News Update

Income Tax seizes cash to tune of Rs 11 Crore from NSE brokerAustralians support same-sex marriage in national surveyDigital economy to the fore again (See 'TII EDIT')Renewable Energy - Challenge is research in storage technologyICAO Audit finds safety system in placeI-T - Interest received towards late payment following award passed by District Court is taxable income: HCPM reviews performance of key infra projectsCX – Blinds are in nature of curtains and cannot be said to become immovable properties when they are mounted on wall: CESTATGST Administration facing acute manpower shortage at Group 'A' level; About 1900 posts remain vacant against over 5800 posts in CBECJD(U) election symbol - EC verdict out; Nitish faction defeats Sharad Yadav splinter groupSEBI bans Swarnabhumi Agritech India & its Directors for four yearsGST - MRP - additional stickers allowed upto Dec 31, 2017CBDT invites comments of stakeholders for conversion of Indian branches of foreign banks to Indian subsidiary companyMoody's upgrade India's credit rating to Baa2CBDT issues transfer order of 7 DC/ACITsBudget 2018 - MoF invites suggestions from Industry and TradeCommerce Minister to participate in Shanghai Cooperation Organization meetingGST - CBEC clarifies on refund of unutilised ITC of GST paid on inputs by fabric exportersCBDT issues transfer order of 8 Addl / JCITsGST - FICCI steps up demand for inclusion of natural gasRevenue Secretary welcomes Moody’s upgraded rating; GST gets full creditGST receipts - Agency commission to banks - Mumbai office of RBI to settle all claimsTaxability of High Sea Sales under Customs & GST - A detailed analysisSiliguri DRI seizes over 7 kg gold worth Rs 2.3 Crore smuggled from Bhutan & MyanmarCabinet sanctions posts of Chairman & Members of National Anti-Profiteering AuthorityUnion Cabinet extends aid to strengthen infra for judiciaryCBEC notifies new Customs exchange rates effective from November 17, 2017
 
EU, India establish Investment Facilitation Mechanism

By TIOL News Service

NEW DELHI, JULY 14, 2017: European Union (EU) and India today announced the establishment of an Investment Facilitation Mechanism (IFM) for EU Investments in India. The mechanism will allow for a close coordination between the European Union and the Government of India with an aim to promote and facilitate EU investment in India.

This agreement builds on the Joint Statement of the 13 th EU-India Summit held in Brussels in March 2016, where the EU had welcomed India's readiness to establish such a mechanism and leaders from both sides had reaffirmed their shared commitment to oppose protectionism and to work in favour of a fair, transparent and rule-based trade and investment environment.

As part of the IFM, the EU Delegation to India and the Department of Industrial Policy & Promotion (DIPP), Ministry of Commerce & Industry, agreed to hold regular high level meetings to assess and facilitate "ease of doing business" for EU investors in India. This will include identifying and putting in place solutions to procedural impediments faced by EU companies and investors in establishing or running their operations in India.

Stressing the importance of this initiative, H.E. Mr. Tomasz Koslowski, Ambassador of the European Union to India said, "The establishment of the Investment Facilitation Mechanism is a right step in the direction of strengthening the trade and investment ties between the EU and India. The EU is the largest foreign investor in India and this initiative helps ensuring a more robust, effective and predictable business environment for the EU investors. At the last Summit in March 2016, leaders of both sides decided to create a new momentum in our relations. We are delivering on this."

DIPP Secretary, Mr. Ramesh Abhishek said “Ease of doing business is a fundamental priority of our Government's Make in India Campaign and the establishment of IFM for facilitating EU investments in India is another step to achieve this goal. The IFM has been established with the key objectives of paving the way for identifying and solving problems faced by EU companies and investors with regard to their operations in India.  The IFM will cover new investors as well as those already established in India. The IFM is also going to serve as a platform for discussing general suggestions from the point of view of EU companies and investors with regard to ease of doing business in India, which I am sure, would boost and encourage the EU investors to avail the  investment opportunities available in India”

Invest India, the official Investment Promotion and Facilitation Agency of the Government of India, will also be part of the Mechanism. It will create a single-window entry point for EU companies that need assistance for their investments at the central or state level. The DIPP will also facilitate participation of other relevant ministries and authorities on a case-to-case basis.

Trade and Investment are key elements of the EU-India Strategic Partnership launched in 2004. Along with being the first trade partner in goods and services, EU is one of the biggest provider of foreign investment in India, with a stock exceeding US$ 81.52 billion (more than 4.4 lakh crores INR) as of March 2017. There are currently more than 6,000 EU companies present in India, providing direct and indirect employment to over 6 million people.


POST YOUR COMMENTS