According to a concept paper prepared by the Ministry of Finance and circulated among cabinet members and government secretaries for discussions, the council will be chaired by the Prime Minister while the Finance Minister will be the vice chairman. Altogether the council will have 14 members representing all the major ministries engaged in development activities.
At present, in-depth discussions are going on regarding the structure of the proposed Investment Board, which is supposed to deal with investment proposals involving more than one billion rupees, particularly in infrastructure and the industrial sector. The proposals can be for domestic, foreign or joint investment, said a high-ranking official who was involved in preparing the concept paper.
The broad will call proposals for projects it has approved and such calls can either be open or limited to certain investors. After receiving a complete application, the broad will take a week to make a final decision on the proposal.
Once a project is approved by the broad, the investors will not need to deal with other government agencies for securing various kinds of permissions and facilities, as the board itself will see to all that, said the official. “This will mean remarkable reductions in the cost and time for a project,” he said.
prem@myrepublica.com
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