Goa Cabinet approves Investment Policy

PANAJI: The Goa Cabinet has approved the state Investment Policy that expects to generate 50,000 jobs and attract Rs 25,000 crore investment in next five years.

The policy, which was formulated by a task force comprising of industry stake holders and experts, will replace the decade-old Goa Industrial Policy, state Chief Minister Manohar Parrikar said on Wednesday.

It plans to promote tourism, information technology and health related industries, which are non-polluting sectors, he said.

"An Investment Promotion Board will also be formed and government will issue Ordinance for that in next two-three weeks," Parrikar said.

"The investment promotion board will be a fully empowered statutory body, headed by a chief executive officer and supported by a team. The board will be non-executive and include nine members from the industry," he said.

It will be headed by chief minister while deputy chief minister will be its joint chairperson, industries minister the vice-chairperson, and tourism minister and information technology minister will be its members.

The Board will provide and facilitate approvals from the Goa government and its agencies. It will also assist in getting clearances from the Central government, the CM said.

The investment policy will emphasise on better quality of infrastructure and logistics so that investment can be attracted without much efforts, Parrikar said.

The state plans round-the-clock high quality power supply to the industries. Goa will acquire more land to set up industries in various parts of the state, he added.