Cabinet approves EGoS\, Project Development Cells for attracting investments in India

Economy

Cabinet approves EGoS, Project Development Cells for attracting investments in India

?OUR BUREAU New Delhi | Updated on June 03, 2020 Published on June 03, 2020

The Cabinet has given its approval for setting up of an Empowered Group of Secretaries (EGoS) and Project Development Cells (PDCs) in Ministries/Departments of the Central Government for attracting investments in India.

This new mechanism will reinforce India’s vision of becoming a $5 trillion economy by 2024-2025. It aims to take advantage of these opportunities from the global economic situation, considering the Covid-19 crisis, to make India among the largest players in the global value chain, an official statement said.

The Empowered Group of Secretaries (EGoS) has the Cabinet Secretary as the Chairperson and Secretary, Department for Promotion of Industry, and Internal Trade as the Member Convenor. Secretaries of the Department of Commerce, Department of Revenue, and Department of Economic Affairs, and the CEO, Niti Aayog are the Members of this committee. The Secretary of Department concerned where investment is coming is to be co-opted in the committee.

A Project Development Cell (PDC) is also approved for the development of investible projects in coordination between the Central Government and State Governments and thereby grow the pipeline of investible projects in India and in turn increase Foreign Direct Investment inflows. Under the guidance of the Secretary, an officer not below the rank of Joint Secretary of each relevant central line Ministry, who will be in-charge of the PDC will be tasked to conceptualise, strategise, implement, and disseminate details with respect to investable projects, the statement said.

In another decision, the Cabinet has given its approval to re-establish Pharmacopoeia Commission for Indian Medicine & Homoeopathy (PCIM&H) as Subordinate Office under Ministry of AYUSH. This is being done by merging into it the Pharmacopoeia Laboratory for Indian Medicine (PLIM) and Homoeopathic Pharmacopoeia Laboratory (HPL)- the two central laboratories established at Ghaziabad, Uttar Pradesh since 1975.

Presently, Pharmacopoeia Commission for Indian Medicine & Homoeopathy (PCIM&H) is an autonomous body under the aegis of Ministry of AYUSH established since 2010. The merger is aimed at optimising the use of infrastructural facilities, technical manpower and financial resources of the three organizations for enhancing the standardisation outcomes of Ayurveda, Siddha, Unani and Homoeopathy drugs towards their effective regulation and quality control, an official statement said.

In another decision, the approval for signing a Memorandum of Understanding (MoU) between India and Bhutan on Cooperation in the areas of environment got the Cabinet's nod. A proposal to rename Kolkata Port as Syama Prasad Mookerjee Port was also approved by the cabinet.

Published on June 03, 2020

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