Cabinet approves setting up project development cells in departments to boost investment

In a step to attract investment in the country, the union cabinet on Wednesday approved the setting up of an Empowered Group of Secretaries (EGoS) and Project Development Cells (PDCs) in ministries and departments.

"We know the world situation. Now the industries are thinking to diversify their investments in different locations. To ensure that investment increases in India, an Empowered Group of Secretaries (EGoS) has been formed and simultaneously in every ministry/department there will be Project Development Cells (PDCs)," Information and Broadcasting Minister Prakash Javadekar said while briefing the media about the decisions of union cabinet.

"This will make India more investment-friendly and we also handhold the new industries," he added.

There have been reports that several multi-national compes are thinking of moving their manufacturing bases out of China due to conditions created by COVID-19.

Javadekar said the decision of the cabinet will also give a flip to domestic industry and it will bring synergy between ministries and departments and among Centre and state governments in policy matters.

He said that this decision will give a boost to the economy and open up immense direct and indirect employment opportunities.

"In projects which will come under their ministries, PDCs will do their hand-holding, provide land on time and help in other matters," he said.

( With inputs from ANI )