Saturday, July 11, 2020
News

Cabinet approves EGoS, PDCs to attract investments (Lead)

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

New Delhi | Thursday, 2020 2:45:06 AM IST
To attract investments into the country, the Union Cabinet has given its approval for setting up of an "Empowered Group of Secretaries (EGoS) and Project Development Cells (PDCs) in Central government ministries or departments.

Accordingly, the new mechanism will reinforce India's vision of becoming a $5 trillion economy by 2024-25.

"Government is determined to put in place an investment friendly eco-system that strongly supports the domestic investor as well as FDI and will boost the economy manifold," the Centre said in an official communique.

As per the communique, in the midst of ongoing Covid-19 pandemic, India is presented with an opportunity to attract FDI inflows into the country, especially from large companies which seek to diversify their investments into new geographies and mitigate risks.

"Also, ramping up production across product lines will help to serve big markets in the US, EU, China and elsewhere," the communique said.

"The proposal aims to take advantage of these opportunities from the global economic situation to make India among the largest players in the global value chain."

In terms of the mechanism, an EGoS has been approved to provide support and facilitation to investors for investing in India and to boost growth in key sectors of the economy.

Similarly, a Project Development Cell (PDC) is also approved for the development of investible projects, in coordination between the Central and state governments, and in turn, increase the FDI inflows.

--IANS rv/sn/vd

( 248 Words)

2020-06-03-20:35:22 (IANS)

 
  LATEST COMMENTS (0)
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE BUSINESS NEWS
Canara Bank to raise up to Rs 8,000 cr v...
Franklin Templeton receives Rs 1,252 cr ...
Air India effects transfers in its Opera...
Auto component sector's revenues estimat...
'Govt, RBI need to ensure that banks flu...
SBI Board to discuss raising capital via...
More...
 
INDIA WORLD ASIA
Air India ends services of trainee cabin...
Rajasthan Agriculture minister urges Cen...
Sonia calls virtual meet of Cong MPs on ...
British 'pilot' cheats Palghar woman of ...
Etihad to resume limited special flights...
Retired DU professor falls victim to cyb...
More...    
 
 Top Stories
Inmates at UP's Firozabad jail clan... 
Maharashtra reports 7,862 new coron... 
Indore reports 89 new coronavirus c... 
AIIMS JPNATC MS replaced after repo... 
Congress leader refutes Modi govt c... 
Eng vs WI: Burns, Sibley hold on af... 
Franklin Templeton receives Rs 1,25... 
Tomar assures full support to state...