Govt approves continuation of Scheme for Investment Promotion for 5 years

The government has approved the continuation of the Scheme for Investment Promotion (SIP) for five years (2021-26) with a financial outlay of Rs 970 crore, according to a notification of the commerce and industry ministry.

The scheme comprises a number of components and activities for the promotion of investment into the country; enhancing international co-operation for promoting FDI and capacity building.

To increase the investment inflow, the Department for Promotion of Industry and Internal Trade (DPIIT) has been undertaking various initiatives and reforms such as the launching of Make in India, setting up of project development cells, creating a GIS-based Industrial Information System and National Investment Clearance Cell.

These activities are being supported under the Scheme for Investment Promotion, which was launched on November 11, 2008. The last implementation period of the scheme was from 2017-18 to 2019-20.

It said that to sustain and take the momentum forward, it is important to continue with the activities under this scheme in a more focused and targeted manner.

"Given this, continuation of the Scheme for Investment Promotion from 2021-22 to 2025-26 has been approved" with certain components including investor targeting and facilitation; project management activities; and foreign travel, the notification has said.

Activities proposed under investor facilitation include organising CEO Forums; financial investors initiatives for attracting institutional investors; support to Indian missions abroad for market entry support programmes; Investment Clearance Cell (National Single Window System); and monitoring of FDI activities, it added.

"The central government has approved for continuation of the SIP, a Central Sector scheme, for the duration of five years (2021- 22 to 2025-26) with a financial outlay of Rs 970 crore," it said.