(a) the details of the steps taken since 2008-09 to make Indian Economy investment
friendly to foreign investors;
(b) amount allotted to the Government of West Bengal in 10th Five Year Plan;
(c) whether the utilisation certificate thereof has been received by the Union
Government; and
(d) if so, the details thereof and if not, the action taken by the Government in this
regard?
Minister of State in the Ministry of Finance (SHRI NAMO NARAIN MEENA)
(a): Government has been making concerted efforts towards creating a conducive business
environment and encouraging greater portfolio investments into India through several policy
initiatives. Fll investment limits in various categories of debt securities have been
progressively enhanced. In the Budget 2011-12, Government of India, has also, permitted
Qualified Foreign Investors (QFIs) to directly invest in Indian Mutual Funds (MFs).
Foreign Direct Investment (FDI) policy is reviewed on an ongoing basis, with a view to making
it more investor friendly. Government has put in place an investor-friendly policy, under
which FDI upto 100% is permitted, through the automatic route, in most sectors / activities.
Significant changes have beep made in the FDI policy regime in the recent times, to ensure
that India remains increasingly attractive and investor-friendly.
The Government has also set up `Invest India`, a joint venture company between the Department
of Industrial Policy & Promotion and Federation of Indian Chambers of Commerce and Industry
(FICCI), as a not-for-profit, single window facilitator, for prospective overseas investors.
(b): Rs. 11,438.35 Crore was released to the West Bengal under Demand No. 35 pertaining to
Central Assistance to the State Plans during 10 Five Year Plan.
(c) & (d): Review of releases and seeking utilization certificate is an on-going process in
the Govt. No Utilization Certificates (UC) are required for normal Central Assistance. As
regards UCs under other schemes, these are monitored by the concerned Ministries/Departments.
The Govt. of India has restricted further release of grants-in-aid to those state govts. which
have defaulted in furnishing utilization certificate without prior approval of ministry of
finance.