You are here: Home » Economy & Policy » News
Business Standard

NIB to advise ministries on mega projects: Chidambaram

Says NIB would be a Cabinet Committee on Investments and will be chaired by Prime Minister

Press Trust of India  |  New Delhi 

Government proposes to set up a National Investment Board (NIB) to monitor and advise ministries on expediting projects entailing investments in excess of Rs 1,000 crore, Finance Minister P Chidambaram said today.

Replying to questions in the Lok Sabha, Chidambaram said NIB would be a Cabinet Committee on Investments, to be chaired by Prime Minister Manmohan Singh.

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

The main purpose is to oversee and monitor large projects, which will give a fillip to India's economic growth, Chidambaram said.

"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 said.

Chidambaram said similar arrangements were in place in countries like Japan, Indonesia, Malaysia and Thailand.

"The NIB will monitor projects, advise ministries and help ministries concerned take a decision," he said.

Chidambaram said a Cabinet note on the NIB has been circulated and a decision on it was yet to be taken.

To a questions, he said the Ministry of Environment and Forests had expressed a different opinion, which has been mentioned in the draft note.

The members of the Cabinet Committee on Investment will be finalised when the Union Cabinet takes a decision to set up the NIB.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, November 30 2012. 13:44 IST