INDIA’S government on Friday (August 24) set up a panel to suggest ways to improve the climate for doing business in the country as figures showed foreign direct investment in India slid by 78 per cent in June.
The committee, headed by former Securities and Exchange Board of India chairman M Damodaran, will prepare a report within six months for submission to the Congress-led government, the corporate affairs ministry said.
Overseas investors have increasingly been giving a wide berth to Asia’s third-largest economy – until recently a sought-after investment destination.
The panel will include Indian industrial tycoons Anand Mahindra and Kumar Mangalam Birla ‘and come out with a detailed roadmap for improving the climate of business in India in a time-bound manner’, the ministry said.
The late evening announcement coincided with the release of official data earlier in the day showing foreign direct investment (FDI) in June tumbled to $1.24bn (£785139) from $5.66bn (£3.58bn) in the same month a year earlier.
