Complete autonomy for Investment Commission
Tuesday, 14 December 2004, 20:30 IST
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NEW DELHI: The newly constituted Investment Commission under noted industrialist Ratan Tata will enjoy complete autonomy, an official statement said Tuesday while spelling out the three-member panel's terms of reference. The commission, which has former Hindustan Lever chairperson Ashok Ganguly and noted banker Deepak Parekh as its other two members, will have an initial tenure of three years and be located within the ministry of finance, the statement said. "All policy decisions emerging from the recommendations of the Investment Commission would be put up to the Cabinet Committee on Economic Affairs for approval." The panel's terms of reference are: * Seek meetings and visit industrial groups in India and large companies abroad, particularly in sectors where there is a dire need for investment but adequate investment has not flowed so far. * Interact closely with the boards of directors of potential investing firms. * Address the issue of bridging the gap between announcements and proposals and also the gap between proposals and project implementation in respect of Indian companies. * Endeavour to secure a certain level of investment every year, with progress reviewed at the end of every quarter. * Make recommendations to government both on policies and procedures to facilitate greater inflows of foreign direct investment.
Source: IANS
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