Single Window System a one-stop-shop for approvals and clearance: Commerce Minister Goyal
New Delhi, 16 Nov (KNN) The Minister for Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal has said that India will be the next investment global hotspot, by citing a recent CII-Ernst & Young report.
He said the National Single Window System (NSWS) has been launched to serve as a one-stop-shop for approvals and clearance needed by investors.
The portal hosts approvals across 18 Central departments and 9 States. Another 14 Central departments and 5 States will be added by December.
“We have the potential to attract an annual FDI in the range of USD 120- USD160 billion by 2025. Last seven years we’ve seen a record FDI, each year breaking the previous record for 7 years in a row. And I do hope to see that continue looking at the major structural reforms, the fact that we have a proactive leader in Prime Minister Modi, willing to listen and willing to change with the changing times,” he said, addressing the 2nd edition of the CII National Conference on MNCs, 2021, through video conference today.
Commerce Minister Goyal said global sentiments have changed from ‘Why India?’ to ‘Why Not India!’, and today ‘We must be in India!’
“There are more success stories here than anywhere in the world today, 71 unicorns. Naukri Jobspeak Index for Oct' 2021 reports a 43% growth in employment over the same month last year. Our Manufacturing PMI (is high) and Service PMI reached a decade high,” he said.
Union Minister Goyal said India has all the right ingredients for the Multi-National Corporations (MNCs) and can help MNCs become more competitive at global level.
Encouraging the Indian MNCs to take ‘Brand India’ to the world and be ambassadors of India’s culture, quality and values, he said MNCs have been an integral part of India’s growth story and their contribution is immense.
“Whether it’s skill development, I think, a huge contribution by the MNCs when it comes to skill development in India, and all of these have had a multiplier effect on the economy,” he said.
He also stressed on promoting partnership between the Government and Industry.
“This partnership is important more because in today’s time because it gives us ideas, it gives us thoughts, it gives us an opportunity to understand where you come from, what needs to be done and, I think, this partnership needs to be strengthened further as we go along,” he said.
He invited entrepreneurs to be a part of the unfolding India story.