Govt to deploy relationship manager for foreign firms with over $500 Mn investment

To bring transparency and ease the process of foreign investment in India, the government is planning to set up a proper channel through which it can bridge the gap of investments cycles looking to make a larger bet on the country.

The department for the promotion of industry and internal trade (DPIIT) had already proposed the Commerce and Industry Minister Piyush Goyal to establish an investment promotion and facilitation agency ‘Invest India’. The agency will be funded by DPIIT itself.

Now, the government has brought an important condition for the investment channel where foreign investors, who are looking to invest $500 million or more in the country, will get a relationship manager. This is to facilitate all clearances, including automating the process of investment between the centre and local bodies and investors queries.

The process is similar to banks where privileged customers get a dedicated banker or manager for hand-holding in managing accounts, wealth et al.

According to a TOI report, DPIIT and Invest India have come together to clear all hindrance faced by investors previously, who are still waiting or had shelved their investment plans.

On the lines of Gujarat's state investment body, iNDEXTb, DPIIT secretary Guruprasad Mohapatra wants Invest India to act quickly on investment proposal and their clearance, which generally goes through various layers.

The government is looking for space and has asked for land available across private sector industrial parks that will be listed online so that investors can decide the location.

Several ministries, including tax, environment and forest along with state government officials will also be a part of the investment agency to address investment queries.

If implemented, the new investment agency will solve numerous issues related to FDI in the country.