: Govt to set up single window system for industrial clearances & approvals: Goyal #FinanceIndia #StockMarketNEWS Govt to set up single window system for industrial clearances & approvals: Goyal New

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Govt to set up single window system for industrial clearances & approvals: Goyal #FinanceIndia #StockMarketNEWS
Govt to set up single window system for industrial clearances & approvals: Goyal New Delhi, July 28 (KNN) The government is soon going to set up a single window system for clearances and approvals of Industry in the country, said Commerce and Industry Minister Piyush Goyal.

This would be a genuine single window and all the concerned state governments and central ministries are being taken on board for the system, said the Minister, on Monday, while talking about the sovereign wealth funds, the foreign pension funds and others on ease of doing business and investments in the infrastructure sector in India.

The Minister also said that the government is working on creating a land bank, for which six states have already given their consent.

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, he added.

On the issue of further easing and speeding up the process of approvals for industry and investments, the Minister also referred to the recent decisions of the Cabinet to set up an Empowered Group of Secretaries led by the Cabinet Secretary to take decisions on various industries’ schemes and projects.

He also asserted that a nodal officer has been appointed in every central department and project development cells are being set up which will help in 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 such as 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, TV Set-Top Boxes, CCTVs, Sports goods, ethanol manufacture and bio-fuels, and Toys which will help in scaling up investment, and leveraging the competitive edge of the country.

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 quality of the Indian products, increasing economies of scale for the production in India, he said.

He also said that the industry should assimilate artificial intelligence, data analytics, robotic and all other best practices adding that using technology does not imply loss of jobs in any way, as jump in production in the country will lead to creation of more jobs.

The Minister said that a conducive environment will be created for foreign investment in the health and education sectors also.