The Hindu : Business : No targets set for Investment Commission

Online edition of India's National Newspaper
Wednesday, Dec 15, 2004

Business

Business

No targets set for Investment Commission

By Our Special Correspondent

NEW DELHI, DEC. 14. The Government has left unspecified the quantum of investment that the new Investment Commission, set up under the chairmanship of Ratan Tata, would solicit during its three-year term.

Apart from Mr. Tata, Ashok Ganguly and Deepak Parekh are the two other members of the Commission.

The terms of reference of the Commission as announced by the Government only stipulate that the Commission will endeavour to secure a certain level of investment every year and its progress would be reviewed at the end of every year.

To be located within the Ministry of Finance but with operational autonomy, the Commission has been mandated to seek meetings with industrial groups in India and large companies abroad, particularly in sectors where there is a need for investment.

In respect of Indian investors, the Commission would also address the issue of bridging the gap between `announcement' and proposals and also the gap between proposals and `project implementation.' The Commission will make recommendations to the Government on policies and procedures to facilitate greater foreign direct investment flows into India.

The recommendations of the Commission will be processed in the Finance Ministry and will be put up to the competent authority for approval.

All policy decisions emerging from the recommendations of the Commission would be put up to the Cabinet Committee on Economic Affairs (CCEA) for approval.

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