Special Correspondent

NEW DELHI: The Union Cabinet on Thursday granted approval to the setting up of ‘Invest India’ for promoting foreign direct investment (FDI) into the country.

Union Commerce and Industry Minister Anand Sharma told mediapersons here that the proposed company would be a joint venture between the Centre, the Federation of Indian Chambers of Commerce and Industry (FICCI) and State governments.

Mr. Sharma stated that the proposed company would be responsible for promoting foreign investments into the country in a more focussed, comprehensive and structured manner. It will assist the government in its efforts towards projecting India as an attractive investment destination for foreign investors and facilitating them in identifying and realising investment opportunities in India.

The salient features of the proposed company include its management structure which will comprise the board of directors with six members from the Department of Industrial Policy and Promotion (DIPP) and six members from FICCI. DIPP Secretary will be its non-executive Chairman.

Mr. Sharma also informed that during the month of July FDI equity inflows of $3.516 billion were received. This was as against $ .247 billion received during the corresponding month of last year and $705 billion received in July, 2007.