Land bank and single window approvals: Piyush Goyal shares what Centre is planning to bring investment

By: |
Published: July 27, 2020 8:45 PM

Piyush Goyal said six states have already given their consent for land bank, and potential investors would be able to locate and identify land from their distant offices for industries, without frequently visiting the offices of land owning agencies.

The government, he added, has identified 20 industrial sectors to focus on.

The government will soon set up a single window system for clearances and approvals for industry, and is working on creating a land bank with a view to attract investments, Commerce and Industry Minister Piyush Goyal said on Monday. He said six states have already given their consent for land bank, and potential investors would be able to locate and identify land from their distant offices for industries, without frequently visiting the offices of land owning agencies. The minister made the comments while talking to sovereign wealth funds, foreign pension funds and others on ease of doing business and investments in infrastructure sector in India.

“The government is soon going to set up a single window system for clearances and approvals of industry in the country. This would be a genuine single window and all the concerned state governments and central ministries are being taken on board for the system,” Goyal said. He said a nodal officer has been appointed in every central department, and project development cells are being set up which will help in development of investible projects in coordination between the central and state governments. The government, he added, has identified 20 industrial sectors to focus on.

These sectors include furniture standard as well as special, air-conditioners, leather, footwear, agro-chemicals, ready-to-eat food, steel, aluminium, copper, textiles, electric vehicles, auto-components, TV set-top boxes, CCTVs, sports goods, ethanol manufacture and bio-fuels, and toys.

“This will help in scaling up investment, and leveraging the competitive edge of the country…The industry should assimilate artificial intelligence, data analytics, robotics and all other best practices,” he said, adding that using technology does not imply loss of jobs in any way as increase in production in the country will lead to creation of more employment.

The minister said conducive environment will be created for foreign investment in health and education sectors also.
Investors will be given full support in terms of policies, processes, regulations and everything will be transparent, open and equitable, he added.

On the issue of labour reforms, he said a balance has to be worked out between the interests of labour and investors.
Further, he said “we are now looking forward to (economic) growth in the third and fourth quarters…India was able to create health infrastructure during the lockdown, as could be seen in self-sufficiency in the indigenous production of large numbers of PPEs and ventilators”. He invited foreign investors to India and assured them of all the support for facilitating investments. The participants in the meeting gave various suggestions for further improving the ease of doing business in India.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1FM Sitharaman pushes large CPSEs to meet half of FY21 capex target by September
2Allow e-way bill for intra-state transportation of gold: GoM
3Forex reserves climb up to record USD 538.191 billion in week ended August 7