Invest India Launched to Guide Foreign Investments Into the Country

Invest India Launched to Guide Foreign Investments Into the Country

‘Invest India’launched to guide foreign investments into the country

High Growth Prospects Give a Fillip to India’s Credentials as Leading Investment Destination: anand sharma

NEW DELHI, December 23, 2009. India’s credentials as a leading investment destination have received a major fillip with the economy set to clock a growth rate of 7.5% plus this fiscal and the projected return to a growth trajectory of 9% within the next two years, Mr. Anand Sharma, Union Minister of Commerce and Industry, declared here today.

Speaking at the launch here today of the ‘Invest India’, a joint venture between the Department of Industrial Policy & Promotion (DIPP) of the Ministry of Commerce & Industry & FICCI and State Governments, Mr. Sharma said, “We need to take our growth to double-digit levels and ensure that the benefits of growth percolate to the people. This he, said would require huge quantums of investment.”

‘Invest India’, the Minister said, was the vehicle to guide investments into the country as overseas investors had seen that even in difficult times, during the post-meltdown period, the Indian economy had performed encouragingly. He said, there was now a felt need for promoting foreign investments in India in a structured manner and provide quality input and support services to the investors, particularly the SMEs and family-owned overseas enterprises. “Invest India’, he said, would respond to this urgent imperative.

Responding to the observations by Mr. Rajan Bharti Mittal, President Elect, FICCI & Vice Chairman & Managing Director, Bharti Enterprises, Mr. Sharma said a Committee of Ministers was looking into various aspects of attracting investments in States from the point of view of predictability of policies and simplification of procedures. The effort would be to shorten the time taken for approvals of investment proposals and every effort would be made to sort of land acquisition and regulatory issues. “I have no doubt that we will succeed in persuading the Chief Ministers to accept what is recommended by the Committee, Mr. Sharma said.

On the occasion, the Minister launched the ‘Invest India’website.

Mr. Ajay Shankar, Chairman, Invest India and Secretary, DIPP, said that while large companies were able to come and invest in India on their own strength, the SMEs and family-owned companies, who were leaders in their niche areas, were somewhat unrepresented in India. ‘Invest India’, he said, would provide handholding services to such investors and facilitate investors in identifying and realizing investment opportunities in India.

Dr. Amit Mitra, Secretary General, FICCI and Member, Board of Directors of ‘Invest India’gave a presentationon the mission, objectives and services of the joint venture company.‘Invest India’, he said, would act as a first reference point to provide quality input on all aspects of doing business in India, guide investors on all policy and regulatory Issues, undertake specific studies on relevant sectors and technologies for India, and provide handholding services to investors.

Mr. V K Topa, Managing Director, ‘Invest India’& Advisor to the Secretary General, FICCI, also spoke on the occasion.