Sabha English news | Sabha, Latest News & Live Updates in English | English News (Latest English News) at Lokmattimes.com

To facilitate new industrial projects to take off without delay, the Punjab Cabinet led by Chief Minister Captain Amarinder Singh on Friday gave the nod to amend the Punjab Bureau of Investment Promotion Act, 2016 (PBIP Act, 2016) to incorporate provisions for automated deemed approval of various regulatory clearances.Enabling the provision would not only expedite speedy approval/clearances but also assure industrial units of a time-frame within which clearances would be granted. With this Punjab becomes one of the few states to grant deemed approvals.The Punjab Bureau of Investment Promotion Amendment Bill, 2021, enabling the incorporation of the new provisions will be tabled in the upcoming session of Punjab Vidhan Sabha for enactment.The investor-friendly initiative would further enhance ease of doing business and instil greater confidence amongst entrepreneurs and industrialists in the state, by providing system-generated deemed approvals and auto-renewals based on self-certification, an official spokesperson said after the cabinet meeting.The system generated automated Deemed Approvals for state-level clearances shall be provided through the IP-BFP on behalf of the Competent Authority from departments such as Punjab Pollution Control Board, Punjab Food and Drugs Administration, Department of Food Civil Supplies and Consumer Affairs, Labour Commissioner-cum-Director of Factories, Department of Local Government, Department of Excise and Taxation, Department of Finance and Department of Housing and Urban Development.Investors will be required to provide an undertaking/self-certification assuring compliance with all the provisions of applicable Acts/rules/regulations at the initial stage of filing the Common Application Form (CAF) itself. Such deemed approvals would be granted on a real-time basis automatically without human intervention, thus bringing greater transparency and accountability into the system. In addition to the protocol for deemed clearances, a system of 'Auto Renewals' of clearances has also been introduced based on self-certification.Punjab has been rapidly progressing on the path of industrialization, with the state government introducing attractive incentives under the comprehensive Industrial and Business Development Policy 2017. Additionally, Punjab Government has taken multiple transformative actions to create a business-friendly environment in the State, including the introduction of the Punjab Right to Business Act 2020 that allows MSMEs to set up in Punjab with no prior clearances based on self-certification.Another novel step has been the launch of an end-to-end online single window portal that is the Invest Punjab - Business First Portal (IP-BFP), for the provision of time-bound regulatory clearances without any physical touchpoints. It provides 80+ clearances from 12+ departments along with features such as digital fee payment, real-time online tracking etc. Recently, Invest Punjab, the exclusive Investment Promotion Agency (IPA) of the Punjab Government, has been recognized as the 'Top Performing' State IPA by the Government of India.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

SabhaFOLLOW

Sabha, Latest News

New Delhi, Feb 20 Sidelined by the Gandhi family, senior Congress leader Ghulam Nabi Azad was seen taking ... ...

New Delhi, Feb 20 Lok Sabha Speaker Om Birla on Saturday appealed countrymen to contribute towards nation-building whatever ... ...

Odisha chief minister Naveen Patnaik on Saturday said that every crime is being politicised, every action of an elected government is being seen from a political angle. This kind of atmosphere is one of the biggest threats to the pace of development ...

Punjab Chief Minister Captain Amarinder Singh on Saturday has urged Prime Minister Narendra Modi to ensure an urgent resolution of the ongoing farm unrest by the Centre "to the satisfaction of the protesting farmers by addressing all their grievances ...

Chandigarh, Feb 20 Expressing serious concern over the threat to the state's agriculture as a result of the ... ...

Bhubaneswar, Feb 20 Odisha Chief Minister Naveen Patnaik on Saturday said it's high time the country should get ... ...

Describing the first learned and spoken mother tongue as the 'soul of life', Vice President and Chairman of Rajya Sabha M Venkaiah Naidu passionately urged all the Members of Parliament to actively contribute to the cause of preservation and promotio ...

To facilitate new industrial projects to take off without delay, the Punjab Cabinet led by Chief Minister Captain Amarinder Singh on Friday gave the nod to amend the Punjab Bureau of Investment Promotion Act, 2016 (PBIP Act, 2016) to incorporate prov ...