DPIIT Plans Single-Window System To Handhold Foreign Investors
The Department for Promotion of Industry and Internal Trade is planning to set up a single window system to handhold foreign investors keen to invest in India, an official said.
The single-window system is likely to have representatives from both the Centre and state governments, the official said. The system will help in getting all relevant approvals and clearances required by foreign investors.
A proposal regarding this was prepared by the department. DPIIT Secretary Guruprasad Mohapatra said that the proposal was being sent to Commerce and Industry Minister Piyush Goyal for approval.
Mohapatra said the new mechanism will help in all approvals and clearances that a company requires to set up a plant in a state, district or town.
The government is taking a series of steps to attract FDI. It has liberalised norms in several sectors such as single-brand retail trading, coal mining, insurance and contract manufacturing. The department is also looking to further liberalise FDI norms and they are holding internal meetings with different ministries in this regard.
FDI in the country has increased by 28 percent to $16.3 billion during April-June this fiscal.