New Government Advisory Body to Ease Foreign Investment
Sept. 14 -The government has approved the non-profit company, Invest India, to promote foreign investment in the country, reports the Business Standard.
The group will be a partnership between the Federation of Indian Chambers of Commerce and Industry (Ficci) and state government.
Foreign direct investment to India has been growing despite the global slowdown with FDI in July expanding by 56 percent compared to the same period last year. “I expect the next five months to be more positive,” Commerce and Industry Minister Anand Sharma was quoted by the Business Standard as saying.
On Invest India, Sharma said: “The government’s equity share will be 49 percent which it will reduce in a span of time to 35 percent by giving half per cent stake to state governments over a period of time. Ficci will have a 51 percent stake.”
Invest India aims to provide preliminary information for investors wanting enter the Indian market and will not overlap with the role of the Foreign Investment Promotion Board. It will also serve as an government advisory body for enacting investor-friendly policies.
- Previous Article Investment in Steel Growing Due to Strong Local Demand
- Next Article India’s FDI Continues to Rise, Up by 56 Percent in July