FM Nirmala Sitharaman announces policy reforms to fast-track investment

Finance Minister Nirmala Sitharaman on Saturday announced policy reforms to fast-track clearance of investments in efforts toward ensuring Atmanirbhar Bharat. Addressing her fourth press briefing today, Sitharaman said empowered Group of Secretaries will be formed for fast track clearance of investment projects.

To stimulate investment climate in the economy hit by coronavirus lockdown, the minister announced formation of project development cell in each ministry to prepare investible projects and coordinate with investors and central governments.

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Sitharaman also said states will be ranked on the parameter of attractiveness of investment to compete for new projects. The government will also initiate promotion of new champion sectors so that recovery of the economy can be put on fast-track.  Incentive schemes for the promotion of new champions sectors will be launched in sectors such as Solar PV manufacturing; advanced cell battery storage, the FM said.

This is the fourth press briefing by the FM in as many days to announce the details of the Rs 20 lakh crore economic stimulus package announced by PM Narendra Modi during his address to the nation on May 12, vowing to make the country 'atma-nirbhar' or self-reliant.