PANJIM: The State Cabinet on Wednesday approved the draft Goa Industrial Growth and Investment Promotion Policy 2022.
After the Cabinet meeting, Industries Minister Mauvin Godinho said that salient feature of this policy is that all powers of the State government will be handed over to the Goa Industrial Development Corporation (GIDC).
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Godinho said that the draft policy seeks to promote growth of new and existing industries in the State in an environmentally responsible and sustainable manner. The focus sectors of the State have been revaluated on the basis of past trends and the State’s vision. In order to be more effective four new focus sectors such as IT and ITes High-end Hospitality, Niche Tourism and Food and Agro Processing industries have been identified and proposed. The focus is also on promoting low polluting sectors that do not require large industrial land.
The reforms proposed under the Ease of Doing Business (EoDB) are simplification of online systems and application process; re-engineering of all department services to reduce timelines and simplify forms.
The Goa Investment Promotion and Facilitation Board’s (IPB) role will be strengthened as the single window and common application for all pre-establishment clearances including land allotment through GIDC will be created. Also Grievances Redressal System will be strengthened in the State.
Various incentives are also proposed in the policy to encourage growth and skill development in the State and are aimed to enable the State to foster an environment that is conducive to the industries and simplifies the process of doing business in the State.
According to the Minister, the government wants to attract the right kind of investment in the State to support the growth and development of the people while preserving the environment. The policy focusses on supporting the existing and local businesses of people and private players by providing fiscal and non-fiscal support.
The policy also support training programme for skilling and entrepreneurship development for local youth, incentives for industry offering placements, simplification of land related clearances for local land-owners to use private land, Comunidade land for industry, eco-tourism, entertainment and other projects aligned with focus sectors of the State.
Special assistance will be given for sick businesses/ units with potential such as financial assistance, bridge financing, debt resolution, market support and formulation of exit policy.
