New Delhi: The government is soon going to set up a single-window system for clearances and approvals for industry in the country. Talking to the sovereign wealth funds, the foreign pension funds and others on ease of doing business and investments in the infrastructure sector in India, Commerce and Industry Minister Piyush Goyal said that 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 minister also said that the government is working on creating a land bank, for which six states have already given their consent. 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.
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, TV Set-top boxes, CCTVs, sports goods, ethanol manufacture and bio-fuels, and toys.
The Minister said that conducive environment will be created for foreign investment in the health and education sectors also. He said that investors will be given full support in terms of policies, processes, regulations and everything will be transparent, open and equitable. Replying to some other concerns of the potential investors, Goyal said the Baba Kalyani Report on Special Economic Zone is under serious consideration of the Ministry. On the labour reform issues, the Commerce & Industry minister said that a balance has to be worked out between the interests of the labour and the investors.