Foreign Investment Promotion Council has been set up by the government of India in order to encourage more foreign direct investment into the country. By doing this Foreign Investment Promotion Council has helped in the growth of the country's economy.
Establishment of Foreign Investment Promotion Council:
The Indian government has established foreign Investment Promotion Council (FIPC). The aim of Foreign Investment Promotion Council is to increase the amount of FDI into India by taking up marketing and investment promotion activities.
According to the government of India's Common Minimum Programme, the country has the requirement of around US$ 10 billion foreign direct investment each year. The Indian government has thus set up FIPC in order to make strong the institutional mechanism that relates to the approval of the proposals for foreign direct investment into India.
Composition of Foreign Investment Promotion Council (FIPC):
The chairmanship of Foreign Investment Promotion Council has been given to the chairman of ICICI. The presidents of the business associations like FICCI, ASSOCHAM, and CII are members of Foreign Investment Promotion Council. The member- secretary of FIPC is a personnel from the Industry Ministry.
Objectives of Foreign Investment Promotion Council (FIPC):
- To get in touch with potential investors in order to encourage foreign direct investment into the country
- To make efforts to promote marketing and investment in the country
- To identify the various sectors in the country that require foreign direct investment
- To take up promotional activities such as, conferences and seminars in order to promote FDI into the country
Indian government must boost Foreign Investment Promotion Council (FIPC):
The government of Indian must make efforts to boost Foreign Investment Promotion Council (FIPC). This will help to bring in more foreign direct investment into the country which in its turn will help in the growth of India's economy.
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