Agency reports indicate that Cabinet Committee on Investment (CCI) may clear around Rs 50,000 crore worth projects by March 2014.
In 2013-14, India would see many projects coming on stream. Department of Economic Affairs Secretary Arvind Mayaram is quoted as saying this by a leading news agency.
Finance Minister P Chidambaram has also been engaging with investors to attract overseas investment and the government has been taking steps to streamline investment, Mayaram is quoted as saying.
In the last few months, the CCI has met twice to discuss clearances to projects in coal, power and oil and gas sectors. With CCI clearing mega projects, foreign investment in India would get a boost, Mayaram is quoted as saying.
Under Prime Minister Manmohan Singh, the government set up CCI to accord fast track clearances to high-end projects for their time-bound implementation.
The official has also reportedly remarked that ministries have have started taking quicker decision and are acting to clear projects faster approach the CCI.
Fast tracking investments would provide impetus to the economy, which is grappling with slowdown. The economic growth rate in 2012-13 is estimated to have slowed to a decade's low of 5 per cent, mainly because of slowdown in manufacturing and poor investment. The growth rate in 2011-12 was 6.2 per cent.