Entrepreneurs eye business openings in 'Invest North'

As the states in north are taking initiatives to mobilise more investments by revising their industrial policies and encouraging use of on-line approvals and tax payments, to get rid of red-tapism, the small entrepreneurs are upbeat over the better business environment.

A limited access to the information on latest policy frameworks has been a major roadblock for the growth of SMEs.

Punjab recently came out with the new Industrial Promotion Policy 2013 offering host of incentives and reforms to attract investments.

Uttar Pradesh Government has taken several measures for the development of industrial sector with an investor friendly policy framework with thrust areas including agribusiness, IT/ITes, biotech, food processing, handicrafts and tourism.

Rajasthan, Himachal Pradesh, Uttarakhand and Jammu & Kashmir are in the process of revising their industrial policies.

Rajasthan and Uttarakhand in the region have introduced statutory Single Window System and an online electronic clearance mechanism for the time bound approvals for the investment proposals. Other states have also setup Single Window System as one-stop facilitation center for industries.

Recently, Government of Punjab has created a nodal agency, Punjab Bureau of Investment Promotion to function as Single Window System in the state. This agency is vested with powers to provide nearly 20 approvals/ permissions to the businesses to set up their operations in the state.

In addition, based upon the success of Project Monitoring Group (PMG) at the Government of India level, states in the region are also setting the same. To start with Uttarakhand, HP and Uttar Pradesh have set up PMG web portal for speedier clearance of the pending projects.

In order to apprise the SMEs about the recent initiatves of the state government and have brainstorming discussions on the impact of new investment opportunities rolled out in the Union Budget on the ancillaries, the Confederation of Indian Industries is organising the "invest North’ on 24 and 25 of this month.

Malvinder Mohan Singh, Chairman, CII Invest North 2014 and Executive Chairman, Fortis Healthcare Ltd, shared that "Invest North 2014 will carry forward the agenda of the last two editions to explore sector specific opportunities, showcase north's vast investment opportunities and potential, enhance investment climate and attract investments in the six northern states – Delhi, Uttar Pradesh, Uttarakhand, Haryana, Punjab and Rajasthan. Overseas Indian Facilitation Centre (OIFC), a body jointly promoted by Ministry of Overseas Indian Affairs and CII is the Institutional Partner. We have also approached DIPP to participate as Partner Ministry".

Zubin Irani, Chairman, CII Northern Region and President Building & Industrial Systems (India), United Technologies Corporation, shared that "The high point of the event is its timing as today, the whole world is looking towards India with new hopes. The key highlight will be will be one-to-one meetings, i.e. Business to Governement (B2G) and Business to Business (B2B) meetings to help industry engage with state and central governments, explore business opportunities and forge new partnerships".

The CII-Avantha Cntre for Competitiveness for SMEs is betting big on this event. R Narayanan, the Head for CII-Avantha Centre for Competitiveness for SMEs firmly believes that this would provide an interface between the small entrepneurs and the policymakers and big investors.

According to Narayanan, the small firms donot get an opportunity to meet the big players face-to-face and share their strengths and constraints. A dialogue with big investors and bureaucrates would not only boost the confidence but also eliminate the comuunication gap that is a big impediment in formulating accurate policies for SME sector.

With the opening of investment opportunities in defence and insurance sector, the SMEs in north look forward to getting a fairshare in the industrial growth of the country