Investment tracking system set up approved by Prime Minister

Investment tracking system set up approved by Prime Minister

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The setting up of an investment tracking system has been approved by the Prime Minister Manmohan Singh so as to ensure speedy implementation of large investment projects. The National Manufacturing Competitiveness Council will be monitoring the public sector projects with an investment of Rs. 1,000 crore and above.

The council will be identifying the issues that need to resolution either systematically or individually. In the same way, the private sector projects with an investment of Rs. 1,000 crores and above, will be monitored by the Department of Financial services (DFS) in the Finance ministry.

For this purpose the DFS will be using the data available with the banking sector. A quarterly statement of all the projects which were monitored will be submitted. With the help of this mechanism the projects will be periodically viewed in case of any delays, while specific or systemic issues will be identified for resolution.

A quarterly report will be submitted by the DFS and NMCC on the tracking being done by them on the identified issues to the office of the Prime Minister. An official said that corrective action will be taken wherever it is found essential. The announcement of setting up an investment tracking system comes after the revised estimates of the national income for 2011-12 was released by the Central Statistics Office.