The Project Clearance Board, to be headed by the Cabinet Secretary, will be on the lines of the Foreign Investment Promotion Board (FIPB) which clears FDI proposals in sensitive sectors.
The decision to set up the Board was taken at a meeting held by the Prime Minister's Office to review progress on various oil and natural gas exploration projects under the New Exploration Licensing Policy (NELP).
The Board will include representatives from the Ministries of Home, Defence, Environment & Forests, Commerce, Coal, Department of Space and other infrastructure and energy related Ministries/Departments, a PMO statement said.
"In a meeting held in PMO to review the status of clearances of Oil & Gas Blocks awarded under the NELP, it was decided that a Project Clearance Board along the lines of FIPB, would be constituted under the chairmanship of the Cabinet Secretary for review and issue of one-time clearances, including security clearance," it said.
The statement noted that "one of the biggest hurdles" to speedy implementation of projects is the delays faced by project implementing agencies and private firms with concessions, in obtaining security related clearances from many agencies.
It cited the example of progress in exploration work in over 70 oil blocks awarded under the NELP which has slowed down due to lack of clearances.
There are similar problems in other areas such as Ports and infrastructure sectors, the PMO pointed out. (MORE)