IPB revisits statersquos investment policy

  • | Thursday | 21st February, 2019

Panaji: Given the vast changes in the country’s economic scenario under the Narendra Modi government, the Goa Investment Promotion and Facilitation Board (IPB) has initiated the process to revise the state’s existing investment policy, which was notified four years ago.Sources said the draft policy will incorporate blueprints for logistics, export and food-processing and should be ready in five months.“We are tasked with formulating the Goa logistics policy, Goa export policy and Goa food-processing policy. IPB officials are now looking at “what works for Goa and what does not”.“The last policy was drafted before the Modi government came to power. As such, the new investment policy will take care of all of these government requirements,” IPB chief executive officer, Vishal Prakash, said.Board officials have begun studying investment policies of other states and holding deliberations with industry stakeholders as part of the process to draft the new policy.The existing investment policy, which is applicable till 2020, aims at creating 50,000 jobs and bringing in investments to the tune of Rs 25,000 crore. Many states have come up with investment policies, so we need a new vision,” a government official said.Meetings with Goa Chamber of Commerce and Industry, Confederation of Indian Industry, Goa State Industries Association, and other allied bodies will be held. The other objective of the existing policy is to have 24x7 power supply for industry, logistics infrastructure, and land for expansion of existing industrial units.Goa has fallen short of most of these targets and many stakeholders felt that the existing policy was losing relevance in the current economic context.

Panaji: Given the vast changes in the country’s economic scenario under the Narendra Modi government, the Goa Investment Promotion and Facilitation Board (IPB) has initiated the process to revise the state’s existing investment policy, which was notified four years ago.Sources said the draft policy will incorporate blueprints for logistics, export and food-processing and should be ready in five months.“We are tasked with formulating the Goa logistics policy, Goa export policy and Goa food-processing policy. As such, the new investment policy will take care of all of these government requirements,” IPB chief executive officer, Vishal Prakash, said.Board officials have begun studying investment policies of other states and holding deliberations with industry stakeholders as part of the process to draft the new policy.The existing investment policy, which is applicable till 2020, aims at creating 50,000 jobs and bringing in investments to the tune of Rs 25,000 crore. The other objective of the existing policy is to have 24x7 power supply for industry, logistics infrastructure, and land for expansion of existing industrial units.Goa has fallen short of most of these targets and many stakeholders felt that the existing policy was losing relevance in the current economic context. IPB officials are now looking at “what works for Goa and what does not”.“The last policy was drafted before the Modi government came to power. Since then, there have been a lot of changes. Many states have come up with investment policies, so we need a new vision,” a government official said.Meetings with Goa Chamber of Commerce and Industry, Confederation of Indian Industry, Goa State Industries Association, and other allied bodies will be held. Inputs will be shared with chief minister Manohar Parrikar at the next IPB meeting, which has yet to be fixed, sources said.The Centre has asked all states to make policy revisions to contribute to the $5 trillion economy target for India by 2030.

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