NEW DELHI: The Union Cabinet on Wednesday approved setting up of a empowered group of secretaries and a Project Development Cell (PDC) in ministries to attract more investments. The move already announced by the Finance Minister Nirmala Sitharaman under the Aatmnirbhar Bharat relief package announced last month, was cleared by the Cabinet, chaired by Prime Minister Narendra Modi.
The group, chaired by the cabinet secretary would comprise Niti Aayog CEO and secretaries from the DPIIT, Department of Commerce, Department of Revenue, Department of Economic Affairs, the concerned department head and the secretary Department for Promotion of Industry and Internal Trade (DPIIT) will be the member convenor.
The objectives include bringing synergies and ensuring timely clearances from different departments and ministries; to attract increased investments into India and provide investment support and facilitation to global investors. Targets to departments will also be issued for completion of the investment cycle.
“Amid the ongoing COVID-19 pandemic, India is presented with an opportunity to attract FDI inflows into the country especially from large companies which seek to diversify their investments into new geographies and mitigate risks,” said an official statement.
Besides, the Cabinet also approved the formation of PDC for the development of investible projects in coordination between the central and state governments. Under the guidance of the secretary, an officer not below the rank of joint secretary of each central line ministry, who will be in-charge of the PDC, will be tasked to conceptualise, strategise, implement, and disseminate details with respect to investable projects.
“The government is determined to put in place an investment friendly ecosystem that strongly supports the domestic investor as well as FDI to boost the economy,” it added.