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Ministry of New & Renewable Energy (MNRE) has recently passed an order in regards with formation of Project Development Cell (PDC) with the aim of attracting investments in India.
The Central Government has recently approved the setting up of an Empowered Group of Secretaries (EGoS) and Project Development Cells (PDCs) in Ministries/Departments of Government of India for attracting investments in India by development of investible projects in coordination between the Central Government and State Governments.
The main two objectives of Project Development Cells (PDCs) is to create projects with all approvals, land available for allocation and with the complete Detailed Project Reports for adoption/investment by investors and to identify issues that need to be resolved in order to attract and finalize the investments and put forth these before the Empowered Group.
In pursuance of above decisions, the Ministry of New & Renewable Energy (MNRE) hereby constitutes a Project Development Cell (PDC) in the Ministry of New & Renewable Energy (MNRE) under Amitesh Kumar Sinha, Joint Secretary, MNRE. He will be assisted by Ruchin Gupta, Director, MNRE, other officers of the Grid Solar Power Division and representatives of Invest India.
MNRE has requested the Department for Promotion of Industry and Internal Trade (DPIIT) to nominate representatives from Invest India to participate in the working of this cell.
A portal is being developed to receive proposals from the RE sector and to check the status of action taken on such proposals.
Recently,The Ministry of New & Renewable Energy (MNRE) has issued notice announcing creation of Foreign Direct Investment (FDI) cell in the Ministry of New & Renewable Energy (MNRE) for processing FDI proposals — reg. The notice states that the Government of India had recently reviewed the FDI policy for curbing opportunistic takeovers acquisitions of Indian companies due to the current COVID-19 pandemic.
It further added that: As informed by Department for Promotion of Industry and Internal Trade (DPIIT), an entity of a country, which shares land border with India or where the beneficial owner of an investment into India is situated in or is a citizen of any such country, can invest only under Government route and the FDI proposals involving investments from these countries shall now be processed by the concerned Administrative Ministry/Department.