FICCI President R.V. Kanoria on Friday wrote to the Prime Minister lending support to the idea of setting up of a National Investment Board under the chairmanship of the Prime Minister.
In the letter, Kanoria said that National Investment Board is the need of the hour for speeding up the decision making process.
FICCI pointed out that according to Centre for Monitoring Indian Economy, projects worth Rs 1.8 lakh crore got shelved during April-August period primarily because of problems related to land acquisition, environmental clearances and lack of fuel and mineral linkages.
“These projects if implemented would be self stimulating for economy’s growth without any additional fiscal burden,” noted Kanoria.
He pointed to examples of implementation mechanisms, in countries like China, Malaysia and Germany, which have ensured a competitive manufacturing and infrastructure base.