To facilitate the implementation of projects approved by the Foreign Investment Promotion Board (FIPB), commerce and industry minister Murasoli Maran has evolved a strategy.
To begin with, the Secretariat for Industrial Assistance, which functions as the Secretariat for Foreign Investment Impleme-ntation Authority, will contact all foreign investors who have obtained FIPB approvals to ascertain the progress of the implementation and the need, if any, of support in facilitating such implementation.
This contact will be initially at the operational levels and will be upgraded even to the board levels, if so required, so that the investors at the highest corporate level become aware that Government of India is fully committed to ensuring that the FDI inflows into the country are smooth and the implementation of projects quick.
In the event of problems or difficulties coming to notice, SIA will take up the matter with the appropriate ministry/agency or state government and, where required, bring it before the FIIA or its fast track committee.
FIIA will continue with greater vigour and frequency its interaction with ministries of the central government and the state governments.
A decision has recently been taken to involve the Indian embassies abroad in monitoring the FDI cases emanating from their regions on behalf of FIIA.
Follow-up action on reports from embassies will be taken up by FIIA. The embassies have also been authorised to accept FDI applications, in addition to the existing practice where applications can be sent directly to SIA either through conventional modes or even online.
SIA will adopt a sector-wise approach in pursuing FDI cases for more effective coordination with administrative ministries.
In addition to this, the current mechanism of reviewing mega projects and holding meetings on a region-wise basis and meetings with investors of specific countries e.g. the US, Japan, Germany, etc., will also continue with greater frequency.
The key element of the strategy is closer and more sustained interaction with the investors on the one hand and with the relevant agencies of the government and institutions on the other, to bring a much sharper focus on implementation and to supplement the far-reaching policy changes which have already been put in place.
It is expected that with this, India
