Date:15/12/2004 URL: http://www.thehindubusinessline.com/2004/12/15/stories/2004121503050300.htm

Back Investment panel gets down to business

Our Bureau

New Delhi , Dec. 14

THE newly constituted Investment Commission, headed by the Tata group Chairman, Mr Ratan Tata, will set up meetings with domestic industrial houses and large overseas companies to secure a "certain level" of investments every year.

As per the terms of reference drawn for the Commission, constituted for an initial three-year period, it will "interact closely with the boards of directors of potential investing companies," particularly in sectors "where there is dire need for investment but adequate investment has not flowed so far."

In respect of Indian investors, the Commission — which has the HDFC Chairman, Mr Deepak S. Parekh, and the former Chairman of Hindustan Lever, Dr Ashok Ganguly, as its members — will also address the issue of bridging the gap between "announcements" and "proposals"; and "proposals" and "project implementation."

It will specifically endeavour "to secure a certain level of investment every year and its progress will be reviewed at the end of every quarter." It will also make recommendations to the Government both on policies and procedures to facilitate foreign direct investment flows into the country.

While the Commission will be located within the Government (in the Finance Ministry), it will, at the same time, "enjoy operational autonomy and Government support."