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Last updated: 03 Jun, 2020  

Dollar.Investment.9.Thmb.jpg Cabinet nod to EGoS to attract investment

Dollar.Investment.9.jpg
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SME Times News Bureau | 03 Jun, 2020

The Union Cabinet on Wednesday given its approval for setting up of an “Empowered Group of Secretaries (EGoS) and Project Development Cells (PDCs) in Ministries/Departments for attracting investments in India”.

This new mechanism will reinforce India’s vision of becoming a US$ 5 trillion economy by 2024-25.

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.

In the midst of current 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.

Also, ramping up production across product lines will help to serve big markets in the US, EU, China and elsewhere.

The proposal aims to take advantage of these opportunities from the global economic situation to make India among the largest players in the global value chain.

In order to provide support and facilitation to investors for investing in India and to boost growth in key sectors of the economy, an Empowered Group of Secretaries (EGoS) is approved with the following composition and objectives:

The body will aim at bringing synergies and ensure timely clearances from different departments and Ministries and attracting increased investments into India and provide investment support and facilitation to global investors.

 
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