Investment Tracking System gets green signal from PM

In an endeavor to improve its tarnished public image, Prime Minister Manmohan Singh has accorded setting up an Investment Tracking System to keep track of investments in mega projects. The tracking system is aimed at addressing the issues of projects requiring investments over Rs 1,000 crore. According to the press release from Prime Minister’s office the main purpose of this system is 'the context of delays faced by projects on multiple fronts - security clearances, environmental clearances, other clearances, land related matters, etc.'

Under this system, National Manufacturing Competitiveness Council has been assigned to keep an eye and resolve issues faced by public sector projects worth over Rs 1,000 crore while Department of Financial Services in the Ministry of Finance will supervise the private sector projects.

The need of this tracking system comes in the back drop of fall in GDP to 6-year low which is primarily caused by deceleration in manufacturing and poor and declining investment. In December 2011, India Inc had raised the issue at the meeting with Prime Minister's Council on Trade and Industry.