Cabinet sets up Secretaries’ group to attract investment

News: Union Cabinet has approved the setting up of an empowered group of secretaries(EGoS) and project development cells(PDCs) in Ministries and departments for attracting investments to India.

Facts:

Empowered Group of Secretaries(EGoS):

• Composition:
  • Cabinet Secretary (Chairperson)
  • Secretary, Department for Promotion of Industry and Internal Trade (Member Convenor)
  • CEO, NitiAayog (Member), Secretary, Department of Commerce (Member), Secretary, Department of Revenue (Member), Secretary, Department of Economic Affairs (Member), Secretary of Department concerned (to be co-opted).
• Objectives:
  • To bring synergies, ensure timely clearances from different departments and Ministries and provide investment support and facilitation to global investors.
  • 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):

• Composition: The cell will be under the guidance of the Secretary, an officer not below the rank of Joint Secretary of each relevant central line Ministry.
• Objectives:: 
  • To develop investable projects with all approvals in coordination between Central Government and State Governments and in turn increase FDI inflows.
  • To identify issues that need to be resolved in order to attract and finalise the investments and put forth these before the Empowered Group.