Commerce Minister Piyush Goyal on Wednesday launched a National Single Window System (NSWS) that will help domestic and global investors obtain regulatory approvals through the online portal, which currently hosts 18 central departments and nine states.
“Under the leadership of Prime Minister Narendra Modi Ji, India is rolling out a red carpet for investors! The government is smoothly launching the National Single Window System, a go-to digital platform for investors for approvals and authorizations, ”said Goyal. The portal will add 14 more central departments and five states by the end of this calendar year.
The minister said investors will have access to all solutions at the click of a mouse through end-to-end facilitation. “This would bring transparency, accountability and responsiveness to the ecosystem and all information will be available on a single dashboard,” he said.
The portal will provide investors with services such as Know Your Approval (KYA), Common Registration, State Registration, Document Repository and Electronic Communication. “The launch of the National Single Window System is a giant leap in making India Aatmanirbhar [self-reliance]”said Goyal.
The KYA service is an intelligent information assistant that generates a list of approvals required by any business to begin operations. It does this by asking the investor a series of dynamic questions about their planned business activities and identifying applicable approvals based on the answers provided. This service was launched on July 21, 2021, with more than 500 approvals in 32 central departments and more than 2,000 approvals in 14 states.
Goyal said the one-stop-shop system would pave the way for the freedom to come to government offices for approvals and registrations and make doing business easier. This will strengthen programs such as “Make in India”, “Startup India” and the Production Incentive Program (PLI), he said.
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PLI programs have been announced for 13 sectors with an overall expenditure of $ 27 billion, which should create global manufacturing champions for an “Atmanirbhar Bharat,” he added.
“Today, the whole world is watching India to rise up and claim its rightful place as an economic power,” he said.
“With a rapid recovery, we are back on track to become one of the world’s fastest growing economies, like the other transformation and nation-building initiatives launched over the past seven years. years, ”he said. India’s gross domestic product (GDP) grew by more than 20% in the first quarter of FY22, exports jumped 45.17% in August of this year compared to the same period of the year last, he added.
Invest India has undertaken the design of a global technological architecture adapted to an evolving system between ministries and states. Invest India evaluated and selected technology implementation partners and started to develop the system.
Formed in 2009 for the promotion of foreign investment, Invest India is a public-private enterprise with a 49% government stake and 51% of the shares are equally owned by industry associations – the Federation of Indian Chambers of Commerce and Industry (FICCI), the Confederation of Indian Industry (CII) and the National Association of Software and Services Companies (Nasscom). The 49% government stake is held by the Ministry of Trade and Industry and 19 states. The Secretary of Industry is the non-executive chairman of Invest India.
