Govt working on creating a land bank, six states give their consent

New Delhi, July 28: The Government will soon set up a single window system for clearances and approvals of industry in the country.

Talking to the sovereign wealth funds, the foreign pension funds and others on ease of doing business and investments in infrastructure sector in India, Commerce and Industry Minister Piyush Goyal said that this would be a genuine single window and all the concerned State Governments and Central Ministries are being taken on board for the system. 

The Minister also said that the Government is working on creating a land bank, for which six States have already given their consent.  He said that the potential investors would then be able to locate and identify the land banks from their distant offices and finalise the location of industries, without frequently visiting the offices of land owning agencies. 

On further easing and speeding up the process of approvals for industry and investments, the Minister also referred to the recent decisions of the Cabinet to set up an Empowered Group of Secretaries led by the Cabinet Secretary to take decisions on various industries’ schemes and projects.  He also said that 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 Government and State Governments and thereby grow the pipeline of investible projects in India and in turn increase FDI inflows.

The Minister said that the Government had initially identified 12 industrial sectors to focus upon, and the same has been expanded to 20.  This will help in scaling up investment, and leveraging the competitive edge of the country.  These sectors include furniture – standard as well as special furniture, 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.  

He said that Aatmanirbhar Bharat does not mean India is closing the doors for the world but widening its doors for opportunities and Investment with the focus on quality of the Indian products, increasing economies of scale for the production in India. The country  will deal the world from a position of strength, become more competitive, and imbibes best technology and equipment.  The industry should assimilate artificial intelligence, data analytics, robotic and all other best practices.He said using technology does not imply loss of lobs in any way, as jump in production in the country will lead to creation of more jobs. 

The Minister said that conducive environment will be created for foreign investment in the health and education sectors.  He said that investors will be given full support in terms of policies, processes, regulations and everything will be transparent, open and equitable. Replying to some other concerns of the potential investors, Goyal said the Baba Kalyani Report on Special Economic Zone is under serious consideration of the Ministry.  On the labour reform issues, Shri Goyal said that a balance has to be worked out between the interests of the labour and the investors, the PIB release stated.