Govt Identifies 12 Sectors to Enhance Ease of Doing Biz including EV, Biofuel, Auto Components

In a step towards further enhancing the ease of doing business in India, the government identified twelve industrial sectors, initially, to focus upon including electric vehicles (EVs), auto-components, bio fuels etc, said Piyush Goyal, Commerce and Industry Minister.

The other sectors include - furniture i.e. standard as well as special furniture, air-conditioners, leather, footwear, agro-chemicals, Ready to eat food, Steel, Aluminium, Copper, Textiles, TV Set-Top Boxes, CCTVs, Sports goods, ethanol manufacture, and Toys.

However, these sectors has been expanded to 20 going forward. It will help in scaling up investment, and leveraging the competitive edge of the country, the Minister said while talking to various industry representatives in a virtual meeting. 

While talking on the subject ease of doing business and investments in infrastructure sector in India, Goyal said that his government is soon going to set up a single window system for clearances and approvals of industry in the country. He also assured the industry 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. 

Besides, the government is also working on creating a land bank, for which 6 states have already given their consent, the Minister said. Thus, 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, Goyal added. 

On the issue of further easing and speeding up the process of approvals for industry and investments, Piyush Goyal 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. 

The Minister also assured the industry representatives 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.

On the Aatmanirbhar Bharat Abhiyan, Goyal said clarified that it doesn’t 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.

He further added that, India will deal the world from a position of strength, become more competitive, and imbibes best technology and equipment. He also urged that industry should assimilate artificial intelligence (AI), data analytics, robotics and all other best practices. He said using technology does not imply loss of jobs in any way, as jump in production in the country will lead to creation of more jobs. 

On labour reform issues, Goyal said that a balance has to be worked out between the interests of the labour and investors. 

The Minister also added that the risk-reward matrix is one of the most favourable in India, as the country is a great destination, has a much upwardly mobile population, with an aspiration for a better lifestyle. 

Meanwhile, he assured all support for facilitating investment in India, and invited foreign investors to take part in India’s growth story.  

Policies & Regulations | News published on 28/07/2020 by Manu Tayal

 
 
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