The government today approved setting up a Cabinet Committee on Investment, CCI, to fast track investment clearances for mega projects. The decision was taken in the Union Cabinet meeting held today under the chairmanship of Prime Minister Dr. Manmohan Singh. Dr Singh will head the CCI and also nominate the members of the committee. The CCI will expedite projects offering single window clearance for projects costing 1,000 crore rupees or more by setting timelines for the concerned ministries.

The Union Cabinet also cleared the Land Acquisition Bill. Under the new bill consent of 80 percent land owners is mandatory for private acquisitions of land where as for Public-Private-Partnership 70 per cent consent is required. AIR correspondent reports award of compensation will also be as per the new bill.

The Cabinet also approved cutting the 1,800-MHz band 2G spectrum auction reserve base price by 30 per cent cut for four circles that did not attract bidders in November.The circles are Delhi, Mumbai, Karnataka and Rajasthan.
The Cabinet Committee on Economic Affairs also cleared a new urea investment policy.