Govt, FICCI join hands to form 'Invest India' venture

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Indian government, in collaboration with FICCI has decided to start a new venture �Invest India� to attract investments. Minister of commerce, Kamal Nath, announced this. This brings a new hope to exporters to venture into the unexplored market.

CJ: Mineguruji

Sat, Apr 12, 2008 19:12:15 IST

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FICCI News :

THE GOVERNMENT has decided to join hands with Federation of Indian Chambers of Commerce and Industry (FICCI) to establish a joint venture under section 25 of the Companies Act, called ‘Invest India’ for the promotion of investments into India. Kamal Nath, the union minister of commerce and industry, announced it at the National Seminar on Foreign Trade Policy, organised by FICCI in Delhi today.

He said that the joint venture of the Department of Industrial Policy and Promotion (DIPP) and FICCI would be funded by the government and managed by FICCI.

The minister said while inflation was a concern that should be dealt with, by managing the supply side constraints, the foreign trade policy review unveiled on Friday seeks to enlarge India’s trade basket with the inclusion of high value-added manufactured products and items such as fruits and vegetables.

“We invite suggestions from industry within 15 days on the ‘Focus Product & Focus Market’ schemes announced in the trade policy review,” said Kamal Nath. He also added that these schemes would help exporters to access existing markets with new products and penetrate the hitherto untapped markets with existing export products.

The Government’s objective, he said, was to continue to build on the economic momentum that the country has gained and make a serious bid to attain the export target of US $ 200 billion in 2008-09.

In this context, he described the talk of India’s competitiveness being impacted by China’s performance as a ’bogey’. “In fact, China’s competitiveness was going to change and that gives me the confidence that the US$ 200 billon target was achievable,” Kamal Nath pointed out.

Harsh Pati Singhania, senior vice president, FICCI, called for the continuation of Duty Entitlement Passbook scheme (DEPB) until a suitable replacement was put in place. He emphasised the need for neutralisation of state taxes and suggested that income tax benefits be extended to Software Technology Parks, as already been done for Export Oriented Units.

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