Panaji, Sept 19 (KNN) The Goa Industrial Development Corporation (GIDC) board on Monday approved amendments to the GIDC Act to attract industrial investment to the state.

The approved amendments to the GIDC Act include major changes in the regulations relating to plot allotment, transfer and sub-lease.

As per reports, GIDC has decided to scrap two crucial existing laws – the Plot Allotment Regulations 2014 and Transfer & Sub-lease Rules 2018 – and coalesce them into the Allotment, Transfer and Sub-Lease and Surrender Regulations 2023.

The decision aims to ease administration hassles as well as to reduce the burden of documentation for industrial units. The board also resolved to do away with transfer fees for plots in industrial estates and liberalise sub-lease rules to provide sick units with an exit option and allow new units to come up.

“The proposed amendments to the GIDC Act and the new regulations for industrial plots are being submitted to the state government for clearance and notification before they are implemented,” GIDC managing director Pravimal Abhishek disclosed.

Explaining the changes that will take place at the GIDC, he said the GIDC Act needed to be amended so as to be in sync with the present changes taking place in industry.

“The Act wanted updating. Many of the changes proposed are clerical, for instance change in nomenclature, etc,” he explained. 

On the changes taking place in the allotment, transfer and sub-lease of plots, Abhishek said that provisions have been made for surrender, allotment, and future planning.

“The new regulations will give one-stop information on the forms to be filled, the necessary fees and the timeline for approval,” he said. 

The GIDC through the proposed changes is trying  to offer unambiguous laws and also incorporate provisions for restructuring that takes place in companies, for instance mergers, acquisitions, de-mergers, etc.,  the GIDC managing director said.

“The sole intention is to ensure that every piece of industrial land in the state generates jobs and also ensures economic activity. We also want to provide flexibility to industry and encourage robust investment climate,” the GIDC managing director said. 

The paucity of industrial plots has been a major deterrent to the expansion plans of companies and new units in the state. About 18 lakh sq m of land in industrial estates is locked up in 605 sick units having outstanding dues.

The GIDC is trying to make the sick units free up the land for new investors through the COVID-19 amnesty scheme launched in July this year.  (KNN Bureau)