PM's Council to consider Investment Commission report
The Prime Minister's Council on Trade and Industry will consider the recommendations of the Investment Commission next week, Commerce and Industry Minister Kamal Nath said on Tuesday.
By PTI |
NEW DELHI: The Prime Minister's Council on Trade and Industry will consider the recommendations of the Investment Commission next week, Commerce and Industry Minister Kamal Nath said on Tuesday.
"The PM's Council on Trade and Industry will consider the Investment Commission's report on July 20," Nath told reporters here.
The Ratan Tata-led Commission, which submitted its report to the government last week, has identified ten major impediments, including inflexible labour laws, to investment in various sectors and recommended promotion of SEZs for boosting flow of money into key sectors. It has also mentioned investment restrictions and entry route barriers in several sectors of significant investment potential.
Asked about the Commission's suggestion on reforming labour laws, Nath said some states have conveyed to the Centre that they also wanted flexible labour regime to attract foreign investments.
The report studied 25 key sectors spanning services, infrastructure, manufacturing, natural resources and knowledge economy. These sectors represent significant part of the economy and between them would require an aggregate investment of $525-550 billion over the next five years.
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The Commission also identified projects for facilitation, and support totalling to a likely investment of about $30 billion over the next few years.The other obstacles to investment mentioned by the report include non-implementation of policies, reversal of policy and breach of contract, lack of level playing field especially in PSU-dominated sectors, presence of many agencies for FDI, bureaucratic delays and discretionary interpretation.
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