New Delhi । In order to provide support and facilitation to investors for investing in India and to boost growth in key sectors of the economy, the Union Cabinet has given its approval for setting up of an “Empowered Group of Secretaries (EGoS) and Project Development Cells (PDCs) in Ministries/Departments of Government of India. Government is confident that this new mechanism will reinforce India’s vision of becoming a US$ 5 trillion economy by 2024-25.
Composition of EGoS
Cabinet Secretary will be the Chairperson of Empowered Group of Secretaries (EGoS), while CEO of Niti Aayog, Secretaries of Commerce, Revenue, Economic Affairs and Secretary of Concerned department will be in the group as members. Secretary of the Department for Promotion of Industry and Internal Trade will be theMember Convenor.
Objective of EGoS
EGoS will work with the objective to bring synergies and ensure timely clearances from different departments and Ministries. They will also focus to attract increased investments into India and provide investment support and facilitation to global investors. Their other objective will be to facilitate investments of top investors in a targeted manner and to usher policy stability & consistency in the overall investment environment.
They will also evaluate investments put forward by the departments on the basis of their (i) project creation (ii) actual investments that come. Further, these departments would be given targets for completion of various stages by the Empowered Group.
Composition and objective of PDC
A ‘Project Development Cell’ (PDC) is also approved for the development of investible projects in coordination between the Central Government and State Governments and thereby grow the pipeline of investible projects in India and in turn increase FDI inflows. Under the guidance of the Secretary, an officer not below the rank of Joint Secretary of each relevant central line Ministry, who will be in-charge of the PDC will be tasked to conceptualize, strategize, implement, and disseminate details with respect to investable projects.
Government believe that these decision will make India a more investor-friendly destination and give a fillip to the mission of Aatmanirbhar Bharat envisioned by Prime Minister by handholding and further smoothening investment inflows into the country. This will give a boost to the economy and open up immense direct and indirect employment potential in various sectors.