News Update

Budget 2018 unlikely to be populist; PM drops hintsPetro Minister says he is trying hard to bring Petroleum under GSTPresident appoints Om Prakash Rawat as Chief Election Commissioner w.e.f Jan 23, 2018 + also appoints Ashok Lavasa as Election CommissionerGST - Supply of services upto Rs 5 lakh allowed under Composition SchemePresident of India exercises powers u/s 15(4) of NCTD Act, 1991 to notify disqualification of 20 AAP MLAs from Delhi AssemblyGST - CBEC Chairperson calls for expediting exports refundGovt launches Liveability Index Program in 116 citiesONGC to shell out Rs 37915 Cr for HPCLBudget 2018 - Printing of documents commences after Halwa CeremonyFM’s Davos trip cancelled as Budget preparations pick up last leg momentumONGC to pick up Govt’s 51% equity in HPCL for Rs 36900 CroreThe last date for filing GSTR-3B for Dec, 2017 extended by two days to Jan 22, 2018Major fire in firecracker & plastic factories in Delhi kill 17 workersVAT - ITC is a substantive right and it cannot be denied merely on basis of some machinery provisions or flimsy technical error or even on ground of limitation: HCTDS default - A few nights in Tihar?Aadhaar & GST glitches should trigger IT Infrastructure Protection ReviewData Protection Framework - Panel to hold public consultation on TuesdayCrypto row gains new ‘currency’; CBDT finds it cryptic; Notices issued to investorsExport of onions allowed on LC with M. E. P of USD 700 FOB per MT with immediate effect till 20.02.2018Silvassa tops List of winner Smart CitiesIndia welcomes IMF-WB Report on improving banking supervision by RBIGovt appoints Amardeep Singh Bhatia as Director of Serious Fraud Office till March, 2020Intl Customs Day: 20 persons, including 17 officers, to get WCO Certificate of MeritGST - Coffee beans processing units in trouble; seek exemptionGST Council also approves several amendments in CGST RulesGST Council grants mega relief to healthcare services & clarifies rates for many Services17 lakh Composition taxpayers paid only about Rs 307 Crore; Council expresses disappointment
 
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