PM approves setting up of Investment Tracking System

   Jun 1, 3:53 pm

New Delhi, June 1 (ANI): In order to address the issue of major investment projects being delayed for a variety of reasons, Prime Minister Dr. Manmohan Singh has approved the setting up of an Investment Tracking System to ensure speedy implementation.

This issue had come up in the last meeting of the Prime Minister's Council on Trade and Industry held in December in which the Prime Minister had stated that major projects will be specially tracked to take them forward on a fast track in order to provide a fresh impetus to the economy.

This was in the context of delays faced by projects on multiple fronts - security clearances, environmental clearances, other clearances, land related matters, etc. While existing rules and laws have to be followed, it was widely felt that a lot of the delay is avoidable if only there is a will to resolve matters.

In pursuance of this, an Investment Tracking System has been put in place whereby:

(a) National Manufacturing Competitiveness Council shall track all Public Sector projects with an investment of ' 1000 crore and above. The National Manufacturing Competitiveness Council shall submit a quarterly statement of all projects monitored and any issues identified that need resolution, either systemically or individually.

(b) The Department of Financial Services shall monitor projects with an investment of ' 1000 crore and above in the private sector. The Department would use data available with the banking sector for this purpose. The Department shall submit a quarterly statement of all projects monitored and issues identified that need resolution, either systemically or individually.

Through this mechanism, the projects will be periodically reviewed for any delays and specific or systemic issues will be identified for resolution.

The department of financial services and the national manufacturing competitiveness council will submit quarterly reports on the tracking being done by them and on identified issues to the Prime Minister's Office. Corrective action will be taken wherever found necessary. (ANI)

Nepal Quake: Three more NDRF teams to be sent to Nepal Apr 26, 10:06 am
New Delhi, Apr. 26 (ANI): National Disaster Response Force (NDRF) Director General O.P. Singh on Sunday said that three more teams would be sent to Nepal in wake of the massive earthquake which has claimed over 1800 lives in the country till now.
Full Story
Another farmer commits suicide over crop damage in UP Apr 26, 10:06 am
Barabanki (U.P), Apr. 26 (ANI): A farmer upset over not getting due compensation for crops affected by unseasonal rains and hailstorms, committed suicide on Sunday outside the District Magistrate's office in Haidergarh area of Barabanki district in Uttar Pradesh.
Full Story
PM to share his thoughts on 'Mann Ki Baat' today Apr 26, 8:57 am
New Delhi, Apr. 26 (ANI): Prime Minister Narendra Modi will deliver his seventh 'Mann Ki Baat' address on All India Radio (AIR) today at 11 a.m.
Full Story
Uttarakhand CM visits Badrinath temple Apr 26, 8:18 am
Chamoli (Uttar Pradesh), Apr. 26 (ANI): Uttarakhand Chief Minister Harish Rawat on Sunday visited the Badrinath temple after its gate was opened, signalling the beginning of the pilgrimage.
Full Story
Comments

LATEST STORIES
TOP VIDEO STORIES
PHOTO GALLERY