Cabinet sets up Secretaries’ group to attract investment

Cabinet sets up Secretaries’ group to attract investment

Every Ministry will have a project development cell

04/06/2020, SPECIAL CORRESPONDENT,NEW DELHI

The Union Cabinet on Wednesday 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, said Information and Broadcasting Minister Prakash Javadekar.

Speaking at a press briefing after the meeting, Mr. Javadekar, referring to the impact of the COVID-19 pandemic, said: “We know the world’s situation. Industries are thinking to diversify their investments in different localities, so to ensure that investment is enhanced in India, an EGoS has been formed. And simultaneously in every Ministry, there will be a project development cell. This will make India a more investor-friendly destination and we will also hand-hold the new industries.”

$5 trillion economy

He added that the two decisions would help domestic industries and lead to direct and indirect employment.

The government said the decisions taken at the Cabinet meeting, chaired by Prime Minister Narendra Modi, would “reinforce India’s vision of becoming a $5 trillion economy by 2024-25”.

The EGoS would be chaired by the Cabinet Secretary and would include the Secretary of the Department for Promotion of Industry and Internal Trade as member convener and the NITI Aayog CEO, the Commerce Secretary, the Revenue Secretary and the Economic Affairs Secretary as members. The Secretary of the Department concerned would be co-opted, depending on the project.