The government is considering setting up an investment clearance cell and provide defined timelines for all kinds of state and central approvals to attract investments, an official said. In order to further ease the business climate of the country, it is also looking at developing a single application form for all kinds of clearances and provide deemed approvals, the official said.
For onboarding central departments and states, the government is looking at two single points of contacts, one each from central department and state; list of licences and documents; detailed processes; timelines for each approval /deemed approvals; and support for IT systems integration from all departments, the official added.
The Department for Promotion of Industry and Internal Trade (DPIIT) is working on the proposal, which could be implemented in four phases. According to the proposal, an investor would also be able to track the status of his/her application.
Currently, an investor has to seek several approvals such as company incorporation, GST registration, import-export code, environment clearance, and NOC for groundwater extraction, at central and state government levels.
Investors require a single application, self-certification, document submission at a single place, time-bound/deemed approvals, real-time status update.
The department is also considering framing law for the proposed investment clearance cell and defined timelines for approvals for central departments.
Source: Financial Express