The World Bank in association with a professional agency roped in by Government of India has analysed the regulatory procedures, key policies, reforms, efficacy of the single window systems and approval processes of all Indian states.
In an announcement made at the 4th Invest North here today, organised by the Confederation of Indian Industry (CII), Nirmala Sitharaman, Minister of State, Commerce and Industry, said, " World Bank is all set to declare its first ever report ranking the Indian states on ease of doing business."
While addressing potential investors, diplomats and delegates from India and abroad, she said, "We hope that these rankings would encourage the states to act more as 'facilitators and less as regulators'. It has already fostered a healthy competitive spirit amongst the states and they have realized, over a period of time that they cannot afford to remain red tape ridden any more in the current competitive scenario if they wish to seriously attract investments. The northern states are indeed very pro active and can attract huge investments in the present global scenario by further easing their regulatory procedures."
Referring to the current scenario of global turmoil, she said that "India has come out as a shining star in the present global dismal outlook. As per her, the increased inflows of FDI in India, especially in a climate of contracting worldwide investments is a testimony that overseas investors have imposed in the country's economy.
"India grew at 6.3 percent in 2014-15 and is expected to grow at 7.8 - 8 percent as per Asian Development Bank (ADB) in 2015-16. With the government having adopted a slew of measures in the last one year, I now urge the industry to push forward, take risks and invest in various sectors ass pr your demographic and geographic preferences," she added.
Sukhbir Singh Badal, Deputy Chief Minister of Punjab also shared that "We are fully committed to do away with cumbersome regulations and procedures and promote self certification by the industry. We fully trust our industry and hence would soon apply self certification methodology for any new industry in Punjab by December 2015 for various necessary approvals, with no inspector visiting for inspection".
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"Delivering on our commitment to boost social and industrial infrastructure, we have also planned to spend Rupees 4,000 crore to link all 340 odd towns of Punjab through 4 - 6 lane express ways and make all social amenities and services online for citizens," he added.
Punjab is aggressively cruising ahead on the path of progress which is evident from the strengthening social and industrial infrastructure, ease of doing business instruments, e-governance measures, a slew of landmark incentives by the State Government attracting investments from across the globe, added Mr Badal.
Manohar Lal, Chief Minister of Haryana, said "The objective of the Enterprises Promotion Policy 2015 is to position Haryana as a pre-eminent Investment destination and facilitate balanced regional and sustainable development supported by a dynamic governance system, wide scale adoption of innovation & technology.
The economy is expected to grow in excess of 7.5%.Also IMF has termed India as "bright spot" on the global economic landscape. Government plays an important role in making it happen by measures like tackling price rise, widening the platform through empowerment, creation of job opportunities and skill upgradation.
The conclave attracted more than 500 potential investors and around 80 delegates and diplomats from 33 countries. The high point of the event was the one-to-one meetings between B2G and B2B industry investors.