Economy Dec 5, 2012
New Delhi: The Cabinet will consider tomorrow 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 tomorrow, sources said. The main objective of proposed NIB will be overseeing and monitoring large projects.
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.
The NIB would be chaired by Prime Minister Manmohan Singh, he had said. The Ministry of Environment and Forest has expressed certain reservations about the proposed NIB.
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.
More From Firstbiz Staff.