June 3, 2020
Government is establishing mechanisms to support high economic growth and development in the next 5 years
Locally, DPIIT is working with various ministries and the Central and State governments to create incentivise investment
India is looking to attract more investment as the pandemic creates challenges and opportunities the world over
The two new platforms along with favourable policies will also improve job opportunities across different sectors
The Union Cabinet, led by Prime Minister Shri Narendra Modi, has approved the establishment of an Empowered Group of Secretaries (EGoS) and Project Development Cells (PDCs) in different in Ministries and Departments of the Government in order to attract further investment into India. According to an official statement on June 3, the government is focusing on mechanisms to support economic growth and development in India over the next five years.
By creating an investment-friendly ecosystem, the Government aims to provide significant support to domestic and international investors, allowing the economy to benefit from increased investment opportunities within the country. Locally, the Department for Promotion of Industry and Internal Trade (DPIIT) is working towards establishing an integrated approach between various ministries and the Central and State governments to create incentive policies for investment. In addition to making India more investor-friendly, these decisions will boost the economy by improving direct and indirect employment potential across different sectors.
As the COVID-19 crisis continues to disrupt global production channels in Asia, India is taking steps to incentivise investment from foreign firms with strategies to attract FDI from companies facing challenges in other global markets. In support of this, the Union government has established an allowance for 100 per cent FDI into the country along with rationalisation of export duty on manufactured goods.
As a reliable source of affordable, high-quality products for almost 190 countries around the world, India has actively supported trade and investment opportunities for a variety of stakeholders. Amid the COVID-19 challenges, India is taking various measures to ensure medical supplies to more than 120 countries. Separately, the Government has employed dedicated platforms and help desks to assist with any COVID-19 related export and import issue.