).
Chidambaram’s proposal had, however, evoked sharp criticism from the environment ministry which had argued NIB would dilute its powers to address green concerns. ‘All the concerns of the environment ministry have been addressed,’ sources said, adding it would fast-track and coordinate mega projects. The decision on setting up of NIB was deferred by the Cabinet last week as Singh wanted more inter-ministerial discussions on the proposal.
‘The proposal to set up the committee to fast-track mega projects of over Rs 1,000 crore was cleared’, sources said.
The high-powered body for giving speedy clearance to infrastructure projects was initially mooted by finance minister P Chidamabram. He had suggested the body be called National Investment Board (NIB).
Chidambaram’s proposal had, however, evoked sharp criticism from the environment ministry which had argued NIB would dilute its powers to address green concerns. ‘All the concerns of the environment ministry have been addressed,’ sources said, adding it would fast-track and coordinate mega projects. The decision on setting up of NIB was deferred by the Cabinet last week as Singh wanted more inter-ministerial discussions on the proposal.
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