New Delhi: The Prime Minister on Friday approved setting up of an Investment Tracking System to speed up the implementation of projects. A statement from the Prime Minister's Office said that the tracking system has been set up to address the issue of major investment projects being delayed for a variety of reasons.
The issue had come up in the last meeting of the Prime Minister's Council on Trade and Industry in December, 2011 in which the Prime Minister had stated that major projects will be specially tracked to take them forward on a fast track to provide a fresh impetus to the economy.
Under this system, the National Manufacturing Competitiveness Council will track public sector projects with an investment of Rs 1,000 crore and above and submit a quarterly statement.
The private sector projects will be tracked by the Department of Financial Services. The department will use data available with the banking sector for this purpose.
"Through this mechanism, projects will be periodically reviewed for any delays and specific or systemic issues will be identified for resolution. The Department of Financial Services and the National Manufacturing Competitiveness Council will submit quarterly reports on the tracking being done by them and on identified issues to the Prime Minister's Office. Corrective action will be taken wherever found necessary," the statement said.
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