"In case of Intel, the Investment Commission has recommended a set of concessions for electronic hardware manufacturing ... The policy is under preparation. I think it is in the final stages," Chidambaram said after a two-hour long meeting with the Commission.
The department of telecom has sent its views, he said adding, "I am told it is in the very last phase of finalisation after which it will go to the Cabinet."
The Commission has offered fiscal concessions to facilitate electronic hardware manufacturing in the country and for high tech manufacturing like fab, he said. Information Technology Minister Dayanidhi Maran had said that global electronic major Intel was willing to set up a $400 million assembly unit in India but it reportedly ran into difficulty because of the government not agreeing to give the necessary fiscal incentives.
"The Investment Commission has played a great part in motivating Intel to come to India.... They will come back to India. They are in the final stages," Chidambram said.
Apart from Ratan Tata, the other two members of the Investment Commission are Ashok Ganguly, ICICI OneSource, and Deepak Parekh, HDFC Chairman. The Investment Commission, set up by the UPA government after it came into being, to act as an interface between the government and investors, particularly foreign, has identified $28-30 billion of investment that could be pushed with their help.
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