Govt. ready to do anything to attract foreign investments! Norms to be simplified, FIPB to meet twice a month
Dated 5th October, 2015
The government is not leaving any stone unturned to woo foreign investors by coming up with foreign investment policy reform and quicker approvals. Prime Minister Narendra Modi's monthly review of projects is ensuring that delays are getting resolved quickly.
The Foreign Investment Promotion Board (FIPB) will now meet twice a month to speed up approvals, signaling the clear intent of the government to push ahead with reforms on a wide range of issues, Shaktikanta Das told ET in his first interview after taking over as economic affairs secretary.
Das expects the economy to grow at least 7.5% in the current fiscal, better than the 7.4% that the RBI has projected in its latest monetary policy, when it cut the policy rate by a deeper-than expected 50 basis points or half a percentage point.
Regarding Land Bill and goods and services tax (GST), he said the land bill amendment may not have got parliamentary approval but states were independently passing laws instead, pointing to Tamil Nadu as a good example.
"The point is that states have got over the problem in their own way through the legislative process. The fact that the land bill could not be passed cannot be termed as a stalled reform because the ultimate objective is being achieved," Das said, adding that land availability for industry was not a concern.
The GST, scheduled to be rolled out on April 1 next year, remains a priority for the government.
"GST is very much on the table and the government is determined and committed to take it forward and the parallel administrative action is going on. The drafting of bills is going on," he said.
(This article is published in Businessinsider.in on 5th Oct 2015)