Aiming to facilitate “end-to-end” support to investors, such as rapid monitoring clearances at central and state levels and providing them with all preliminary information on the investment scenario in the country, the government unveiled on Wednesday the National Single Window System (NSWS).
At the inauguration of the system, Commerce Minister Piyush Goyal said that, like today, the portal hosts approvals related to 18 central government departments and nine states, while by December of this year, 14 other central departments and five other states will be included.
It offers services such as “Know Your Approval”, “Common Registration and State Registration Form”, “Document Repository” and “Electronic Communication”, among others, to guide investors.
A candidate dashboard is also available to help an interested investor apply as well as track their application.
The system is expected to bring more transparency, accountability and responsiveness and all information will be available on a single dashboard, official sources said.
Among the various measures announced by the Center to make India a favorable destination for investors, the establishment of an investment authorization unit was one of them.
Finance Minister Nirmala Sitharaman, in her speech on the Union’s budget in 2020, announced that an investment authorization unit would be set up, which will provide ‘end-to-end’ facilitation and support to investors.
Shortly thereafter, the Commerce Department began the process of developing the NSWS, which has now been unveiled.
The trade minister said on the occasion that India has emerged as an economic powerhouse as the economy grew by more than 20% in the first quarter of the current fiscal year, exports increased by 45% in August 2021 compared to the corresponding period. last year and there was a record foreign direct investment of $ 81.7 billion in 2020.
Such a system would therefore help to strengthen India’s image among investors around the world.
The NSWS will also help eliminate duplication of information submitted across various platforms and will also check for inefficient tracking of approvals and the resulting delays in their approvals.