Cabinet Committee on Economic Affairs approved the Setting up of CCI

The Union government of India on 13 December 2012 approved the setting up of a Cabinet Committee on Investment (CCI), to fast track investment clearances for mega projects. The decision was taken in the Union Cabinet meeting held under the chairmanship of Prime Minister Manmohan Singh. Prime Minister will head the CCI and he will also nominate the members of the committee. The CCI will expedite projects offering single window clearance for projects costing 1000 crore rupees or more by setting timelines for the concerned ministries.

The Union Cabinet also cleared the Land Acquisition Bill. Under the new bill consent of 80 percent land owners is mandatory for private acquisition of land where as for Public-Private-Partnership 70 per cent consent is required. The award of compensation will also be as per the new bill. The Cabinet also approved cutting the 1800-MHz band 2G spectrum auction reserve base price by 30 per cent for four circles that did not attract bidders in November. The circles are Delhi, Mumbai, Karnataka and Rajasthan. The Cabinet Committee on Economic Affairs also cleared a new urea investment policy.