Manmohan Singh
The Prime Minister, Manmohan Singh addressing after dedicating the Guru Gobind Singh Refinery to the Nation, in Bathinda, Punjab on April 28, 2012. PIB

In an attempt to speed up economic recovery and to fast track investments, the government of India has approved setting up of an investment tracking system.

In a statement issued to the media Friday, the Prime Minister's Office said, In order to address the issue of major investment projects being delayed for a variety of reasons, the Prime Minister has approved the setting up of an Investment Tracking System to ensure speedy implementation of such projects.

The government said major projects would be specially tracked to take them forward on a fast track to provide a fresh impetus to the economy.

The issue came up in the last meeting of the Prime Minister's Council on Trade and Industry held in December, where the Prime Minister stressed on the need to have such a system. The decision was taken in the context of repeated complaints over the delay in getting clearance for projects in different fronts (like security clearance and environmental clearance), impeding the economic growth.

Under the proposed investment tracking system, the National Manufacturing Competitiveness Council shall track all the public sector projects with an investment of Rs 10.00 billion and above.

The Department of Financial Services shall monitor private sector projects with an investment of Rs 10.00 billion and above and would use data available with the banking sector for this purpose.

Both the National Manufacturing Competitiveness Council and the Department of Financial Services will submit a quarterly statement of all projects monitored and issues identified that need resolution to the Prime Minister's Office.

The statement said that an investment tracking system would periodically review the projects for any delays and specific or systemic issues would be identified for resolution.