MNRE to Form Project Development Cell for Attracting Investments in India

MNRE is constituting its own Project Development Cell (PDC) for attracting investments in India, by the development of investible projects in the country

The Ministry of New and Renewable Energy (MNRE) has announced that the Central Government has approved the setting up of an Empowered Group of Secretaries (EGoS) and Project Development Cell (PDC) in Ministries/ Departments of Government of India for attracting investments in India by the development of investible projects in coordination between the Central Government and State Governments.

As per the notification, the objectives of the Project Development Cells (PDCs) will be as follows: (a) To create projects with all approvals, land available for allocation and with the complete Detailed Project Reports for adoption! investment by investors.

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(b) To identify issues that need to be resolved in order to attract and finalise the investments and put forth these before the Empowered Group.

The ministry has stated that pursuant to the above decision by the central government, the Ministry of New & Renewable Energy (MNRE) is constituting its own Project Development Cell (PDC). Amitesh Kumar Sinha, Joint Secretary, MNRE, will lead the MNRE PDC and he will be assisted by Ruchin Gupta, Director, MNRE, and other officers of the Grid Solar Power Division and representatives of Invest India.

The ministry 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.

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Further, a portal is being developed to receive proposals from the RE sector, with provisions to check the status of action taken on such proposals.

Recently, the MNRE had set up a new cell in the ministry for taking care of the foreign direct investment (FDI) into the sector. Similar to the PDC, the FDI cell will also be lead by Amitesh Kumar Sinha and Ruchin Gupta.

The underlying objective of the cell is to keep a close eye on the investment made by neighbouring countries in India. This Cell will further process FDI proposals. The move came after the Central Government had recently reviewed the FDI policy for curbing opportunistic takeovers and acquisitions of Indian companies on the back of the current coronavirus pandemic.