ENHANCING INVESTMENT ECOSYSTEM: EMPOWERED GROUP OF SECRETARIES AND PROJECT DEVELOPMENT CELLS
1Introduction
  • Amidst the ongoing pandemic of COVID-19 causing disruption across the world, many large companies are considering diversifying their investments into new geographies and mitigate risks. This brings an opportunity for India to further attract Foreign Direct Investment (FDI) into the country. Clubbed with the Atmanirbhar Bharat Abhiyaan, India is sprinting towards creating an investor friendly ecosystem. 
  • The Union of Cabinet of India has set up the ‘Empowered Group of Secretaries (EGoS)’ and ‘Project Development Cells (PDCs)’ in various ministries and departments of state and central governments. 1

 

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2Empowered Group of Secretaries (EGoS)
  • The Empowered Group of Secretaries (EGoS) will play a prime role in boosting key sectors of the Indian economy and will have the following composition: 1
    • Cabinet Secretary (Chairperson)
    • CEO, NitiAayog (Member)
    • Secretary, Department for Promotion of Industry and Internal Trade (Member Convenor)
    • Secretary, Department of Commerce (Member)
    • Secretary, Department of Revenue (Member)
    • Secretary, Department of Economic Affairs (Member)
    • Secretary of Department concerned (to be co-opted)
  • To increase investments in India, EGoS will provide investment support and facilitation to global investors. The Empowered Group will also coordinate with various departments and ministries to ensure timely clearances. 1
  • EGoS will also steer policy stability and consistency throughout the investment environment while facilitating investors in a targeted manner. 1
  • Investments submitted by various departments will be evaluated by EGoS, which will also set targets of completion for these departments. 1

 

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3Project Development Cell (PDC)
  • Project Development Cells (PDCs) have been approved to work in sync with the Central and State Governments to develop investible projects and increase their numbers in the country. The in-charge of a PDC will be a secretary, who will conceptualize, strategize, implement, and disseminate details with respect to investable projects. 1
  • PDCs will create projects with complete Detailed Project Reports including details of land which will be in turn picked by various investors. 1
  • PDCs will also be identifying various issues that should be settled to draw in and finalize investments. These issues will be in turn put in front of EGoS for further action. 1

 

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4Make in India
  • The new mechanism of Empowered Group of Secretaries (EGoS) and Project Development Cells (PDCs) will give a much-required boost to the ‘Make in India’ initiative and supplement Hon’ble Prime Minister Narendra Modi’s vision of a USD 5 trillion economy. 1
  • This ecosystem will encourage indigenous as well as foreign investors to harness the immense employment potential in India, making the country a desired destination for investors from around the globe.

 

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