The finance minister P Chidambaram has said that Cabinet may soon take up the proposal to set up National Investment Board (NIB) aimed at expediting clearance to large projects and boost investments in the Asia's third largest economy.
The finance ministry has already finalized a cabinet note for creation of the National Investment Board (NIB) to expedite infrastructure projects and directly monitor all the big projects across various industries.
As per the note prepared by finance ministry, initially the board will monitor the projects where investment is Rs 1,000 crore or more in sectors such as roads, mining, power, petroleum, natural gas, ports and railways.
The note also had it that prime minister will head the board who will be empowered to decide time-frames to be followed by the respective ministries for achievement of milestones in various projects.
About the concerns raised by environment ministry over setting up of such a board, Chidambaram said the some officers have already met the officers from environment ministry and they have explained the concept to them.
The National Investment Board has been proposed amid several large projects involving investments of up to Rs 1.5 lakh crore staying struck due to delay in statutory clearances.
"Somebody has to resolve the conflict. It can't be that each ministry will stick to its gun and no decision will be taken. So the NIB will be the body where the government takes a decision," Chidambaram told media.