Sharma told reporters that the cabinet has also approved a non-profit company to promote foreign investment into the country as a joint venture among the central and state governments and the Federation of Indian Chambers of Commerce and Industry.

'The unique feature is the partnership between a private sector organisation, the Government of India and state governments. This is unlike anywhere else in the world,' he said.

The authorised capital will be Rs.10 crore, and a paid-up capital of Rs.1 crore - with the industry chamber holding 51 percent and the remaining with the central government that will be eventually reduced to 35 by giving stakes to state governments.