New Delhi, June 3 (IANS): The Union Cabinet on Wednesday approved the setting up of an 'Empowered Group of Secretaries' (EGoS) and Project Development Cells in ministries and departments to attract investment into India and provide support and facilitation to investors for investing in India.
An official statement said that this move is in line with the government's target of achieving a $ 5 trillion economy by 2024-25.
Chaired by the Cabinet Secretary, the empowered group would include CEO, Niti Aayog, Secretaries of Department for Promotion of Industry and Internal Trade, Department of Commerce, Department of Revenue, Department of Economic Affairs (Member). Further, the Secretary of the department concerned will be also a member for the respective group.
"Government is determined to put in place an investment-friendly ecosystem that strongly supports the domestic investor as well as FDI and will boost the economy manifold. DPIIT proposes strategic implementation of an integrated approach that will eventually bring about synergies between Ministries/Departments and among the Central and state governments in our investment and related incentive policies," it said.
The empowered group is likely to bring synergies and ensure timely clearances from different departments and ministries and attract increased investments into India and provide investment support and facilitation to global investors.
It will also be tasked to facilitate investments of top investors in a targeted manner and to usher in policy stability and consistency in the overall investment environment.
The group will also evaluate investments put forward by the departments on the basis of their project creation and actual investments that come. Further, these departments would be given targets for completion of various stages.
Further, a 'Project Development Cell' (PDC) has also been approved for the development of investible projects in coordination between the Centre and state governments and in turn increase FDI inflows. Under the guidance of the Secretary, an officer not below the rank of Joint Secretary of each relevant Central line Ministry, who will be in-charge of the PDC will be tasked to conceptualize, strategize, implement, and disseminate details with respect to investable projects.