New Delhi, Jun 28 (IANS): The central government will formulate a new policy for appraisal and approval of PPP proposals and monetization of core infrastructure assets, including through InvITs.

The policy will aim to cut bureaucratic tape and fast track approval processes for such infrastructure projects by reducing the number of clearances.

Department of economic affairs (DEA) will come out with the details of the new policy soon that would be seen with interest as it would allow government's budget announcement on asset monetisation plan to take off.

The current process for approval of Public Private Partnership (PPP) projects is long and involves multiple levels of approval, finance minister Nirmala Sitharaman said while announcing economic relief package aimed at spurring fire in the economy.

"The new policy will aim to ensure speedy clearance of projects to facilitate private sector's efficiencies in financing construction and management of infrastructure," Sitharaman said.