Want to be Preferred Investment Destination: Goyal

The government rolled out an online single-window platform that will offer investors end-to-end support, facilitate clearances at the Centre as well as state level and provide information about land banks.

The National Single Window System will also allow investors to monitor on a real-time basis the approvals needed via its Know Your Approval service. They will also be able to avail a common registration for Centre and state and access the document repository.

"This will usher in freedom from the legacy of running to government offices for approvals and registrations," commerce and industry minister Piyush Goyal said.

Launching the portal, Goyal said the platform will provide “end-to-end” facilitation with all information on a single dashboard, bringing transparency, accountability and responsiveness in the ecosystem. The dashboard can be used to put in applications and also track and respond to queries. “We don't want our new startups to face the issues that businesses used to face earlier. We want India to become the most preferred investment destination,” Goyal added.

The portal currently hosts approvals across 18 central departments and nine states. Another 14 central departments and five states will be onboarded by December 2021 (under phase II), the commerce and industry ministry said in a statement.

“It’s a soft launch. We will learn as we go along. This is a test phase. We didn’t rush into the finalisation of the modules,” Goyal said.

Goyal said India is getting back at significant economic growth and foreign direct investment is at an all-time high. “With a rapid recovery despite the pandemic, we are back on track to become one of the fastest growing large economies,” he said.

On the World Bank’s decision to discontinue its annual ‘Doing Business’ report due to data collection irregularities, Goyal said that India will continue with its state rankings on ease of doing business.

“We have confidence in our processes and have healthy competition among our states,” he said.

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