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Govt. to Join Hands With FICCI to Form ‘Invest India’ JV
New Delhi, April
14, 2008
The Government has decided to join hands with FICCI to set
up a joint venture under Section 25 of the Companies Act,
called ‘Invest India’ for the promotion of investments into
India.
This was announced by Kamal Nath, Union Commerce & Industry
Minister, at the National Seminar on Foreign Trade Policy,
organized by FICCI here today.
Kamal Nath said, the joint venture of the Department of
Industrial Policy & Promotion (DIPP) and FICCI, would be
funded by the Government and managed by FICCI.
The Minister said while inflation was a concern that should be
dealt with by managing the supply side constraints, the
foreign trade policy review unveiled on Friday seeks to
enlarge India’s trade basket with the inclusion of high
value-added manufactured products and items such as fruits and
vegetables.
“We invite suggestions from industry within 15 days on the
‘Focus Product & Focus Market’ schemes announced in the trade
policy review,” Kamal Nath said, adding that these schemes
would help exporters to access existing markets with new
products and penetrate the hitherto untapped markets with
existing export products.
The Government’s objective, he said, was to continue to build
on the economic momentum that the country has gained and make
a serious bid to attain the export target of US $ 200 billion
in 2008-09.
In this context, he described the talk of India’s
competitiveness being impacted by China’s performance as a
“bogey”. “In fact, China’s competitiveness was going to change
and that gives me the confidence that the US$ 200 billon
target was achievable,” Kamal Nath pointed out.
Harsh Pati Singhania, Senior Vice President, FICCI, called for
continuation of the DEPB scheme till such time as a suitable
replacement was put in place. He emphasized the need for
neutralization of State taxes and suggested that income tax
benefits be extended to Software Technology Parks as has been
done for EOUs.
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