PM sets up monitoring system for large projects
01 Jun 2012
Prime Minister Manmohan Singh has approved the setting up of an investment tracking system to ensure speedy implementation of major investment projects in the country in order to avoid delays.
Under the tracking mechanism, the National Manufacturing Competitiveness Council (NMCC) will monitor public sector projects with an investment of Rs1,000 crore and above while the department of financial services will track private sector projects with investments of over Rs1,000 crore.
The NMCC will identify issues that need resolution and submit a quarterly statement of all projects monitored and report issues identified that need resolution, either systemically or individually.
The department of financial services will monitor projects using data available with the banking sector for tracking private sector projects with investments of over Rs1,000 crore.
The projects will be periodically reviewed for any delays and specific or systemic issues will be identified for resolution..
The department will submit quarterly statements on all projects monitored and issues identified that need resolution, either systemically or individually.
