Against the backdrop of a slowing economy and perception of policy paralysis, Prime Minister Manmohan Singh on Friday sought to give a push to mega projects of over Rs 1,000 crore by putting in place a mechanism to track their progress and address hurdles.
Waking up to delays caused to large projects on account of clearances, Singh announced that the Investment Tracking System would submit quarterly reports so that corrective measures could be taken to ensure speedy implementation.
The decision to set up the tracking system is in "the context of delays faced by projects on multiple fronts - security clearances, environmental clearances, other clearances, land related matters, etc", the statement said.
It said issues would be identified and corrective action taken wherever found necessary.
"While existing rules and laws have to be followed, it was widely felt that a lot of the delay is avoidable if only there is a will to resolve matters," it added.
The decision to fast-track projects involving high investment is expected provide fresh impetus to the economy, which is grappling with a slowdown.
The announcement came a day after fresh figures showed that the growth rate during 2011-12 slipped to a nine-year low of 6.5 per cent mainly because of slowdown in manufacturing and poor investment. The growth rate in March quarter slipped to 5.3 per cent.