Himachal Pradesh Chief Minister Sukhvinder Singh Sukhu said that in order to scale up the ease of doing business and to minimize delay in getting requisite approvals through a single-roof facilitation mechanism the state government is establishing an Investment Bureau in the state.
He said this, while presiding over a meeting, to discuss the modalities of the proposed investment bureau on Wednesday evening. The Investment Bureau would replace the old ‘single-window’ system and would be given the powers to approve investment proposals, said the Chief Minister.
He said that the Investment Bureau would be set up under the Industries department and will comprise officers from all the concerned departments to facilitate hassle-free investment and would work together to ensure that the investment cases are processed quickly and efficiently. Additionally, penal provisions would be in place for the officers responsible for the delay, said the Chief Minister.
Sukhu said that the Bureau would consist of two committees, an executive committee to be formed under the CEO of the Investment Bureau responsible to oversee investment cases on a day-to-day basis, whereas an apex committee which will be headed by the Chief Minister himself would be responsible for approving investment proposals.
The Chief Minister said that the establishment of the Investment Bureau aims to expedite the approval process, allowing investors to start their work soon after applying and the state government would make necessary amendments in law as well to empower the Investment Bureau.
The state government is expecting investment in Tourism besides attracting investments in IT, solar energy, green hydrogen and other sectors.
The investments would not only generate revenue for the state exchequer but will also open employment opportunities to the youth, said the Chief Minister.
He said that the government’s move to establish the Investment bureau is expected to reduce delays and streamline the process of doing business in the state, which will go a long way in attracting more and more investors besides strengthening the economy of the state.