The Ministry of Commerce and Industry has approved the continuation of the Scheme for Investment Promotion (SIP) for five years from 2021-22 till 2025-26 with a financial outlay of Rs 970 crore.
Scheme for Investment Promotion (SIP):
SIP is a Centrally Sponsored scheme, launched on 11th November 2008, to promote Foreign Direct Investment (FDI) into India.
Implementing Agency – Department for Promotion of Industry and Internal Trade (DPIIT)
i.The scheme comprises a number of components and activities that enhances international co-operation for promoting investments through FDI and capacity building in India.
Significance:
DPIITs Make in India, setting up of project development cells, GIS-based Industrial Information System and National Investment Clearance Cell increases the investment inflow.
Features:
i.The newly extended SIP has added few components – Investor targeting and facilitation; Project management activities; and Foreign Travel.
ii.Other Components of SIP:
- Organising CEO Forums;
- Financial investors initiatives for attracting institutional investors;
- Support to Indian missions abroad for market entry support programmes;
- Investment Clearance Cell (National Single Window System);
- Monitoring of FDI activities.
Recent Related News:
In September 2021, the Ministry of Commerce & Industry launched “National Single Window System” (NSWS), an online portal to enable global and domestic investors, entrepreneurs, and businesses to identify, obtain approvals and clearances needed in India, thereby increasing ease of doing business in India.
About Ministry of Commerce and Industry:
Department for Promotion of Industry and Internal Trade (DPIIT) is an organisation established in 1995, under the Ministry of Commerce & Industries to promote internal trade, FDI, & support industries.
Union Minister – Piyush Goyal (Constituency – Maharashtra)
Minister of State – Anupriya Singh Patel (Constituency – Mirzapur, Uttar Pradesh); Som Parkash (Constituency – Hoshiarpur, Punjab)
