Home World Economy Suresh Prabhu may seek investment pledge from 30 Indian companies

Suresh Prabhu may seek investment pledge from 30 Indian companies

0
0
SHARE

Commerce and Industry minister Suresh Prabhu will soon meet the country’s top industrialists individually to seek an investment commitment from each of them for the next few years, a senior official said. “Domestic investments are a big concern for the government. Economy cannot rely on FDI alone and we need Indian companies to infuse funds on ground now,” the official told ET.

The minister will hold one on one meetings with the heads of top 30 domestic companies, followed by group meetings, next month.

The Department of Industrial Policy and Promotion (DIPP) is in the process of preparing a list of the top companies with huge investment and employment generation potential, the official said. This is also being followed by setting up an investments war room in the commerce and industry ministry.

The government will try to understand the problems that are stopping big domestic companies from investing in the country and also urge them to loosen their purse strings for the short term investment requirement of the economy.

Prabhu, who took over as industry minister early this month, has already flagged of concerns around tracking investment progress and sketchy data availability at a pan India level to ministry officials.

“There is no standardised method for recording investments and tracking their progress across the investment lifecycle at the Central level,” said the official quoted earlier. The ministry has now been asked to set up a centralised portal to track all investments.

Each state would have to update its respective investments at different stages. The portal would help track precise location of investments and their status at a pan India level.

India recorded record foreign direct investments (FDI) inflows of $43 billion in the year ended March, up 9% over FY2016.

Prabhu is also likely to take up the issue of limited scope of the Project Monitoring Group (PMG) under the Prime Minister’s Office.

“The focus (of PMG) is limited to only certain type of investments more geared towards infrastructure development,” the official said.

The fact that very little information on progress reports of these projects is available in public domain is also being looked into by the minister. With the government set to announce a new industrial policy next month, the thrust will be towards pushing investments both foreign and domestic. The main focus is to make India a manufacturing hub by promoting the ‘Make in India’ initiative and addressing the issue of slower growth in job creation, the official said.

LEAVE A REPLY

Please enter your comment!
Please enter your name here