Published 06:09 IST, June 4th 2020
Smriti Irani thanks PM Modi for introducing EGoS and PDCs in Ministries
In a tweet, Irani remarked that the decision will help to facilitate investors and support domestic industries will boost 'Make in India' and improve employment
Union Minister Smriti Irani, on Wednesday, thanked PM Modi for setting up of Empowered Group of Secretaries (EGoS) and Project Development Cells (PDCs) across various ministries and departments. Irani believes that this will boost India's economic prowess.
Irani thanks PM Modi
In a tweet, Irani remarked that the decision will help to facilitate investors and support domestic industries will boost 'Make in India' and create employment opportunities.
Earlier in the day, during a press conference, the Union Cabinet announced that they had approved the setting up of an Empowered Group of Secretaries (EGoS) and Project Development Cells (PDCs) across various ministries and departments in a bid to attract investment in the country. Information and Broadcasting Minister Prakash Javadekar stated that as more and more countries looking towards diversifying their investment locations ina post-pandemic world, India could tap into that opportunity. He added that the EGoS and the PDCs could help make India "more investment-friendly".
"We know the world situation. Now the industries are thinking to diversify their investments in different locations. To ensure that investment increases in India, an Empowered Group of Secretaries (EGoS has been formed, and simultaneously in every ministry/department there will be Project Development Cells (PDCs)," he said while briefing the media about the decisions of the Union Cabinet," he said.
A government release read, "the EGoS and PDCs in Ministries, Departments of Government of India for attracting investments in India. This new mechanism will reinforce India’s vision of becoming a US$ 5 trillion economy by 2024-25."
As per the government, the EGoS' objective is to bring synergies and ensure timely clearances from different departments and Ministries, to attract increased investments into India and provide investment support and facilitation to global investors. to facilitate investments of top investors in a targeted manner and to usher policy stability & consistency in the overall investment environment, etc.
On the other hand, PDC will focus on creating projects with all approvals, land available for allocation and with the complete Detailed Project Reports for adoption/investment by investors and identifying issues that need to be resolved in order to attract and finalise the investments and put forth these before the Empowered Group.
Updated 06:09 IST, June 4th 2020