The team, which has members from private sector, is attached to 'Invest India', a joint venture between the Department of Industrial Policy and Promotion (DIPP) and industry body Ficci.
"The team would try to resolve issues within 48 hours. And in case they are unable to resolve within the time frame, it would go to the nodal officer of the respective department who would try to fix that within 72 hours and in the extreme cases, the query would go to the Secretary," a senior official said.
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The initiative is one of the several steps which the government has announced in order to improve ease of doing business in India and attract investments to boost manufacturing in the country.
The official said that there is an urgent need to boost manufacturing sector on a sustainable basis for long time in order to create jobs and boost economic growth.
"The sector requires lot of initiatives and lot of push by different departments and ministries and state governments.
Mindset needs to be changed for things like approval and clearances of applications through online process," the official added.
Currently, to start business in India, an entrepreneur has to follow 12 procedures which takes 27 days. Similarly, enforcing contracts takes years.
"Our target should be that India should radically come up in improving ease of doing business. The DIPP has already taking several steps including delicensing sectors such as defence and railways and having a timeline for clearance of applications," the official said.
The DIPP is also planning a mega digital campaign in order to sell India as an attractive investment destination.
As per the latest World Bank's report on 'ease of doing business', India had slipped three notches to 134th spot. The report ranks 189 economies on various parameters relating to business and regulatory environment.
Prime Minister Narendra Modi will launch the 'Make in India' campaign that will be attended by about a thousand global and domestic business leaders.
Several top global companies from countries including the US, Japan, Korea, Sweden, Poland, Australia, China, Italy, Germany and France are likely to attend the function.
The officials also said that prospective investors will be informed about India's growth story and the steps being taken by the government to improve investment climate here.