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
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.