Prime Minister Manmohan Singh approved setting up of an Investment Tracking System in order 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 (PMO).
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. Several mega projects, including Posco’s proposed $ 12-billion steel plant in Orissa, has been on hold because of regulatory clearances and land acquisition issues.