DIPP sets up panel to help investors on 'Make in India'

Panel for quick redressal of grievances and queries of global and domestic investors

New Delhi: Gearing up for the mega launch of 'Make in India' campaign on September 25, the DIPP has set up an 8-member expert panel for quick redressal of grievances and queries of global and domestic investors.

The team, which has members from private sector, is attached to 'Invest India', a joint venture between the Department of Industrial Policy and Promotion (DIPP) and industry body Ficci. "The team would try to resolve issues within 48 hours. And in case they are unable to resolve within the time frame, it would go to the nodal officer of the respective department who would try to fix that within 72 hours and in the extreme cases, the query would go to the Secretary," a senior official said.

The initiative is one of the several steps which the government has announced in order to improve ease of doing business in India and attract investments to boost manufacturing in the country. The official said that there is an urgent need to boost manufacturing sector on a sustainable basis for long time in order to create jobs and boost economic growth. "The sector requires lot of initiatives and lot of push by different departments and ministries and state governments.

Mindset needs to be changed for things like approval and clearances of applications through online process," the official added. Currently, to start business in India, an entrepreneur has to follow 12 procedures which take 27 days. Similarly, enforcing contracts takes years. "Our target should be that India should radically come up in improving ease of doing business. The DIPP has already taking several steps including de-licensing sectors such as defence and railways and having a timeline for clearance of applications," the official said.

The DIPP is also planning a mega digital campaign in order to sell India as an attractive investment destination. As per the latest World Bank's report on 'ease of doing business', India had slipped three notches to 134th spot. The report ranks 189 economies on various parameters relating to business and regulatory environment. Prime Minister Narendra Modi will launch the 'Make in India' campaign that will be attended by about a thousand global and domestic business leaders.

Several top global companies from countries including the US, Japan, Korea, Sweden, Poland, Australia, China, Italy, Germany and France are likely to attend the function. The officials also said that prospective investors will be informed about India's growth story and the steps being taken by the government to improve investment climate here.

Asked about the mantra for becoming rich, Kiyosaki who has a networth of USD 80 million said he uses debt to become rich, not savings. "It is Ying and Yang. The savings is Ying and Yang is debt. Ying cannot have savings without debt. So the poor people and the middleclass are using savings, and richer using debt. I use debt to get rich - in colloquial English it is called OPM - Other People's Money," he said.

Asked why people remain poor, Kiyosaki said, "Because they work for money. The rich don't work for money. If you can understand that you can understand why those people are poor... I don't save money, I use debt". Kiyosaki, who owns oil drilling operations and oil wells around the United States, said former US President John F Kennedy, Mahatma Gandhi and Martin Luther King were great leaders because they were spiritual.

"Kennedy, Mahatma Gandhi, Nelson Mandela and Martin Luther King were great leaders because they were spiritual. Spiritual people inspires, a non-spiritual man intimidates," Kiyosaki said. Moreover, Kiyosaki said he did not like Barack Obama, George Bush, Ronal Reagan and Jimmy Carter. "I don't like Obama's politics. He does not inspire people. I didn’t like Bush either. I didn't care for Ronald Reagan. I didn't care for Jimmy Carter. I didn't care for most of them," he said.

( Source : PTI )
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