Bhopal, Feb. 19 -- Ahead of the Global Investors Summit (GIS), the Madhya Pradesh government has introduced several measures, including new investor-friendly policies and deemed project approvals.
The measures aimed at creating a more efficient and accessible system for investors and faster, more transparent processing of applications for setting up industries and businesses.
Chief Minister Mohan Yadav has said that Prime Minister Narendra Modi will inaugurate the two-day GIS on February 24 and unveil the new industry policies during the summit.
For the first time, the 8th edition of the GIS will be held in Bhopal, the state capital. Previously, the business summit was held in Indore.
The capital city is set to welcome industry leaders, entrepreneurs, and experts from 60 countries, along with domestic representatives of leading companies who will attend the event. The city is being adorned like a bride.
"Madhya Pradesh offers a highly favourable and conducive environment for industrial investment. The state has abundant resources and well-developed facilities and has introduced several new industry-friendly policies aiming to resolve challenges in the industrial sector and promote investment", the CM said.
The state government is committed to providing complete support and protection to businesses and industries, offering new facilities, subsidies, and various exemptions for encouraging industrial growth, Yadav urged industrialists to make the most of the upcoming GIS assuring full support.
He reiterated that the new policies will be a milestone in boosting industrial development, accelerating economic growth, and benefiting businesses of all sectors. The government is ready to introduce additional pro-industry policies as needed, he also said.
Ahead of the GIS, the state government has recently approved around 20 new policies including sectoral policies under the mother policy, the Industrial Investment Promotion Policy, to create an industry-favourable environment and boost 'ease of doing business'.
The Cabinet, chaired by CM Yadav on Tuesday, approved seven sectoral policies under the IIPP, including the MSME Development Policy, Start-up Policy, Civil Aviation Policy, Electric Vehicle Policy, and others. Additionally, 11 other sub-policies were approved by the government last week.
The measures taken by the government make it easier for businesses to set up operations in the state. It aims to streamline the procedures and reduce the process quicker and more efficiently.
"The state government has adopted a deemed process, where approvals are automatically considered fulfilled without explicit approval at every step, expediting the business unit setup process," an official said.
The state government has already included applications for setting up industrial and business units under the Public Service Delivery Act for timely approvals.
Now, the deemed process will also be applied to simplify and reduce procedural complexity
Published by HT Digital Content Services with permission from Millennium Post.