Central fund clearance agency gets chamber nod

NEW DELHI: The recommendation of the Department of Industrial Policy and Promotion (DIPP) to set up an Industrial Investment Facilitation Board (IIFB) as a central agency to facilitate all investments has been welcomed by the industry, reports our New Delhi bureau.
Terming it as a path-breaking move to simplify investment procedures CII has expressed that it will send the right signals to foreign investors.
According to CII, the Govindarajan Committee report which covered downstream issues from the stage of investment approvals to the implementation of project and its operation, will bring in a system of time-bound automatic approvals, reduce delays in project implementation and make investments attractive.
The recommendation to facilitate issue of Single Composite Application Forms for all approvals from a single agency, was particularly welcomed as it would reduce the ground level hassles for the investors, according to the confederation.
Other noteworthy recommendations include increased budgetary provisions for developmental and infrastructure projects to states incorporating regulatory reforms and streamlining processes.
CII has stressed on speedy implementation of the recommendations by the states and the departments concerned to achieve the target of $8bn FDI per year, as set by the Tenth Five Year Plan.