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Kamal Nath government drafts business-friendly law to boost investment in Madhya Pradesh

The draft proposes to make the MP Industrial Development Corporation a nodal agency and fixing time limit for completion of all procedures pertaining to setting up industries.

Published: 23rd January 2020 02:00 AM  |   Last Updated: 23rd January 2020 11:56 AM   |  A+A-

Madhya Pradesh CM Kamal Nath

Madhya Pradesh CM Kamal Nath (File Photo| PTI)

By Express News Service

BHOPAL:  While Madhya Pradesh Chief Minister Kamal Nath meets global industry’s head honchos at the ongoing World Economic Forum’s annual meet in Davos, his government has drafted the Time-Bound Clearance Act 2020 to attract investment, provide extensive employment opportunities and promote economic activities in the central Indian state.

Drafted under the CM’s guidance, the Time-Bound Clearance Act 2020 will enable investors to avoid delay in getting permissions and approvals in setting up their industries. 

The draft proposes to make the MP Industrial Development Corporation a nodal agency and fixing a time limit for completion of all procedures pertaining to setting up industries.

Through the implementation of the Time-Bound Clearance Act 2020, the government intends to give immediate approval to investors/industrialists on 24 services/procedures required for establishing industrial units.

A seven-day period is proposed to be fixed for approval of 16 other services.

The proposed provisions in the draft will introduce a Joint Inspection Regime, which will create an atmosphere of Ease of Doing Business in MP.

During CM’s four-day ongoing visit to Davos, industrialists will also be informed about this draft and the investment-friendly policies of the state government.

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