Hello Readers!
FICCI (Federation of Indian Chambers of Commerce and Industry) Annual General Meeting is being held virtually on 11, 12 & 14 December 2020. This year the theme of this meeting is based on “Inspired India”. Several Ministers, Bureaucrats, Captains of Industry, Diplomats, International experts, and other leading luminaries have participated in this year's annual general meeting of FICCI.
In this year's annual general meeting of FICCI, various stakeholders are putting their points, on the implications of Covid-19 on the economy. Also, the government is putting forward their ideas to reform and take the economy of the country, forward.
On the first day of the FICCI annual general meeting, that is on 11th December, the government proposed that they are committed to introducing a single-window clearance system for investors by mid-April 2021. This was announced by Guruprasad Mohapatra, Secretary of Department for Promotion of Industry and Internal Trade (DPIIT).
He further explained that “we are looking forward to developing a technology-based single window, that will provide investors all the information about land, procedures, and requirements. This single-window will be linked to a unified single fleet of information and approving ministries will draw from that. So, investors don’t have to do multiple applications.”
On the need for bringing down multiplicity of compliances, Mohapatra said there are cumbersome processes in sectors like retail, hotel, and entertainment.
Mohapatra said, “Compliance burden is the prominent thing that government is looking to resolve for now. There could be big changes coming in the process of renewals, registration, inspection, etc., hopefully by March next year.”
He further added that all the ministries are working on the new PLI (performance-linked Incentive) scheme. He said that the respective ministries would notify the new companies selected under the PLI scheme, and the process of inviting expression of interest would all be completed by April.
What is a PLI scheme?
In order to reduce India's dependence on China, the government in March announced a scheme that aims to give companies incentives on incremental sales from products manufactured in domestic units.
The Union Cabinet approved the PLI scheme for 10 sectors on November 11. These are pharmaceuticals, automobiles and auto components, telecom and networking products, advanced chemistry cell batteries, textile, food products, solar modules, white goods, and specialty steel.
This scheme clearly shows the efforts put by the Indian government to bring back the economy on its growth track. Not only this scheme will reduce the dependence of India on China but will also help promote the main agenda of the government “Make In India”. The recently approved package will boost production, exports, forex earnings, and employment.
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