The Government is taking various measures to encourage industrial investment. The excise duty concession allowed in the interim budget for automobile sector, capital goods and consumer goods has been extended till December 2014. The Union Budget 2014-15 presented on 10th July, 2014 in the Parliament announced a series of measures to revive the industrial growth in the country which, inter alia, include increasing composite caps of foreign investment in Defence and Insurance sectors to 49 percent, easing norms of built up area and capital conditions for FDI for development of smart cities, capital investment of more than Rs.2 lakh crore by Public Sector Undertakings, incentives for Real Estate Investment Trusts and Infrastructure Investment Trusts to attract long term finance from foreign and domestic sources, and correction of inverted duty structure in manufacturing products. Further, the other important measures for encouraging industrial investment include a liberal foreign investment policy, implementation of Delhi Mumbai Industrial Corridor (DMIC) project, conceptualization of Amritsar Kolkata Industrial Corridor, Chennai-Bengaluru Industrial Corridor, Bengaluru Mumbai Economic Corridor and East Coast Economic Corridor, launching of the e-biz Mission Mode Project under the National e-Governance Plan, taking proactive steps for ease of doing business by taking stock of best practices across states and endorsing them to the State Governments, identifying and simplifying the approval procedures etc. for various activities related to industry, e.g. certification for boilers, setting up of industries with dual use, and de-licensing a large number of parts/components from the purview of industrial licensing.
An online single window is conceptualized in the form of the e-Biz Mission Mode Project under the National e-Governance Plan. The e-Biz platform aims to create a business and investor friendly ecosystem in India by making all business and investment related clearances and compliances available on a 24x7 single portal, with an integrated payment gateway. The two Services of the Department of Industrial Policy and Promotion, viz Industrial License and Industrial Entrepreneur Memorandum are already offered only through the e-Biz platform. While presenting the Union Budget 2014-15 to Parliament on 10th July, 2014, Finance Minister has inter alia stated that integration of all services of the Central Government Departments and Ministries with the e-Biz platform by 31st December 2014 is a priority.
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