Integrated investment policy likely in 2 months

 

The industries department has proposed an investment policy that will be an integration of the information technology policy, the tourism policy and the industries policy, with a development period of five years. While all types of industries will be welcome, the thrust of this policy will be on "green and non-polluting industries," said industries officials.
 
Speaking to TOI, an industries department official, involved in the drafting of the policy and wishing not to be named, said many factors are being taken into consideration in view of the state "not witnessing much industrial development" in the last few years. With Goa's economy presently also under considerable strain from the closure of mining since September last year, the state is desperately looking at new avenues of investment, said sources.
 
Under the new policy, which is likely to be released in the next two months, industries such as pharma, biotech, food processing, IT, light engineering etc, are expected to get more attention.
 
Touted as "different" from all preceding policies, the new policy is also expected to have "attractive incentives"- in terms of tariff subsidy, capital investment subsidy, stamp duty exemption etc. These will be particularly aimed at industries that offer a sizeable number of jobs to locals, said the official. Goa currently has 4,000 small-scale industries and 200 companies with a combined employee strength of 1.5 lakh.
 
Periodical reviews and specific targets – 15% annual growth for the manufacturing sector, 20% for the service sector etc-are the additional features of the new policy, said the official.
 
The official stressed that the government is also considering the enactment of a single-window clearance act to clear projects expeditiously. "If such an act is introduced, it will help fix responsibility in the event a project is not cleared within a reasonable time," concluded the official. [TOI]