New Delhi: Government today (Oct 27, 2004) cleared setting up of an Investment Commission to woo foreign as well as domestic investors for major projects in the country.

Announcing the decision, Finance Minister P Chidambaram told reporters that the long-awaited proposal has been cleared by the Cabinet Committee on Economic Affairs (CCEA) and the Commission would function under the Finance Ministry.

This sets at rest speculation that the Commission would function under the Department of Industrial Policy and Promotion.