The department for the promotion of industry and internal trade (DPIIT), for the past few weeks, has been exploring the scope to ease FDI rules in multiple sectors. Being aware of the importance of the role that investors play in shaping the economy of a country, it has proposed to set up a system to guide investors in setting up their facilities in India.
The proposal has been sent to the Commerce and Industry Minister Piyush Goyal for approval. Once the proposal gets a nod from the govt, it will establish an investment promotion and facilitation agency ‘Invest India’. The DPIIT will fund the program.
The new system will help in all approvals and clearances that a company requires to set up a plant in a state or district or town.
Within Invest India, another format in which we actually do hand-hold from investment query that anybody makes to operationalising it in the field, DPIIT Secretary Guruprasad Mohapatra told PTI.
According to Mohapatra, the new set up that is being worked out at the moment, and it will start operations from November,
Though, there is no info about the new program being limited to one or multiple sectors.
Entrackr queries, in this regard, to Mohapatra remain unanswered till the publication of this report.
Besides, the govt also plans to keep the process balance for both labour and investors. It is also planning to ease tax compliance.
In the past couple of months, the government has taken few steps to support startups ecosystem.
Earlier, this month, the govt had set a platform to connect startups from smaller or rural parts of India to mentor and investors. Recently, DPIIT had also launched a website and mobile application called Learn to Protect, Secure, and Maximise Your Innovation on Intellectual Property Rights (IPRs).
While presenting the annual budget for 2019-20, Finance Minister Nirmala Sitharaman had emphasised that the govt will talk to stakeholders to relax FDI rules and make India a more attractive destination for foreign capital.
Of late, foreign investors have expressed concern over protectionist investment climate in India.