The newly formed Cabinet Committee on Investments (CCI) will have powers to review the procedure followed by ministries in granting or refusing clearances for infra and manufacturing sector projects costing more than Rs 1,000 crore.

The Cabinet Secretariat in an order last week detailed the functions of Prime Minister-headed CCI which will identify projects in sectors like infrastructure and manufacturing for their time-bound implementation.

"CCI will now look after the implementation of critical projects including the procedures involved in their clearance or refusal and the delays such projects are facing," a source in know of the development said.

It will also come out with measures that are required for expeditious approval of such projects including simplifying rules and look at measures that will promote investment and economic growth, the source added.

The Cabinet-panel will also decide on simplification of rules and procedures followed by ministries such as forest and environment for grant of expeditious clearances in identified sectors.

In December, the government decided to set up a CCI to accord single-window approval to mega projects of over Rs 1,000 crore.

Finance Minister P Chidambaram had initially mooted a high-power body for giving speedy clearance to projects. He had suggested that the body be called National Investment Board (NIB) but it was later named CCI.

According to the minister, over 100 projects, each, involving an investment of Rs 1,000 crore or more, have been delayed due to various reasons.