Investment funds updated on the availability of land
The Government is soon going to set up a single-window system for clearances and approvals of the industry in the country, Commerce and Industry Minister Piyush Goyal has told #sovereign wealth #funds, the #foreign #pension funds and others.
Briefing them on ease of doing business and investments in the infrastructure sector in India, the Minister assured, “This would be a genuine single window and all the concerned State #Governments and Central Ministries are being taken on board for the system.”
The Government is working on creating a land bank, for which six States have already given their consent, he informed on 27Jul 2020.
He said that the potential investors would then be able to locate and identify the land banks from their distant offices and finalise the location of industries, without frequently visiting the offices of land-owning agencies.
On the issue of further easing and speeding up the process of approvals for industry and investments, he referred to the recent decisions of the Cabinet to set up an Empowered Group of Secretaries led by the Cabinet Secretary to make decisions on various industries’ schemes and projects.
A nodal officer has been appointed in every Central Department and Project Development Cells are being set up which will help in the development of investible #projects in coordination between the Central Government and State Governments and thereby grow the pipeline of investible projects in India and in turn increase FDI inflows.
The Minister said that the Government had initially identified 12 industrial sectors to focus upon, and the same has been expanded to 20. This will help in scaling up investment and leveraging the competitive edge of the country.
These sectors include furniture – standard as well as special #furniture, #air-conditioners, #leather, #footwear, #Agro-chemicals, Ready to eat #food, #Steel, #Aluminium, #Copper, #Textiles, #Electric Vehicles, #Auto-components, 3TV Set-Top Boxes, #CCTVs, Sports goods, #ethanol #manufacture and #bio-fuels, and #Toys.
He assured that self-reliance, Aatmanirbhar Bharat, does not mean India is closing the doors for the world but widening its doors for opportunities and Investment with the focus on the quality of the Indian products, increasing economies of scale for the production in India.
The country will deal with the world from a position of strength, become more competitive, and imbibes best technology and equipment, said the Minister, calling on the industry to assimilate artificial intelligence, data analytics, robotic and all other best practices.
Elaborating, he said a conducive environment will be created for foreign investment in the health and education sectors with full support for investors in terms of policies, processes, regulations and everything will be transparent, open and equitable.
Goyal assured all the support for facilitating the investment in India, calling on foreign investors to take part in the country’s growth story. #investors #banks #manufacturing #production #exports /fiinews.com
