New Delhi: Finance Minister P Chidambaram on Monday expressed concerns over delay in clearing big investment projects and said steps will be taken to fast track all of them.
"We are doing that...we will fast track all of them. Some of them will get automatically fasttracked," he told a select group of journalists when asked fast tracking of projects. Chidambaram said he will be getting report on the status of large projects, which are stuck, by September 30 and will report to to Prime Minister Manmohan Singh in the first week of the October.
Referring to the review of investments plans of CPSEs and 89 projects that are stuck, Chidambaram said there is no final decision making authority for their clearance.
"Really in all these projects there is no one final decision making authority... The EGoM experiment also doesn't seem to work. Even after EGoM decisions, many things are held back.
"Therefore, I suggested that we must have an NIB (National Investment Board)...So unless we create a system under which final decision emerges in a reasonable period of time, I am afraid these Rs 1,000 crore plus projects will not take off," he added.
Several large projects involving investments of Rs 1.5 lakh crore are being held up because of delay in statutory clearances.
In June, Prime Minister Manmohan Singh approved setting up of an investment tracking system to ensure speedy implementation of mega projects envisaging outlay of over Rs 1,000 crore.
The Department of Financial Services and the National Manufacturing Competitiveness Council have to submit quarterly reports on the tracking being done by them and on identified issues to the Prime Minister's Office.
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