“Propose to set up Investment Clearance Cell to give investors free investment advisory, land banks and facilitate clearances even at state level,” said finance minister Nirmala Sitharaman while presenting the budget, adding that the cell will work through a portal.
The Department for Promotion of Industry and Internal Trade (DPIIT) plans to set up an investment clearance cell for applying for licences and incentives given by both central and state governments. Separately, it is also looking at developing a single application form for all kinds of clearances and deemed approvals.
To be set up in four phases, the Investment Clearance Cell will onboard all central government-related procedures and clearances in a single online form. In addition, legislation has also been proposed to mandate time-bound clearances of central government-related permissions.
Currently, a new investor has to apply at different central departments for getting permissions like GST registration, industrial entrepreneur memorandum, import-export codes, environment clearance, EPF and ESIC registration, as well as company incorporation. It is proposed to have all these and other statutory permissions in a single online form.