Cabinet defers decision on investment panel

Differences between the commerce and industry and finance ministries on the setting up of the proposed Investment Commission led to a decision on the issue being deferred in today's Cabinet meeting.

Finance Minister P Chidambaram told reporters that a decision on the setting up of the commission had been put off as some of the ministers concerned were absent.

Commerce and Industry Minister Kamal Nath and Agriculture Minister Sharad Pawar did not attend the Cabinet meeting. Nath is understood to have written to Prime Minister Manmohan Singh that the proposed commission should be set up under the industry ministry and not the finance ministry as proposed.

The department of industrial policy and promotion under the industry ministry was in the process of formulating a draft Cabinet note but the finance ministry had already circulated a draft note on the setting up of the commission.