JOIN USThe Union Cabinet today deferred a decision on setting up of Rs 500-crore institution 3P India as Finance Minister Arun Jaitley was not in town.
Jaitley in his July 2014 budget had proposed to set up an institution called 3P India with a corpus of Rs 500 crore to promote public private partnership (PPP) projects with a view to give a boost to infrastructure.
"The decision on setting up of 3P India has been deferred," sources said after the meeting of the Union Cabinet.
The issue could not be taken up as the Finance Minister, who is in the US, could not attend the meeting, sources said.
In his 2014 Budget, Jaitley sought to set up the 3P India to address various various problems being faced by the PPP projects.
Observing that there were weaknesses in the PPP framework, the Minister had underlined the need for developing "a quick dispute redressal mechanism" and an institution to support mainstreaming of the PPPs.