The policy paralysis in the energy and infrastructure sector is likely to ease soon with the government deciding to set up a Project Clearance Board (PCB) in line with the Foreign Investment Promotion Board (FIPB) for speedy implementation of the energy and infrastructure projects in a time bound manner. 

India imports about 80% of its crude needs and is seeking to step up exploration and development of local oil and gas blocks to raise output. So far, it has offered only 68% of its sedimentary basin for exploration. The government failed to attract international oil firms due to slow pace of regulatory approvals. It took almost a year to clear $7.2 billion RIL-BP deal and $6 billion Cairn Energy -Vedanta deal, the two of the biggest foreign direct investment (FDI) last year. 

The Board, to be headed by the Cabinet Secretary, will include representatives from the Ministries of Home, Defence, Environment & Forests, Commerce, Coal, Department of Space and other infrastructure and energy related Ministries/Departments

The board will meet every month to review the status of approvals for energy and infrastructure projects and expedite security and other clearances. Ministries would report the status of issuing of clearances to this board. For the Petroleum & Natural Gas sector, the special cell for clearances being set up in DGH will act as the secretariat. A common mechanism for all sectors will be evolved soon and the Board will be set up in the coming weeks.