NEW DELHI: In a move that is aimed at speeding up the decision making process, Prime Minister Narendra Modi has decided that various ministries can now approve projects up to Rs 1000 crore without the Cabinet approval.Till now the process entailed inter-ministerial discussions, Finance Ministry being kept in loop and finally the cabinet approval, ET Now reported.According to ET Now, the ministries were required to seek Cabinet approval for projects above Rs 200 crore. The five fold hike in the discretionary spending power of ministries is meant to allow faster clearances of projects, particularly those related to infrastructure.The infrastructure sector is a key focus area for the Modi-led government. The Centre is keen to speed up infrastructure development and investment to boost economic growth which remained at sub-5 per cent level during the previous two fiscals.Last week it was reported that the government is set to finalise the policy for implementing its ambitious plan to convert 100 existing cities into smart cities, where it will allow large-scale participation of private sector.Apart from the 100 existing cities that will be retrofitted to smart cities, the government is also considering developing three-four greenfield cities, urban development secretary Shankar Aggarwal told ET. A key to developing the smart cities will be unravelling the large number of rules and regulations that have slowed down development for years, the secretary said.PM Modi has already asked the government to revisit all old rules and regulations, manuals and laws, and cut them down wherever needed.(With inputs from ET Bureau & PTI)