With an aim to create jobs, promote exports and increase the potential of revenue to the exchequer, the government has set up an empowered committee to push the innovative collaboration of joint ventures which involves investment of over Rs 2,000 crore. The Empowered Committee for Innovative Collaborations will be headed by NITI Aayog Vice Chairman and its members would include Economic Affairs Secretary and Industry Secretary.
The committee will meet every fortnight and shall advice the state governments, FIPB and other agencies to convert the concept into an implementable project. Further, the committee would evaluate the proposal with regard to its desirability in public interest, having regard to employment generation and revenue generation for Government, import reduction, export promotion and similar social or economic considerations.
The empowered committee is based on the concept followed in United States and Australia which have created procedures to enable Government to promote and make practical use of innovative ideas and projects. Besides, the committee's will be taking up projects which also involve lower investment if substantial social, economic or security benefits are expected. Innovation and technology transformation projects are needed to ensure that benefits of growth reach poor, farmers and weaker sections.