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DAILY NEWS ANALYSIS

  • 04 June, 2020

  • 8 Min Read

Empowered Group of Secretaries (EGoS) and Project Development Cells (PDCs) for attracting investment in India

Empowered Group of Secretaries (EGoS) and Project Development Cells (PDCs) for attracting investment in India

Context

  • The Union Cabinet under the leadership of Hon’ble Prime Minister Shri Narendra Modi 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 Indiafor attracting investments in India”.
  • This new mechanism will reinforce India’s vision of becoming a US$ 5 trillion economy by 2024-25.
  • DPIIT proposes strategic implementation of an integrated approach that will eventually bring about synergies between Ministries/Departments and among the Central and State Governments in our investment and related incentive policies.

Background

  • In the midst of current 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.

Empowered Group of Secretaries (EGoS)

In order to provide support and facilitation to investors for investing in India and to boost growth in key sectors of the economy, an Empowered Group of Secretaries (EGoS) is approved with the following composition and objectives:

Objectives of EGoS:

  • To bring synergies and ensure timely clearances from different departments and Ministries.
  • To attract increased investments into India and provide investment support and facilitation to global investors.
  • To facilitate investments of top investors in a targeted manner and to usher policy stability & consistency in the overall investment environment.
  • To evaluate investments put forward by the departments on the basis of their (i) project creation (ii) actual investments that come.

Project Development Cell (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.

PDC will have the following objectives:

  • To create projects with all approvals, land available for allocation and with the complete Detailed Project Reports for adoption/investment by investors.
  • To identify issues that need to be resolved in order to attract and finalise the investments and put forth these before the Empowered Group.

Source: PIB


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