Bhopal, Feb. 15 -- Under the leadership of Chief Minister Mohan Yadav, the Madhya Pradesh government has taken several initiatives including of launching a new Industrial Investment Promotion Policy (IIPP) to simplify and make business processes more transparent ahead of the upcoming GIS.
Prime Minister Narendra Modi is expected to inaugurate the Global Investors Summit (GIS), scheduled for Bhopal on February 24-25. Union Home Minister Amit Shah has been invited for the valedictory session of the summit.
The state has launched 11 new policies, including the IIPP, which serves as a mother policy guiding incentives for all key sectors. Around 20 sub-policies of the mother policy have been approved.
"The new policy aims to enhance the overall industrial ecosystem, develop infrastructure, promote skill development, simplify business, and strengthen balanced regional development," CM Yadav said.
"It will drive economic prosperity for the people of Madhya Pradesh and foster MP's overall development through employment generation,' the CM said.
In the upcoming five years, around 20 lakh people in the state will ensure employment through the initiative, he added.
CM Yadav has made several other visionary reforms to transform MP into a key investment hub. The state has introduced single-window clearance, digital approval platforms, and infrastructure upgrades, to foster a business-friendly environment.
The 'Start Your Business in 30 Days' initiative streamlines 22 approvals and offers three-year concessions to new businesses. The industrial land allocation process has been made faster and more transparent.
"Through these new policies, we aim to streamline business operations. Our goal is to ensure a hassle-free experience for investors," an official said.
The new policy places special emphasis on 'Ease of Doing Business' and Investor Facilitation, along with the development of integrated industrial infrastructure.
It also aims to promote employment generation and skill development while ensuring simplified land management regulations.
Additionally, the policy focuses on research and development, attracting foreign investment, and establishing a time-bound and transparent system.
Under the leadership of CM Yadav, Chief Secretary Anurag Jain and Principal Secretary of the Industrial Policy and Investment Promotion Department Raghwendra Kumar Singh have actively moved forward the
CM's initiative, Invest MP by introducing a series of impactful reforms in the sector.
Under the new policy, special incentives will be provided for various sectors.
Key provisions include investment promotion assistance, where incentives range from 40 per cent to 10 per cent based on investment size, and export multipliers increasing from 1 to 1.3, and others.
The state is also working to ensure that all investor-related permissions are covered under the Public Service Delivery Guarantee Act.
Published by HT Digital Content Services with permission from Millennium Post.