New Delhi: The proposal to set up the National Investment Board (NIB) for expediting clearance to large projects will come up for approval before the Cabinet in next 10 days, a top Finance Ministry official said.
"The inter-ministerial consultation on setting up NIB is over. The Cabinet note on NIB will come up for approval before the Cabinet in the next 10 days," Department of Economic Affairs (DEA) Secretary Arvind Mayaram said.
Concerned over delays in implementation of several mega projects, Finance Minister P Chidambaram had recently proposed setting up of NIB under the Prime Minister to clear large projects.
However, Environment Minister Jayanthi Natarajan had raised objections to the NIB proposal.
Recently in an interview, Chidambaram while reacting about the Environment Ministry views, had said, "They have some reservation which I think the officers have explained at a meeting...With the PMO."
He had further said that "please remember NIB, or whatever name you all it", is intended to address only the projects where the investment is over Rs 1,000 crore and all other projects are not being brought under its purview.
The minister had added that while the NIB would help remove delays, only in rare cases where inter-ministerial differences are there, it would take decision.
He had further said like Cabinet Committee on Economic Affairs, NIB is a Cabinet Committee under the Prime Minster.
Due to delay in statutory clearances, several large projects involving investments of up to Rs 1.5 lakh crore are being held up.