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.