The Union Cabinet on June 3, 2020 gave its approval for setting up of an “Empowered Group of Secretaries (EGoS) headed by Cabinet Secretary and Project Development Cells (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.
Objectives of EGoS
- 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.
- To evaluate investments put forward by the departments on the basis of their (i) project creation (ii) actual investments that come. Further, these departments would be given targets for completion of various stages by the Empowered Group.
Project Development Cell Objectives
- To create projects with all approvals, land available for allocation and with the complete Detailed Project Reports for adoption/investment by investors.
- To identify issues that need to be resolved in order to attract and finalise the investments and put forth these before the Empowered Group.
