Facilitating investments
- Investor Facilitation Cell established to provide primary support for all investment queries and for providing handholding and liasioning services to investors
- Dedicated Japan Plus Cell established to facilitate and speed up investment proposals and augment economic ties between India and Japan
- Dedicated desk established to facilitate and speed up investment proposals and augment economic ties between India and Korea, China, Canada, the US
- E-Biz: A single-window online portal, where any investor looking to start a new business or establishing a new industrial unit, can avail core services needed to obtain necessary clearances, licenses, complete mandatory tax registrations and regulatory filing that are required to operate the business/industrial unit
- Checklist with specific time-lines has been developed for processing all application filed by foreign investors in cases relating to Retail/ NRI/ Export oriented units
- Investments in LLP opened up to foreign investors in specific sectors.
Simplification in administration of labor laws
- Shram Suvidha — Multiplicity of labor laws and the difficulty in their compliance had always been cited as an impediment to industrial development. In order to redress the same, Government launched an online portal Shram Suvidha, which is expected to facilitate:
- Ease of reporting at one place for various labor laws
- Consolidated information of labor inspection and its enforcement
- Allotment of Labour Identification Number (LIN) to units to facilitate online registration and filing of returns
- Real time registration with Employee State Insurance Corporation (ESIC) and Employee Provident Fund Organisation (EPFO)
Simplifying operation of business in India
- Curbing the need of Consent to Establish/No Objection Certificate (NOC) letter for new electricity connections.
- Online application and monitoring for environmental and forest clearances.
- Simplification in obtaining industrial licenses:
- Simplified forms for obtaining industrial licence and Industrial Entrepreneurs Memorandum (IEM)
- Granting security clearance on Industrial License applications within 12 weeks by Ministry of Home Affairs
- Dual use items (defence and civilian items) unless classified as defence items, will not require industrial licenses
- Initial validity period of industrial licenses has been increased to three years from two years to enable procurement of land and obtain necessary clearances/approvals from authorities
- Frequently asked questions (FAQs) have been developed and uploaded on Department of Industrial Policy & Promotion (DIPP) website
- Reduction in the mandatory documents required for import and export of goods from eleven to three
Simplification of various compliance under the Companies Act
- The Ministry of corporate affairs constituted the Companies Law Committee in June 2015 to examine and make recommendations on the issues arising out of implementation of the Companies Act, 2013.
- The committee suggested nearly 100 amendments to the new Companies Act to make it easier to do business in India. This includes for simpler laws to incorporate a company and to raise funds, as well as for insider trading and dealings with top executives
- The Companies Amendment Act, 2015 has been passed to remove requirements of minimum paid-up capital and common seal for companies and certificate of commencement of business for private companies.
- Introduction of integrated process of incorporation wherein the name of the company can be simultaneously obtained with application for Directors Identification Number (DIN)
- Single process for incorporation of company, allotment of Permanent Account Number (PAN) and Tax deduction Account Number (TAN)
Moving in line with the Central Government and to attract investment in the states, the State Government took various steps to ease the governance. State government initiatives taken are highlighted hereunder: