Govt will set up a committee to provide clearances within 3 months: MSME Minister

New Delhi, May 4 (KNN) In a bid to attract foreign investment, the government will set up a committee to provide clearances within 3 months, said the Union Minister of Micro Small and Medium Enterprises (MSMEs) Nitin Gadkari. 

He said that a Joint Secretary-level officer has already been appointed to look after foreign investments in the MSME sector.

"We are going to formulate a committee where we will give all types of clearances within 3 months and at the same time, there will be no red tape, full transparency, time bound decision-making process, qualitative approach and no corruption," Gadkari said while addressing Chartered Accountants Association of India.

The committee will be set up in coordination with states and the central government as stakeholders, and a policy will be framed in this regard, the minister added.

Earlier in the day, during an interaction with Dalit Indian Chamber of Commerce and Industry (DICCI) via video conferencing, the Minister has asked industry to reduce logistic cost, capital cost, power and production cost without compromising with the quality.

''In order to gain competitiveness in the international markets, the industry must focus on reducing logistic cost, capital cost, power and production cost without compromising with the quality,'' he said.

During this interaction, the representatives of DICCI expressed concerns regarding various challenges being faced by SC-ST MSMEs amid COVID-19 pandemic along with few suggestions and requested support from the government to keep the sector afloat.