In an effort to provide attractive environment for investors in the country, Finance Minister P Chidambaram on Thursday proposed to establish an Investment Commission.
The Commission will have a broad authority of the government to engage, discuss with and invite domestic and foreign businesses to invest in India, he said while presenting the Budget for 2004-05.
The Commission will perform the function of attracting domestic and foreign investors and would be chaired by an eminent person, he said.
Chidambaram said the Foreign Investment Promotion Board has played a useful role and served as a one-stop centre for securing the approval of different ministries and departments to a proposed investment.
Many of the functions of FIPB could be put on the automatic route and leave FIPB as a one-stop service center and facilitator, he said.