Prime Minister, Mr Manmohan Singh, announced the formation of a committee under his chairmanship, for the periodic monitoring of core infrastructure projects.

The proposed committee would monitor the progress of projects in all key infrastructure areas like airports, power, telecom, roads and ports, on a quarterly basis. The Planning Commission will function as the executive arm of the committee and would identify bottlenecks in policy implementation and guide the relevant ministries to expedite project implementation.

The Prime Minister has also assured to mitigate the "Inspector Raj" stating that over-inspection would be done away with and a regulatory framework that is transparent, autonomous, world-class and one that provides impartial balance between private and public sector suppliers, would be created.

The Planning Commission has been asked to prepare a paper on the regulatory structures for different areas such as power, roads and ports. The PM indicated that the overall GDP growth of 7-8 per cent would be achieved through a 4 per cent growth in agriculture and a 10-12 per cent rise in industrial production.

Referring to the slowdown in capital formation in recent years, the PM indicated that the policy and political environment will be recreated to reverse this trend.