The Centre will be ready with the first cut of a single window system for approvals and clearances as early as March or April next year to ease the compliance burden on the industry, commerce and industry minister Piyush Goyal said at an industry event on Tuesday.
“The Department for Promotion of Industry and Internal Trade (DPIIT) is making a genuine effort to provide a single window for approvals among various ministries at the Centre and also at the state and local levels,” Goyal said at the Assocham foundation week 2020 on ‘Future of Manufacturing in India.’
“We are trying to integrate this and I do hope that by March or April, you will see the first cut of a genuine single window that can ease your compliance burden, help you promote your businesses and focus on businesses,” he added.
Goyal said government policies are towards easing compliance requirements of the industry and making everything digital and online. They also include reducing the burden of frequent renewals of licenses and clearances.
At another industry event, the commerce and industry minister said that India was witnessing a V-shaped recovery amid the Covid-19 pandemic. Although technically in recession, gross domestic product (GDP) contraction eased to 7.5 per cent in the second quarter after the unprecedented 23.4 per cent decline seen in the April-June (first) quarter, which saw the most stringent Covid-19 lockdown.
Goyal said the country has seen a growth in foreign direct investment (FDI) in the first nine months of FY21. “India has been systematically opening up to global investors and encouraging businesses through strategic relationships. We are strengthening our economic plans for the future and introducing conducive reforms and facilitation measures to encourage greater global involvement in our own V-shaped recovery that is there for all to see,” Goyal said at CII’s Partnership Summit 2020.
Goyal said that FDI flows have been continuously growing and were about $40 billion in the April-September period, which is 13 per cent higher than last year.