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Cabinet to take call on National Investment Board: Chidambaram

PTI  New Delhi, November 30, 2012
First Published: 21:18 IST(30/11/2012) | Last Updated: 21:20 IST(30/11/2012)

Admitting to differences with the ministry of environment in the setting up of the National Investment Board, finance minister P Chidambaram on Friday said the Cabinet would take a final call on the issue.

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Replying to supplementaries in the Lok Sabha, he said the the government has proposed to set up the NIB for "quicker implementation" of large projects entailing investments in excess of Rs. 1,000 crore.

Environment minister Jayanthi Natarajan had written to Prime Minister Manmohan Singh opposing any move to bypass required green clearances for mega project approvals by the proposed NIB. She had said that the proposal seems to have been mooted only for the benefit of large firms and investors while having no provision for redressing the concerns of affected people.

Chidambaram said the NIB would be a Cabinet Committee on Investments, to be chaired by the Prime Minister. He said there were over 100 projects, each involving investment of Rs. 1,000 crore or more, that have been delayed for various reasons.


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