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| Govt sets up 'Invest India' JV to attract foreign investments |
| Press Trust of India / New Delhi Sep 10, 2009, 16:05 IST |
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Faced with declining foreign direct investment (FDI), the government today decided to set up a joint venture company, Invest India, to attract overseas funds during the remaining period of the 11th Five-Year Plan (2007-12).
"The proposed company will be a joint venture between the government of India, Ficci and the state governments, and will be responsible for promoting foreign investments into the country in a more focused, comprehensive and structure manner," Information and Broadcast Minister Ambika Soni told reporters here after a cabinet meeting.
The company would assist the government in its effort towards projecting India as an attractive investment destination for foreign investors, she said.
To be incorporated as a non-profit company under Section 25 of the Companies Act, the Invest India would help foreign investors in identifying and realising investment opportunities in India.
Due to a global credit squeeze, FDI in the first quarter of 2009-10 dipped by about 30 per cent to $7.01 billion from $10.07 billion in the corresponding period last year.
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