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News (xii) District Magistrate will have to send a report like no. of applications received, no. of every 15 days to the State Government licenses granted, suitability of display site, regarding display of fireworks, starting one compliance of the Explosives Rules 2008, month prior to start of festival season till etc. n the end. The report shall include particulars OECD-DIPP Joint Workshop on Investment Policy & Investment Climate epartment of Industrial Policy and liberalized FDI policy regime and ease of doing Promotion (DIPP) through Invest India, business in the country. It was pointed out by the Dand Organisation for Economic Co- Secretary that enabling regulatory framework, operation and Development (OECD) organized whether on the front of FDI policy or on sectoral a joint workshop in Vigyan Bhawan, New Delhi regulations are two main pillars to make a country on 5 of April, 2017, on the subject ‘Investment attractive destination for investment. However, th Policy and Investment Climate’ of India. This investment decisions are also to be seen in the workshop was attended by participants from larger context of performance of the host economy, various Ministries/Departments including Ministry availability of skilled manpower, attractive of Mining, Ministry of Textiles, Ministry of Labor & consumer market, and most importantly, stable Employment, Department of Economic Affairs and and decisive political establishment. Secretary, Department of Commerce. Regulatory bodies such DIPP mentioned that India is favorably placed as RBI, SEBI, Competition Commission of India on all these parameters and provides great place and IRDAI were also represented in the workshop. for foreign investment. Workshop began with the Other participants in the workshop included presentation by Shri Atul Chaturvedi, Additional industry bodies such as CII, FICCI, NASSCOM and Secretary, DIPP, on FDI Policy and Investment Law/Consultancy firms. climate to set the context for day long discussions. In the last three years, the Government of India Ms. Isabelle Joumard, Senior Economist has undertaken a number of FDI Policy reforms and Head of the India desk, OECD Economics with the result that India has been recording Department presented key takeaways of the OECD highest ever foreign direct investment in recent Economic Survey of India during the session on years. Ms. Irene Hors, Head of OECD Strategic ‘Developing the right ecosystem for investment’. Partnerships and New Initiatives introduced that Mr. Stephen Thomsen, Head, Investment Policy the workshop was aimed at shedding light on Reviews, OECD made presentations on the subjects how the FDI policy reforms can be evaluated as of ‘OECD policy framework for investment and its per the benchmarking of the OECD and discussing applications’ which focused on the different policy related areas which impact investment such as areas which help to shape the investment climate, trade policy; competition policy; tax policy; public and ‘OECD FDI Regulatory Restrictiveness Index governance; corporate governance; policies for and its application to India.’ OECD presented enabling responsible business conduct; human the methodology developed to allow countries resources development etc. and to demonstrate as to measure the degree of openness to foreign to how they relate to one another. direct investors and its evolution over time with Shri Ramesh Abhishek, Secretary DIPP, in his the OECD FDI Regulatory Restrictiveness Index. keynote address highlighted the importance of Presentation on ‘Making the most of FDI - Policies April-May, 2017 45
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