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The Cabinet Committee on Economic Affairs (CCEA) today gave its approval for setting up of an Investment Commission. The Commission will comprise one Chairperson, two Members and three Professional Groups.
The terms of reference of the Commission will be :
The Investment Commission will be constituted initially for a period of three years.
The Commission will be located within the Ministry of Finance as decided by the Prime Minister, and will enjoy operational autonomy and Government support.
The Commission will seek meetings and visit of industrial groups/houses in India and with large companies abroad, particularly in sectors where there is a dire need for investment but adequate investment has not flowed so far.
The Commission will endeavour to secure a certain level of investment every year and its progress will be reviewed at the end of every quarter.
The Commission will make recommendations to Government both on policy and procedures to facilitate greater FDI flows into India.
Investment Commission would help in promoting the flow of investment both domestic and foreign. With increasing competition for investments, the environment in India must be made attractive for investors. The Commission will endeavour to reduce gap between proposals and projects under implementation and to quicken pace of investment.
Investment Commission will be established by the Department of Economic Affairs, Ministry of Finance within two months.
All policy decisions emerging from the recommendations of the Investment Commission would be put up to CCEA for approval.
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