Government Working on Institutionalizing More Investor Friendly Reforms: Ministry of Commerce & Industry

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Several multinational companies, as per the ministry, have evinced their interest to shift their base into India across different States in sectors such as electronics among others

The Ministry of Commerce & Industry noted that due to sensitivity of information maintained by the companies, the reasons for relocation of operations are not explicitly spelt out. If the ministry is to be believed then several multinational companies have evinced their interest to shift their base into India across different states in sectors such as electronics, retail, e-commerce, automotive, food processing, textiles etc.

“It has been seen that FDI inflows usually helps in augmenting domestic capital and promote employment opportunities across sectors. The FDI inflow from USA and other countries in the year 2019-20 had been USD 74.39 billion and for (April – July), 2020-21 (P) has been USD 16.26 billion,” read ministry’s official press note.

Constituted an Empowered Group of Secretaries

The ministry also noted that with a view to support and facilitate investments into India, the Government is working hard to institutionalize more investor friendly reforms. It has constituted an Empowered Group of Secretaries to provide support and facilitation to investors for investing in India and to boost growth in key sectors of the economy.

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Ironically the group is being reffered to as EGoS, and EGoS, as per the government, shall identify potential investors/organizations, make recommendations to the Ministry/Department to promote investment, facilitate handholding of investors, examine and suggest ways to attract more investment in greenfield projects.

“Project Development Cells (PDCs) are being set up in Ministries/Departments to fast track investments with coordination between Central Government Ministries and State Governments and thereby grow the pipeline of investment projects in India. The entire focus of the Government is to create an investment-friendly and business conducive ecosystem to drive investment growth in India,” read the official note.

It continued, “Several steps like Production Investment Schemes, GIS mapping of available land banks, issuance of Quality Control Orders to cut down cheap imports and many such measures have been put into place to attract further investment into the country.”

This information was given by the Union Minister of Commerce and Industry, Piyush Goyal, in a written reply in the Rajya Sabha recently.

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