CHENNAI: Hailing south-Indian state Tamil Nadu as an investor-friendly state with lot of opportunities waiting to be tapped, Union Commerce Minister Nirmala Sitharaman on Wednesday listed Centre’s initiatives like work to cut down on multiple prior permissions and keeping regulatory mechanism at the minimal level to speed up investment flow.
In her address at the inaugural Tamil Nadu Global Investors Meet here, she said 25 thrust areas have been identified under the ‘Make in India’ scheme.
“A professional agency has been engaged to work with ministries in all these 25 areas so that nodal officers are helped to make ease of doing business possible,” she said.
An expert committee is also looking at how multiple prior permission requirements can be cut down and the regulatory mechanism is also reduced to minimum, she said adding “the committee is actively engaged on this.”
Referring to a Law Commission recommendation on setting up commercial courts, she said a bill in this regard has been introduced in Parliament, which envisages creating commercial divisions in High Court with original jurisdiction and commercial courts.
“Commercial courts would have a positive impact on IPR, arbitration, insurance and tax-related matters… a lot of concrete steps are being taken to speed up process of investing in India with great ease rather than live with red tapism,” she said.
She also cited the setting up of NIIF (National Investment and Infrastructure Fund) and an investor-friendly FDI policy.
She however did not elaborate on sectors which would see FDI being opened up.
“Both Union and State governments are committed to eliminate all the roadblocks for facilitating investment decisions, Make in India offers tremendous opportunities tremendous and all steps (are taken) for development of infrastructure, including port infrastructure and energy security.” –PTI
