The Goa Cabinet on Wednesday approved the State Investment Policy that proposes to set up an Investment Promotion Board, which will be a single-window statutory clearance mechanism for projects in various sectors. Projects in excess of ₹5 crore investment in sectors including Industry, Tourism (including health tourism), and Information Technology (IT) will be approved by the Board.

The statutory board envisaged by the government will be headed by Chief Minister Manohar Parrikar and will have Deputy Chief Minister and IT Minister Francisco D’Souza as vice-chairman, and the Minister for Tourism on board. Parrikar, while briefing the media after the Cabinet meeting at the State Secretariat, said the Board will have a professional as its Chief Executive Officer.

“We find investment in Goa is drying out and a number of bottlenecks are created by vested interests for every project,” Parrikar said while unveiling the Government’s speedy delivery mechanism for clearances of projects under all laws coming under, and monitored, by the State government.

Land woes Replying to a question on land availability for investors in Goa, Parrikar said that the government would, through the Investment Promotion Board, work to de-freeze the land locked with the promoters of Special Economic Zones (SEZ), which were scrapped in the past.

The tiny State is facing paucity of land for industrial growth after around 32 lakh sq mt of land allotted to promoters of SEZ projects got locked in litigation after the former Goa government scrapped the SEZ projects and the promoters approached the Court questioning government’s decision.

PTI adds:

The State Investment Policy expects to generate 50,000 jobs and attract ₹25,000-crore investment in the next five years.

The policy, which was formulated by a task force of industry stakeholders and experts, will replace the decade-old Goa Industrial Policy, Parrikar said. “The investment promotion board will be a fully empowered statutory body, headed by a chief executive officer and supported by a team. The board will be non-executive and include nine members from the industry,” he said.

The Board will provide and facilitate approvals from the Goa Government and its agencies. It will also assist in getting clearances from the Centre, the Chief Minister said. The investment policy will emphasise on better quality of infrastructure and logistics so that investment can be attracted without much efforts, Parrikar said.

The State plans round-the-clock high quality power supply to the industries. The State government will acquire more land to set up industries in various parts of the State, he added.

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