Though it will tackle the tangled web of permissions required for a project, a bottom-up approach would be more effective.
The Opposition has been protesting against allowing foreign direct investment in the retail sector, as well as the rise in fuel prices.
In another round of big-ticket reforms, the Union Cabinet will consider tomorrow raising the FDI cap in insurance sector to 49 per cent and opening the pension sector to foreign investment besides creation of a National Investment Board.
It would be a Cabinet Committee on investments, to be chaired by Prime Minister Manmohan Singh.
PM-led body won't have jurisdiction over state-level issues that contribute most to delays.
In a letter to Prime Minister Manmohan Singh, Ficci president R V Kanoria said it is possible to have NIB "without violating any existing Act or rule as the intention is to speed up the decision making process and not bypass any law".
Once the final decision is taken by the NIB, no other Ministry or Department or Authority should be able to interfere with that decision or delay its implementation," he said during his intervention at the meeting of the full Planning Commission.
Natarajan said she had an unpopular job but she never did anything wrong
Modi's minimum government, maximum governance will go a long way?
'Let us also not expect that there will be a clean break with the past, much though the new government might like to think about it. In a functional democracy that is neither feasible nor desirable. But basic change it must be,' says Shreekant Sambrani.
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