More European nations want fast track system with India for investments

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Taking cues from the success of fast track system being set up by India with the UK and Germany to promote investments, more European countries have shown interest in entering similar arrangements with New Delhi, an official said.

This system enables to identify and solve problems faced by companies and investors in their operations in India.

Fast track system is already in place separately with the UK and Germany to resolve issues of companies having investments in India.

India is also in the process of establishing this system with Italy and Holland.

Similar systems will be put in place by these European countries also to resolve issues of Indian firms having investments there.

"Looking at the success of this system, now we are getting requests from other European nations that have significant investments in India for setting up of this mechanism to further boost investments and resolve related issues," the official said.

The system is set up in the commerce and industry ministry here and in the similar departments there.

The UK, the Netherlands, Germany and France are among the top ten investors in India. The other major European nations from where India attracts foreign direct investments (FDIs) include Spain, Italy, Sweden, Luxembourg, Belgium and Poland.

FDI in India increased 23 per cent to $12.75 billion during April-June period of this fiscal.

The ministry has taken several measures including liberalisation of FDI norms in several sectors and steps to improve ease of doing business.