Why in news?
Government approves setting up of an Empowered Group of Secretaries (EGoS) and Project Development Cells (PDCs) in Ministries/Departments for attracting investments in India.
Empowered Group of Secretaries (EGoS)
• Composition: Cabinet Secretary is Chairperson, CEO of NITI Aayog is member.
o Other members: Secretaries of various departments including Department for Promotion of Industry and Internal Trade, Department of Commerce, Revenue, Economic Affairs etc.
• Objectives of EGoS
o To bring synergies between Ministries/Departments and among the Central and State Governments in investment related policies.
o Attract investment and facilitation to global investors through fast track Investment Clearance.
o Facilitate investment in targeted manner and maintain policy stability and consistency in investment environment.
o Evaluate investments put forward by departments and further provide completion targets to respective departments.
Project Development Cell (PDC)
• PDC is approved for development of investible projects in India in coordination with central and state governments.
• It will create projects with all approvals, land available for allocation and with the complete Detailed Project Reports for adoption/investment by investors.
• It will identify issues that need to be resolved in order to attract and finalise the investments and put forth these before the Empowered Group.
• PDC will conceptualize, strategize, implement and disseminate details of investible project.
• In current COVID-19 pandemic, as industries are thinking to diversify their investments in different localities, EGoS and PDC aim to make India a more investor-friendly destination for domestic and FDI.
• It will give fillip to Aatmanirbhar Bharat Abhiyan and boost the economy by opening up investment and employment in domestic industries to realise vision of a $5 trillion economy by 2024-25.
• Ramping up industrial production to help India become player in the global value chain and serve big markets in the U.S., the EU, China etc.