It’s Parrikar’s new vehicle on which Rs 25,000 crore of investment will ride on. No wonder that it is all encompassing, and all consuming. Almost all key industry and economic departments will serve to run this vehicle as the single delivery platform for all investors injecting more than Rs 5 crore of investment.
The Investment Promotion Board, a statutory body that will become official by the ordinance route, the main shaft around which the new investment policy will revolve, will “abrogate” all the powers of the individual State government departments to smoothen the investments into the State.
“We will assume all powers that the State has. The investment board is a statutory body. We will come up with an ordinance within 2-3 weeks,” Chief Minister Manohar Parrikar told Herald.
Even the High Powered Coordination Committee, the current vehicle for investment coordination will be replaced by the Investment Promotion Board, he added that this single window vehicle would try and expedite projects given that there was virtually no investments coming into the State.
“We have found a lot of bottlenecks for projects. We have also found investments drying up,” he said justifying the formation of the board.
However, the IPB will serve industries with an investment of more than Rs 5 crore. For those less than Rs 5 crore, individual departments and their ministers will facilitate projects.
The Board will oversee and direct the Directorate of Industries, Trade and Commerce (DITC), Goa Industrial Development Corporation (GIDC), Goa Tourism Development Corporation Ltd (GTDC), Economic Development Corporation Ltd (EDC), Infotech Corporation Goa Ltd (ITG) among others. They will be responsible and accountable for realization of the allotted tasks in a time-bound manner.
The IPB will have two important mandates for investors
a) Facilitate permissions and NOC’s needed from Central government statutory bodies. The Government envisages providing all licensing, depending on technical limitations, for a maximum period.
b) A single window clearance from all departments governed by State laws.
This single window concept through this special licence vehicle will deal with investments above Rs 5 crore, having an area of more than 3,000 sq mts and classified under Red or Orange category as per Goa State Pollution Control Board guidelines, the Chief Minister Manohar Parrrikar had announced.
Chief Minister will be the Chairperson, the Deputy Chief Minister the Joint Chairperson, the Industries Minister the Vice-Chairperson, and the Tourism Minister and Information Technology Minister will be members of the Board.
&nb
