Govt sets up `Invest India` JV to attract foreign investments
New Delhi: Faced with declining Foreign
Direct Investment (FDI), the government on Thursday decided to set
up a joint venture company, Invest India, to attract overseas
funds during the remaining period of the Eleventh Five Year
"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, foreign direct
investment in the first quarter of 2009-10 dipped by about 30
per cent to USD 7.01 billion from USD 10.07 in the
corresponding period last year.
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