NEW DELHI: AS part of its efforts to attract investors to open up their money purses, the government is in the process of setting up a system, which will handhold investors entering the Indian market and help them in every step of setting up shop in the country. The mechanism under development will be spearheaded by the Department for Promotion of Industry and Internal Trade (DPIIT).
Speaking at a conference in New Delhi, DPIIT Secretary Guruprasad Mohapatra said the proposal from the agency is being sent to Union Commerce and Industry Minister Piyush Goyal for approval.
“Following this, we will set up an agency for investment promotion and facilitation,” Mohapatra said, adding the new agency will be funded by the DPIIT. “We will be announcing it very soon,” he said. The move is in line with the stance that the Centre has taken, with Prime Minister Narendra Modi and his cabinet colleagues pitching the country as a prime investment destination to overseas investors. “Come to India if you want to invest,” the prime minister had exhorted gathered business tycoons during his visit to the United States last month, “India is in a unique position to work on rapid growth… there is a very big segment who are aspirational with a global outlook.
According to Mohapatra, the new mechanism will be within Invest India “in which we will actually do hand-holding — from investment queries that anyone makes right to operationalising it in the field”.
He also noted that the new mechanism will help investors and companies in all approvals and clearances that they would require to set up facility in any state, district or town.
“This is the kind of new set up that is being worked out now. We have submitted the proposal to the minister; and once it will be approved, we will operationalise it from next month,” he added.
Mohapatra also touched upon the highly awaited labour reforms, stating that the top agenda of the government was that neither the industry nor the investor feel cramped by labour laws in the country. the DPIIT secretary further said.