The Government has chalked out an aggressive plan to woo foreign direct investment in India in order to realize its target of 9% growth in the 11th Plan. The Government is considering a joint venture with the private sector to establish investment promotion centres in India and 10 countries.

The Department of Industrial Policy and Promotion (DIPP) has recommended the establishment of a trust or company set up jointly by the centre and industry chambers to serve as information dispensing centres in India and abroad, with the objective of tapping foreign investment in India.

These offices would also scrutinize FDI proposals to ensure hassle-free approval of projects. The countries selected for investment promotion are the US, Japan, UK, Germany, South Korea, France, Singapore, Switzerland, Italy and Taiwan.

The industry chambers would eventually have a stake in the operations of the investment windows. Two investment promotion schemes, the Undertaking Investment Promotion Activities and International Cooperation and Joint Venture Asia Enterprise, which are currently in operation, will be merged to form the new investment drive which entails an expenditure of Rs.100 crore.

The new scheme would also encourage and sponsor state governments to scout for foreign investments. With the joint efforts of the centre, state governments and the private sector, it is hoped that the investment windows would reach out to foreign investors directly with the right information.

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