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STATES URGED TO SIMPLIFY PROCEDURES
FOR ATTRACTING GREATER INVESTMENTS
ARUN
JAITLEY WRITES TO STATE CHIEF MINISTERS
Shri Arun Jaitley,
Union Minister of Commerce & Industry and Law & Justice,
has urged the Chief Ministers of States to have a re-look at existing
procedures for implementation of investment. As many approvals
for investment implementation and post-commissioning regulatory
requirements are administered by State level agencies, Shri Jaitley,
has highlighted the need of simultaneous simplification in the
procedures at the State and Central level for creating an ‘investor-friendly’
climate and facilitate greater investments in States. He has
suggested that the States may to consider the recommendation on
re-engineering of investment approval and implementation procedures.
It may be recalled
that the Committee, set up by the Government, under Shri V.
Govindarajan, Secretary, Department of Industrial Policy &
Promotion, had recommended a complete overhaul of procedures prescribed
under different laws by re-engineering of all relevant regulatory
systems at the Central, State and local government levels, to
ensure transparency, unambiguous decision rules, minimising documentation,
and ensuring accountability. This exercise would also take
best global practices on board, and the revised processes are
to be embodied in e-governance systems.
At the directions
of the Prime Minister, Shri Atal Bihari Vajpayee, an Empowered
Sub-Committee of the National Development Council on ‘creating
an investor–friendly climate’ has been set under the Minister
of Commerce & Industry, Shri Jaitley. This empowered sub-committee
would also look into many of these issues and suggest an action
plan to dismantle major controls and procedures that impede investments
and evolve a framework of policies, procedures and regulations
to encourage investment.
