The Union Cabinet, on Thursday, deferred its decision on setting up the National Investment Board (NIB) as Prime Minister Manmohan Singh wanted more inter-ministerial discussions on the proposal.

The proposal to set up a high-level body for according speedy clearance to infrastructure projects entailing investment in excess of Rs. 1,000 crore was initially mooted by Finance Minister P Chidamabram.

The Prime Minister wanted more discussion to he held on the issue, said a Cabinet Minister who attended the meeting.

The proposal, according to official sources, may come up for Cabinet approval next week.—PTI