Govt sets up `Invest India` JV to attract foreign investments

Last Updated: Thursday, September 10, 2009 - 21:30

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
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, 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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First Published: Thursday, September 10, 2009 - 21:30

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