The Indian Cabinet has approved setting up of an Empowered Group of Secretaries (EGoS) and Project Development Cells (PDCs) in ministries and departments to attract investment and boost growth in key economic sectors. This new mechanism will reinforce India’s vision of becoming a $5 trillion economy by 2024-25. The EGoS will be chaired by the cabinet secretary.

The government is determined to put in place an investment friendly ecosystem that strongly supports the domestic investor as well as foreign direct investment (FDI), an official release said yesterday.

The objectives of the EGoS includes ensuring timely clearances from different departments and ministries, attracting increased investment into India and providing investment support and facilitation to global investors, facilitating investment by top investors in a targeted manner and to usher policy stability and consistency in the overall investment environment.

The EGoS will also evaluate investments put forward by the departments, which would be given targets for completion of various stages by the group.

A PDC was also approved for the development of investible projects in coordination between the central government and state governments and thereby increase FDI inflows.

The PDC’s objectives will include creating projects with all approvals, land available for allocation and with the complete detailed project reports for adoption or investment by investors and identifying issues that need to be resolved to attract and finalise investments and put forth these before the empowered group.

Fibre2Fashion News Desk (DS)

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