The Prime Minister’s Office (PMO) has announced the setting up a new investment-tracking mechanism in order to speed up the implementation of large scale projects in the country.

Following the release of the weaker than expected quarterly data, PMO said, “In order to address the issue of major investment projects being delayed for a variety of reasons, the Prime Minister has approved the setting up of an Investment Tracking System to ensure the speedy implementation of such projects.”

According to a report by the Ministry of Statistics and Programme Implementation (Mospi) in September 2011, it was monitoring 167 central sector projects called mega projects that costs Rs 1,000 crore and above. The power sectors had 45 projects, petroleum had 36 projects and railways had 31 projects in the pipeline.

Under the new rules, the National Manufacturing Competitiveness Council (NMCC) will monitor the implementation of all the public sector projects that include an investment of Rs 1,000 crore or more. The authority will submit a report every quarter about the projects being monitored and if any issue needs to be resolved in the projects.

As for the private sector projects, the Department of Financial Services (DFS) will monitor projects with an investment of Rs 1,000 crore and above.