Govt, Ficci to set up JV to boost investment

The government has decided to set up a joint venture company with industry body Ficci to encourage investment in the country.

"The Invest India company, a joint venture between the Department of Industrial Policy and Promotion and Ficci, would be funded by the government and managed by the chamber," Commerce and Industry Minister Kamal Nath said at the National Seminar on Foreign Trade Policy here today. 

The company would be set up in the next two months, Nath said. He said the foreign trade policy review unveiled yesterday seeks to enlarge India's trade basket with the inclusion of high value-added manufactured products and items such as fruits and vegetables.

"We invite suggestions from the industry within 15 days on the Focus Product & Focus Market schemes announced in the trade policy review," Nath said, adding that these schemes would help exporters to access existing markets with new products and penetrate the hitherto untapped regions. The government's objective, he said, was to continue to build on the economic momentum that the country has gained and make a serious bid to attain the export target of $200 bn in 2008-09.