By Accommodation Times News Service
The National Investment Board has finally got a nod for the Cabinet Committee on investment. The committee will be chaired by Prime Minister Manmohan Singh which will fast track approval to projects of over Rs.1000 crore initially infrastructure ones. The actual idea of this very cabinet committee was mooted by Finance Minister P. Chidambaram.
The committee assumes importance as the economic growth slipped 6% down from the target in three quarters, the investment rate will make economic grow faster. The planning commission has set a target of 8.2% growth for the economy in the 12th Five Year Plan. The investment rate in the economy has fallen from the 38.1% of gross domestic product in the pre-crises. If reports to be believed about 47% of the projects are been delayed, the economic affairs secretary said that the committee setup will enable to take decision more predictable. Timeliness will be drawn and within the time frame the decision will be taken. Also this will give the right signals to the credit rating agencies.