Govt may extend scheme for investment promotion

The government may extend the scheme for investment promotion 2017-20, with an aim to attract investors and promote economic growth of the country, an official said.

The expenditure finance committee, which comes under the finance ministry, has approved the proposal for extension of the scheme and the commerce and industry ministry is expected to seek the Cabinet nod for the same soon, the official added.

Investment promotion is a multi-dimensional and complex process that requires continuous efforts to be channelized around certain activities such as FDI-related reforms, ease of doing business, investment facilitation, and targeted outreach.

The main components of the scheme for investment promotion for 2017-20 include investor facilitation, CEO forums, and joint commission meetings, international and domestic investment outreach and its amplification, project management, capacity building, monitoring, and evaluation.

The official said the scheme provides support for organizing focused joint commission meetings at the level of government to government and CEOs forum at the business-to-business level.

It also provides for expenditure incurred on international outreach activities, including roadshows and exhibitions.

Foreign Direct Investment (FDI) into the country grew 19 percent to USD 59.64 billion during 2020-21. Total FDI, including equity, re-invested earnings, and capital, rose 10 percent to USD 81.72 billion during 2020-21 as against USD 74.39 billion in 2019-20.