Resource detail

The government has kicked off a fast-track review of the cumbersome procedures involved in green clearances that often take years and are considered by industry as the single-biggest drag on India's investment momentum, stalling projects worth several lakh crores of rupees. It has also sought India Inc's views on the new environment regulator mandated by the Supreme Court. While new environment and forest minister Veerappa Moily has been approving several long-stalled investment in the past three weeks, the project monitoring group in the cabinet secretariat that works under the ambit of the CCI (Cabinet Committee on Investment), has initiated an exercise to review and streamline the processes for granting environment and forest clearances in order to ensure more predictability for prospective investors.