Cabinet may discuss NIB this week

The union cabinet is likely to discuss the much-awaited decision on setting up of National Investment Board (NIB) in a meeting scheduled for this week. The proposed NIB has run into rough weather following strong opposition from the ministry of environment and forests (MoEF).

NIB, which is proposed to be a three-member body chaired by Prime Minister Manmohan Singh, would facilitate quicker implementation of large infrastructure projects entailing investments in excess of Rs 1,000 crore.

In October, Jayanti Natarajan, minister of state for environment and forest in a letter written to the Prime Minister had alleged that the proposed NIB would bypass green clearances for mega approvals and will only benefit large firms and investors while having no provision for redressing the concern of affected people.

She also said that proposed NIB would serious jeopardise the working of the environment ministry. Finance minister P Chidambaram recently told Parliament the NIB would be a Cabinet Committee on Investments, to be chaired by the Prime Minister.

He said there were over 100 projects, each involving investment of Rs 1,000 crore or more, have been delayed for various reasons.