In an attempt to attract investors and promote the economic growth of the country, the government may extend the scheme for investment promotion 2017-20, an official said.
The expenditure finance committee, which comes under the finance ministry, has approved the proposal for extension of the scheme and the commerce and industry ministry is expected to seek the Cabinet nod for the same soon, the official added.
Investment promotion is a multi-dimensional and complex process that requires continuous efforts to be channelised around certain activities such as Foreign Direct Investment (FDI) related reforms, ease of doing business, investment facilitation, and targeted outreach.
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The main components of the scheme for investment promotion for 2017-20 include investor facilitation, CEO forums, and joint commission meetings, international and domestic investment outreach and its amplification, project management, capacity building, monitoring, and evaluation.
The official said the scheme provides support for organising focused joint commission meetings at the level of government to government and CEOs forum at the business-to-business level.
It also provides for expenditure incurred on international outreach activities, including road shows and exhibitions.
FDI into the country grew 19 per cent to $59.64 billion during 2020-21. Total FDI, including equity, re-invested earnings, and capital, rose 10 per cent to $81.72 billion during 2020-21 as against $74.39 billion in 2019-20.
