The Prime Minister Dr Manmohan Singh has approved the setting up of an Investment Tracking System to ensure speedy implementation of major investment projects being delayed for a variety of reasons.

This issue had come up in the last meeting of the Prime Minister’s Council on Trade and Industry held in December in which the Prime Minister had stated that major projects will be specially tracked to take them forward on a fast track in order to provide a fresh impetus to the economy.

This was in the context of delays faced by projects on multiple fronts – security clearances, environmental clearances, other clearances and land related matters.

Our correspondent reports, in this Investment Tracking System , National Manufacturing Competitiveness Council shall track all Public Sector projects with an investment of 1000 crore rupees and above.

The National Manufacturing Competitiveness Council shall submit a quarterly statement of all projects monitored and any issues identified that need resolution, either systemically or individually.

In this system, the Department of Financial Services shall monitor projects with an investment of 1000 crore rupees and above in the private sector. The department would use data available with the banking sector for this purpose.