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

Bureau Report


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


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