![]() Financial Daily from THE HINDU group of publications Thursday, Dec 12, 2002 |
|
|
|
|
|
Industry & Economy
-
Foreign Direct Investment Cabinet Secy for implementing panel report on investments Ambarish Mukherjee
NEW DELHI, Dec. 11 THE Govindarajan Committee report on re-engineering of regulatory procedures and simplification of investment norms, including removal of archaic laws, has been recommended for implementation by the Cabinet Secretary. Mr G. Govindarajan is currently the Secretary in the Department of Industrial Policy and Promotion (DIPP) under the Ministry of Commerce and Industry and the Chairman of the Foreign Investment Promotion Board (FIPB). The report, submitted in the third week of November, contains major procedural changes at the Central and State levels for both public and private sector investments including foreign direct investments. While recommending the suggestions of the committee for implementation, it has also been decided that it will be taken up by the Committee of Secretaries (CoS) around the middle of January for a review of its functioning, Government sources said. While reviewing, the CoS is likely to make modifications to smoothen its implementation further. The various recommendations of the Govindarajan Committee report included removal of redundant laws, making approval procedures automatic, wherever possible and feasible in terms of sectoral guidelines, sources said. The report also recommended a single window system for all regulatory clearances at the State level. According to the recommendations, the window should be empowered to lay down fixed time-frames for approvals, review grant of approvals by concerned agencies, departments and local bodies and accord approvals in a predetermined time-frame as well as give appropriate directions to the concerned agencies and departments. It has been noticed that in many cases, investment proposals cleared at the Central level face a lot of unforeseen hurdles at the State level. To overcome this, the Govindarajan Committee report has recommended in favour of increased consultation between the Centre and the States so as to synergise the efforts.
Send this article to Friends by
E-Mail
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | Home |
Copyright © 2002, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|