Single-Window Clearance For Foreign Investors

Industry minister Murasoli Maran said a single-window clearance would be set up at Udyog Bhavan for foreign investors seeking Foreign Investment Promotion Board approval while delivering the opening address at a seminar on Indo-Thailand investment cooperation here yesterday.

This window would encompass state-level clearances through the resident commissioners of the states in New Delhi and enable the investors to avail of assistance in setting up their business.

The Foreign Investment Promotion Board and the Thailand Board of Investments signed a MoU to boost investment relations between the two countries. It was signed by FIPB chairman N Mohanty and the Thailand Board of Investments secretary-general, Staporn Kavitanon.

 

We are today adopting reforms by consensus. The Indian tradition of democracy, which respects and accommodates different shades of opinion, is what sets our country apart from China, Maran said.

Maran, who was earlier against single-window clearances, said yesterday he was inspired by the single umbrella scheme of the board of investment of Thailand.

Foreign investment proposals worth $8 billion has been cleared in the last six months, which is a feather in the cap of our government, he said.

The minister said several studies have rated India as the best emerging business perspective in Asia; British firms rate India above China and the Japanese have placed India ahead of all Asean countries.

The industry ministry has already set up an investment promotion and infrastructure development cell. The new investment promotion windows for specific countries like `Focus Germany and `Focus Japan will start soon in collaboration with chambers such as Assocham, Ficci and CII.

Maran said India has reached a stage where there was no need to sell the country as an investment destination. He, however, expressed surprise that many industrialists in Germany, France and Switzerland were not aware of the opportunities in India.

Foreign Investment Promotion Council chairman N Vaghul delivered a lecture on Indias investment policy at the conference. Ficci made a presentation on investment opportunities in food processing industries while CII delivered on investment opportunities in infrastructure. Assocham focused on investment opportunities in the tourism sector and Staporn Kavitanon on Thailands investment promotion policy and opportunities.