Government Mulls Single Application Form, Investment Clearance Cell To Woo Investors
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 point 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 information technology systems integration from all departments, the official added.
The Department for Promotion of Industry and Internal Trade 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 No Objection Certificate for ground water extraction, at central and state government levels.
Investors require single application, self certification, document submission at single place, time bound/deemed approvals, real time status update.
The department is also considering framing a law for the proposed investment clearance cell and defined timelines for approvals for central departments.