Goa sets up Investment Promotion Board for fast approvals

The newly-created IPB has already cleared 62 proposals committing investment of Rs 5,200 crore

Goa looks to attract more investment in 2016 with the setting up of Investment Promotion Board (IPB) for fast approvals to industrial proposals.

The newly-created Investment Promotion Board has already cleared 62 proposals committing investment of Rs 5,200 crore during its last few meetings and some of which will take over two years to materialise.

Industry players too feel that the creation of IPB will facilitate rejuvenating the investment climate, which went through bad phase before 2015.

"We are more of facilitating agency for the industry. We help in getting approvals quicker. The proposals for expansion of existing facility is cleared within a month while others like new investment takes two-three months," IPB Chief Executive Officer Ashton Godinho said.

The state wants to learn from counterparts like Gujarat where investment proposals are cleared at much quicker pace.

Godinho said there is continuous effort to help investments as the proposals are reviewed every fortnight.

Moreover, the industry expects the state government to provide relaxation in multitude of taxes in 2016.

"The industry is expecting the budget to relax several taxes on the industry. The tax burden on the industry has increased since the ban on the mining to compensate the revenue loses," said a senior official from State Industries department.

Industry bodies like Goa Chamber of Commerce and Industry have been pressing for incentives like sales and income tax benefits.

"More than the benefits we want that the infrastructure required for the industry should be improved. We are talking about basics like power and water supply," said Manguirish Pai Raikar, the Chairman of National Council for Small and Medium Entrepreneurs.

"Non Government Organisations (NGOs) which are opposing any and every developmental proposals should take a back seat. They should have positive thinking for the sake of their future generation," he said.