The contentious National Board on Investment (NIB) got the Cabinet nod today, albeit in a new avatar-Cabinet Committee on Investment.

With this body, the Cabinet Committee on Infrastructure will be wound up, officials said. The Cabinet Committee on Investment will be chaired by Prime Minister Manmohan Singh, and will fast-track approval to projects of over Rs 1,000 crore, initially infrastructure ones. The committee assumes importance as India's economic growth slipped sub-six per cent for three quarters in a row till the second quarter of the financial year. Stepping up investment rate assumes importance to make the economy grow faster.