India to set up Investment Commission

Wednesday, 27 October 2004, 07:00 Hrs
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NEW DELHI: India's Cabinet Committee on Economic Affairs Wednesday approved the setting up of an Investment Commission to attract domestic and foreign investors to set up large projects in the country.

Speaking to reporters after the meeting chaired by Prime Minister Manmohan Singh here, Finance Minister P. Chidambaram said the new commission would function under the administrative control of his ministry.

Chidambaram first mooted the proposal during his budget speech in July in which he proposed the Investment Commission to make the country's environment attractive to investors, both domestic and international.

"The commission will have the broad authority of the government to engage, discuss with and invite domestic and foreign businesses to invest in India. It will be chaired by an eminent person."

The finance minister further said many of the functions of the existing Foreign Investment Promotion Board (FIPB) could be put under the automatic route, making the panel a one-stop service centre and facilitator.

"The function of wooing domestic and foreign investors will be performed by the proposed Investment Commission," he added.

Source: IANS
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