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The government has constituted an inter-ministerial committee to ease investment from the US. This is meant to tap the renewed interest among American businessmen in the India story, especially after Prime Minister Narendra Modi’s recent visit to that country.
The committee, to be headed by the secretary in the department of industrial policy and promotion (DIPP), would fast-track investment proposals from the US and address the issues related to implementation of the projects where money is to flow in.
At present, Amitabh Kant is the DIPP secretary.
Besides, the committee would identify bottlenecks faced by American investors in implementation of their investment proposals and address those in consultation with the agencies and state governments concerned, said an official statement released on Wednesday.
“The committee will look into areas of concern in the sectors of interest to US companies and address those,” it added.
The committee will also closely monitor and coordinate the process to ensure investment from that country is put on the fast track in various sectors, and opportunities of investment and technology transfer are fully exploited. It will interact with US companies, as well as ministries and departments of the central and state governments.
The panel will initiate action to ensure the US companies investing here are given hand-holding services, and to promote an easy and attractive environment in all sectors, particularly manufacturing.
“The committee will encourage practices that promote investment in manufacturing, with a special emphasis on green, advanced and smart technologies, by US companies in India. This is be to increase competitiveness and make Indian manufacturing a significant player in the global supply chain,” the statement said.
Members of the committee will include officials from the finance, environment, power, road transport, railways, defence, civil aviation, telecom, health and external affairs ministries.
At present, the US is ranked sixth among countries from where India has got the highest foreign direct investments. The country’s around $13 billion of investment here from April 2000 to September 2014 accounts for 5.65 per cent of the total FDI inflows to India during the period.
In the first six months of the current financial year, American investors have brought in $1.2 billion, which is higher than the $806 million they had in the entire 2012-13.
After the prime minister’s September visit to the US, investors there have developed a keen interest in India. The US-India Business Council had earlier said it had identified the Indian sectors where over $41 billion of investments could flow over two to three years.
The committee, to be headed by the secretary in the department of industrial policy and promotion (DIPP), would fast-track investment proposals from the US and address the issues related to implementation of the projects where money is to flow in.
At present, Amitabh Kant is the DIPP secretary.
Besides, the committee would identify bottlenecks faced by American investors in implementation of their investment proposals and address those in consultation with the agencies and state governments concerned, said an official statement released on Wednesday.
“The committee will look into areas of concern in the sectors of interest to US companies and address those,” it added.
The committee will also closely monitor and coordinate the process to ensure investment from that country is put on the fast track in various sectors, and opportunities of investment and technology transfer are fully exploited. It will interact with US companies, as well as ministries and departments of the central and state governments.
The panel will initiate action to ensure the US companies investing here are given hand-holding services, and to promote an easy and attractive environment in all sectors, particularly manufacturing.
“The committee will encourage practices that promote investment in manufacturing, with a special emphasis on green, advanced and smart technologies, by US companies in India. This is be to increase competitiveness and make Indian manufacturing a significant player in the global supply chain,” the statement said.
Members of the committee will include officials from the finance, environment, power, road transport, railways, defence, civil aviation, telecom, health and external affairs ministries.
At present, the US is ranked sixth among countries from where India has got the highest foreign direct investments. The country’s around $13 billion of investment here from April 2000 to September 2014 accounts for 5.65 per cent of the total FDI inflows to India during the period.
In the first six months of the current financial year, American investors have brought in $1.2 billion, which is higher than the $806 million they had in the entire 2012-13.
After the prime minister’s September visit to the US, investors there have developed a keen interest in India. The US-India Business Council had earlier said it had identified the Indian sectors where over $41 billion of investments could flow over two to three years.
