The Department for Promotion of Industry and Internal Trade (DPIIT) is in the process of setting up of a mechanism to handhold investors and help them set up their facilities in India, a senior government official said on October 21.
DPIIT Secretary Guruprasad Mohapatra said that the proposal is being sent to the Commerce and Industry Minister Piyush Goyal for approval, following which it will set up an investment promotion and facilitation agency Invest India. It will be funded by the DPIIT.
"Very soon we will be announcing it. Within Invest India, another format in which we actually do hand-holding from investment query that anybody makes to operationalising it in the field...," he said here at a function.
Mohapatra said the new mechanism will help in all approvals and clearances that a company requires to set up a plant in a state or 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.
Talking about labour reforms, this is the top agenda of the government that the industry and the investor do not feel cramped by labour laws of the country and at the same time the laws cannot become so de-licensed that labour can be exploited.
"So the government has commitment to look into both sides," he said.
Further he said that the government is looking at making tax compliance procedures more easy. Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.
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