India to fast-track investment proposals from US

North GAzette News/New Delhi
Indian government on Wednesday decided to fast-track investment proposal from Us and constituted an Inter-Ministerial Committee for the purpose.

Indian government spokesperson said that the Inter-Ministerial Committee would be headed by Secretary, Department of Industrial Policy & Promotion to address the issues related to implementation of investment proposals from US.

“Inter-Ministerial Committee would also include Joint Secretary (Incharge-USA), Department of Industrial Policy & Promotion as Convener, representatives from Department of Economic Affairs, Ministry of Environment, Forest & Climate Change, Ministry of Power, Ministry of Road Transport & Highways, Ministry of Railways, Department of Electronics and Information Technology, Department of Defence Production, Department of Revenue, Ministry of Civil Aviation, Department of Pharmaceuticals, Ministry of Health & Family Welfare, Department of Telecommunication, Department of Commerce and Ministry of External Affairs,” the spokesperson said.

The spokesperson said that the Ministries/Departments listed above will nominate its representative not below the rank of Joint Secretary.

The Terms of Reference (ToRs) of the Committee are as under:

(i) The Committee will facilitate and fast-track investment from US companies in India.

(ii) The Committee will identify bottlenecks faced by the US investors in the implementation of their investment proposals and address them in consultation with all other agencies and state governments concerned.

(iii) The Committee will look into areas of concern in sectors of interest to US companies to address them.

(iv) The Committee will closely monitor and coordinate the process to ensure that investment from USA are put on fast-track in various sectors and opportunities of investment and technology transfer are fully exploited.

(v) The Committee will interact with US companies, ministries/departments of the Government. of India and the state governments to facilitate US investment.

(vi) The Committee will initiate action to ensure that the US companies investing in India are given handholding services.

(vii) The Committee will initiate action to promote an attractive business environment and ease of business for companies to invest in all sectors and manufacturing, in particular.

(viii) The Committee will encourage such practices that promote investment in manufacturing with special emphasis on green, advanced and smart technologies by US companies in India to increase competitiveness and making Indian manufacturing a significant player in the global supply chain.