New Delhi: The finance ministry on Tuesday announced setting up of an Investment Tracking System for all major projects in the private sector and those under the public private partnership (PPP) worth Rs 1,000 crore and above.
The promoters of these projects have been directed to feed regular updates to the ministry's monitoring cell on the status of their projects and provide reasons if there was any delay in their implementation.
The monitoring cell has been set up in the department of financial services in the ministry which will coordinate with the promoters on all implementation issues.
The ministry on Tuesday released a format for monitoring such projects and promoters have been asked to update the information online. The government has now made it mandatory for promoters to provide details of their projects along with reasons behind delay to the monitoring cell on a monthly basis.
The initiative has been taken in view of tardy progress of major infrastructure projects. The government has set up a proposed target of $1 trillion worth of investment in the infrastructure sector during the 12th Plan period between 2012-17, a majority of them in the private sector and under the PPP mode.
For the current fiscal, the prime minister had said the government targets at least Rs 2 lakh crore of investments in the core sector. Projects have been delayed for various reasons, including land acquisition problems faced by private sector companies and fuel supplies bottlenecks.
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