With an aim to remove investment bottlenecks and fast-track mega projects worth more than Rs 1,000 crore, the government on Thursday established a new panel called Cabinet Committee on Investment (CCI).

While Indian economy is in dire need of huge investments to expand, more than one hundred projects of Rs 1,000 crore or more are stalled due to delays in various clearances they require.

The CCI, which will be headed by the Prime Minister and have ministers responsible for infrastructure sectors as its members, will fast-track approvals to mega projects and drive growth.

Speaking on the topic, I&B Minister Manish Tewari said, "The Cabinet Committee on Investment has been mandated and tasked with the responsibility of projects of investment over Rs 1,000 crore and ensure expeditious approval if timelines are not adhered to."

FICCI President RV Kanoria welcomed the launch of the high-powered panel, and said the move would send a strong signal among investors that the government wants to accelerate projects.

The idea for the creation of the high-powered panel was first mooted by Union Finance Minister P Chidambaram, who had suggested "National Investment Board" name for the body. However, the Cabinet renamed the proposed panel as Cabinet Committee on Investment.